Soundaram Ramasamy, a stud bull keeper, who is something of a legend in her village Kathasamipalayam and the Kangeyam region, Tiruppur district.
Saturday, March 7, 2015
Monday, January 5, 2015
Banking experience @ Rural India
Though I am big fan of +Narendra Modi I am not a great fan of his "Jan Dhan Yojana" program. The reason being my own experience with the banking system in rural India
My father had introduced me to the banking system very early in my life. When I was about 10 years old, he opened a bank account for me in the erstwhile Nedugadi Bank now Punjab National Bank in a rural village called Kollengode in Palakkad District, Kerala. Since the age of 15, I used to handle all my father's banking transactions and when he passed away few years back, it was no surprise when I received his meticulously arranged book where every transaction in every bank he operated was noted.
But last year when I was going through his records, I found a passbook which had not been updated for a very long time with the State Bank of Travancore, Kollengode Branch, Palakkad. Knowing my father, I knew that the account was not closed as he would have mentioned it in his transaction book. But to my surprise the bank authorities told me that they could not trace such an account and maybe the amount would have been very small that no further correspondence was recorded. I left it at that, thinking my banker knows better. But something in the back of my head told me not to destroy the passbook.
So this year when I heard that a new bank manager had taken charge who had more than 30 years of experience, I decided to run my concern through him. To my surprise, all it took him was five minutes to track the account and tell me that more than 50K was lying dormant.
Being a seasoned banking customer, if this the state of affairs of our banking system, I do not want to think what would happen to all those hapless people opening bank accounts in the hope that their hard earned money by sweating blood would be safe for their future generations.
Key takeaways from this experience:
I am sure the banking system needs better monitoring of processes. But reading about the current state of affairs in our banking system, I wind up with a dialogue from Will Smith's "Enemy of the State".
Congressman Sam Albert: [on TV] We knew that we had to monitor our enemies. We've also come to realise that we need to monitor the people who are monitoring them...
Carla Dean: Well, who's gonna monitor the monitors of the monitors?
#NarendraModi
My father had introduced me to the banking system very early in my life. When I was about 10 years old, he opened a bank account for me in the erstwhile Nedugadi Bank now Punjab National Bank in a rural village called Kollengode in Palakkad District, Kerala. Since the age of 15, I used to handle all my father's banking transactions and when he passed away few years back, it was no surprise when I received his meticulously arranged book where every transaction in every bank he operated was noted.
But last year when I was going through his records, I found a passbook which had not been updated for a very long time with the State Bank of Travancore, Kollengode Branch, Palakkad. Knowing my father, I knew that the account was not closed as he would have mentioned it in his transaction book. But to my surprise the bank authorities told me that they could not trace such an account and maybe the amount would have been very small that no further correspondence was recorded. I left it at that, thinking my banker knows better. But something in the back of my head told me not to destroy the passbook.
So this year when I heard that a new bank manager had taken charge who had more than 30 years of experience, I decided to run my concern through him. To my surprise, all it took him was five minutes to track the account and tell me that more than 50K was lying dormant.
Being a seasoned banking customer, if this the state of affairs of our banking system, I do not want to think what would happen to all those hapless people opening bank accounts in the hope that their hard earned money by sweating blood would be safe for their future generations.
Key takeaways from this experience:
- It is the account holder's duty to update his/her KYC
- It is the account holder's duty to have a nominee for all accounts
- It is the account holder's duty to have his/her passbook updated at all times
I am sure the banking system needs better monitoring of processes. But reading about the current state of affairs in our banking system, I wind up with a dialogue from Will Smith's "Enemy of the State".
Congressman Sam Albert: [on TV] We knew that we had to monitor our enemies. We've also come to realise that we need to monitor the people who are monitoring them...
Carla Dean: Well, who's gonna monitor the monitors of the monitors?
#NarendraModi
Thursday, October 23, 2014
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