The Hindu Business Line : Inadequate statements

I wish the new generation private sector banks would show some concern for customer satisfaction. It has taken several years for the banking regulator to ‘persuade’ these banks to introduce the pass-book system.

Even after so much delay, these ‘new-gen’ banks have come out with a half-baked proposal. They wish to give a “clipped file of statements” and not full-fledged pass-books. The way this half-hearted innovation of ‘clippped statements’ will operate is not clear either. What is clear, however, is that this ‘innovation’ will cost them more than the issue of pass-books and updating them periodically.

Ordinary customers do understand the profit motive with which they have to operate but their overemphasis on costs, even to the point of refusing to meet fully the customers’ long standing and simple demands, gives them a bad image.

It appears that they want only the customer’s money and not their presence in their premises. Customer satisfaction comes far below the profit motive in their objectives.

The banking regulator is treating the ‘new-gen’ banks with kid gloves. It should ensure that the latter meet completely the just demands of customers and begin issuing full-fledged pass-books, giving up the present half-hearted proposal.

They should also be told to use plain understandable language in bank statements/pass-books instead of using abbreviated banking jargon.

S. Subramanyan Mumbai

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Inadequate statements