Reader's Digest (India) - - Contents -

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

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