Saturday, September 02, 2006

Nationalized Banks -- Truly caring for the Nation

Nationalized Banks -- Truly caring for the Nation

Sometime back, we have been discussing about the importance and need of small savings against spending lavishly. For the interested reader, here is the permalink for the post.  Yesterday, while I was travelling back home, I saw a campaign of Canara Bank with the slogan 'Savings Bank Campaign'. I fondly recalled the essence of nationalized banks, which are really friend indeed at times of need.

With the plethora of unethical private banks in the finance arena of the nation, I think, each and every citizen should concenterate and focus on keeping thier savings in a reputed nationalized banks and thus patronizing them. There are very many instances you can quote as a comparison between how nationalized banks have a soothing touch for you and how private banks are only concerned with 'sucking your blood'. A few comparisons would make this clear.

  1. Nationalized banks have a good amount of security checks and authorisations instructions to be given before a cheque book can be issued. Private banks just issue a cheque book as if it is a A4 Sheet of paper in the down the lane betel nut shop.
  2. Cheque books in Nationalized Banks are free for most of the savings account. Private banks have almost hidden charges for anything and everything ranging from the amount of cheque leaves, collection charges for outstation cheques etc.
  3. Nationalized banks have good security in place to issue only ATM cards. They give ATM-cum-debit cards (tied up with the third party Visa or MasterCard network) only on request.  An ATM card ensures that you have to go to the bank's ATM machine for enquiry or withdrawal while a debit card on the other hand makes you spendthrift.
  4. When a cheque accepted for clearance in Nationalized bank has a problem, they have the courtesy to call the customer or the account holder (till then most of the branches hold it by requesting the Apex RBI bank) and then only in the worst impossible delays dishonour and/or return the cheques. Private banking institutions on the other hand just like that return the cheques and some times bonafide ones become part of them. Additionally there would be Inbound and Outbound cheque return charges debited to your account.
  5. Nationalized banks have a responsible staff who can be called at the bank's telephone numbers for clarification while private banks depend on amateurish out sourced call center staff who has sparse experience in fiscal industry and thus take the customers' for a free ride at thier own whims and fancies.
  6. Following up with (4), if there is a problem with the private bank and a nationalized bank is involved in the transaction, the private bank cooly shifts the burden to the nationalized bank,  making them as bakras and thinking that they are oversmart and highly technosavvy with the tangible latent fact that their systems are the world's most buggy systems.

With the link to the Arjun Prabhu's weblog in the top, you can really see how much is ICICI anti national in its banking efforts. I think, we, citizens should understand the inner workings of the nationalized banks. Even though there is more time involved banking with the nationlized banks, we should prefer them. They cater to the infrastructure building of the nation unlike the private entrepreneurs, who take public money into their personal wallets.

I would like to give you the link to Indian Bank's Association website. It explains the various banking procedures in easy terms. Also, everyone should take the simple effort in supporting and opening accounts in nationalized banks and thus support the nation.


Doctor Bruno said...

You may find these interesting

The following page is written by some one who knows nothing about economy
please point out the mistakes

Vasudevan Deepak Kumar said...

Current Savings Bank Campaigns That You Can Depend On:

1) Canara Bank CanCHAMP

2) Indian Bank -- Premium Current Account and Platinum Savings Account.