There are many reasons why I hate public sector banks of India. The most important reason is the poor quality of the service they provide to their customers. The service is the worst I have ever seen on this earth.
I will provide you with a few instances from my life in order to substantiate my arguments. One of my best friends wanted to open a saving account with a public sector bank and went to the local branch of SBI. There he expressed his intention to the accountant. The accountant wanted him to show his Aadhaar and Address proof. So, my friend returned home and took his Aadhar and Address proof. He took them to the bank and showed them to the accountant. Then, the official verified it and gave him an application to be filled in. My buddy went home and filled in the application. And he went back to the bank and submitted the application along with Id and address proofs. The manager told him to revisit the bank after ten days in order to take the passbook. He told my friend it will take at least ten days to get the new account activated.
My buddy revisited the bank after ten days in order to pick the passbook. But the manager surprisingly asked my friend when he had submitted the application. My friend replied that it was ten days back. The bank manager searched the desk a few minutes and told my buddy to revisit the bank after five days as the account had not been activated due to the server problem.
My dear buddies! Can you guess what happened to his application?
I am now working as PGT at a Govt Model School in a small town. The present state Govt is not able to provide us salary every month as the schools were established by the previous Congress Govt. So, the TDP govt is providing us salaries once in three or four months. It's like another revenge story. The Govt pays us through checks. It's like getting rains after two month's hot summer. Our principal usually writes check and submits to the SBI. But, the bank takes at least five days to deposit our salaries. Don't you think it's abnormal on the part of the bank? In these five days, we have to visit the bank four or five times to remind the bank officials of our salaries. The bank people ask the same question every time we visit, ' We can't find your check, when did you submit it?' It's a type of witch-hunting. See, how appalling their behaviour is! If they treat another Govt employees like this, how will be their behavior with ordinary people?
On the other hand, I opened a savings account with the HDFC within twenty-four hours. They issued me a welcome-kit and it got activated within twenty-four hours. See the difference! After opening a saving account, I have got a little necessity to visit the HDFC as every transaction is easily done online. The HDFC loan people too visited my home to take documents and signatures and sanctioned me the loan in five days. See, how wonderful the private banks in India are! I really appreciate the private banks.
Do you think the public sector banks of India are providing any service to the customers? Why are they making huge losses? Why are they having huge NPAs? Why are so many scams?