Monday, September 02, 2013

Private Sector Financial Institutions

It is fashionable to have a poor opinion about banks and other financial institutions in the public sector. Recent happenings in private sector financial institutions indicate that this prejudice is grossly misplaced.

The Hindu dt. 2nd Sept., gives prominent coverage to a 'fraud' committed by ICICI Lombard and an incredible  nonchalance exhibited by Axis Bank. ICICI Lombard is reported to have chosen bogus beneficiaries for collecting premium from the Textiles Ministry under a centrally sponsored scheme.

Internationally acclaimed squash champion, Dipika Pallikal has filed a case against Axis Bank for deficiency in service. Instead of feeling apologetic for its obvious lapse, Axis Bank has made a virulent attack on her, questioning her lack of mental toughness to put up with such lapses.

How can institutions be so unprofessional?

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