Letters from readers.
Mr Sharma was very persevering in getting justice, but most duped customers fail to even complain. The day after I’d finished reading “Mr Mangelal Sharma and the Mis-Sold Mutual Fund” [August], I got a call from a bank manager, who wanted to visit my home to tell me about some “very good” schemes! I could utter only one word: “Sorry.” We now can’t bank on banks.
Bhushan Chander Jindal, Jalandhar
A relative of mine, a banker, often tells us how his co-workers deceive senior citizens and other customers, just to fulfil their targets. Often the fear of losing their jobs lead them to these malpractices. My family has been deceived by banksters and we are scared to invest our hard-earned money in any of their plans.
Heena Bajaj, Ludhiana
I once casually asked a bank’s director about these unethical practices, money laundering and the action taken by regulators. He replied: “We will never be prosecuted for money laundering, financial crimes or indiscretion. We are a protected class.” Surely, what the bank did to Mr Sharma has also been done to innumerable other citizens.
Lt Col. C.V. Kasiviswanathan, Bengaluru
I’ve had problems with regard to tax deduction at source ( TDS) on my fixed deposits. Since I am a retired engineering professor, I have the capacity and time to check. How many others have such a background and the time to notice such errors and work on them? For me, the bank’s information, based on computers, showed a difference of about ₹ 50,000 on interest. It was
rectified only after I complained.
S. R. Devaprakash, Tumkur, Karnataka
While opening an account I was told to maintain a ₹ 5000 balance. But I was surprised to see quarterly charges, in spite of maintaining that minimum balance. The bank informed me that the minimum balance had been revised to ₹ 10,000. I protested, saying there was no notice issued to me, and got the charges reversed.
K. V. Surya Mohan, Hyderabad
I met one Mr Ramaswamy, manager of a newly opened bank branch in Vadodara to place a lump sum in FDs. Mr Ramaswamy told me that buying a house would be a better option and took me around the city on his scooter to show me some houses for sale. I was meeting Mr Ramaswamy for the first time. But that was 39 years ago. Today’s bankers are so different.
Satram Mallikarjunarao, Hyderabad