If one goes by banker's advice, it is guaranteed that one will land himself in grief and suffer from monetary loss apart from mental agony.These days, intellectual honesty, sincerity and integrity and loyalty to the organisation the employees serve and commitment to customers etc have been given a go by and there is no authority worth the name to fix the accountability or responsibility. Employees knowledge of the products,knowledge of his own institution, the statutory and legal provisions relating to the products they sell , the institutions they serve etc are virtually absent. The movement an investment is made, and money is parted with, the head ache starts for the customer and the employee who sold the product may not be traceable as he would have either changed the job or would have left the place never to be seen or contacted again. The institution will have its own logistics and explanations to justify the loss incurred by the investor. Credibility is what is missing in the whole system of liberalisation and diversification of business. The bankers are expected to be trustworthy, but of late they have an eye only to trap you and extract your money.This is the experience of many, but seldom they express because of old age, non affordability to fight in terms of money, energy, mental stamina etc. Many lose in the process and banks do enjoy the gain. It is a fact. The reason very often cited is investments are subject to market risks and banks cannot be held liable for the loss if any.Mis selling the products by banks is wide spread and it is time for banks to concentrate on mobilisation of deposits and lending the funds profitably and productively without Banstersmaking the depositors lose their trust and money.
Dr.T.V. Gopalakrishnan
(This is in response to an article should customer trust bank's advice that appeared in Money Life)
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