•In most PSB the process to update or get
internet banking id & password or mobile banking id and password is like
nightmare. We have to bank multiple times to get the details and requesting
them by taking leave from work to approach them to get things sorted out.
Example: Indian overseas bank
•In case of new debit card pin the private banks send to the address of the customer directly if requested online or SMS instead of unwanted delay by asking to come to branch to do the process. In PSB’s they ask us to fill new forms and forms for everything but nothing get delivered as it gets stuck in the workflow for approval for days and days and no one sees. When all details of the customer are available in the banking system then why ask details again and again and waste time. The private banks charge fee for the service and quickly dispatch in less than 24 hours but in PSB it takes weeks to raise a request, then next time to check status and 3rd time to know if request has been approved and 4th time to get card. It takes easily weeks this is the speed of reforms which Govt wanted. IOB is a classic example of this problem also.
•It is not that PSB want to be very secure it is that they are very slow in processing requests. In internet banking or by SMS private sector banks give option to request new debit card or debit card pin or internet banking password or mobile banking password but in PSB it is impossible to get the same or expect the same.
•Most of the PSB ATM’s don’t work. Even RBI report mentioned the same, even if u ask common people they would say some day's it works some days it wont. Some days software issues, some days no cash or cash gets over, some day’s some other issue. So the problem of ATM is many fold. I do try to escalate to concerned authorities but I cant go on and on and escalate for each ATM I go is not operational since it works with multiple banks and agencies. Private sector banks at least 90% ATM work they should the commitment but PSB zero commitment or issue with multiple vendors they cant arm twist vendors as they will get into legal issues due to various rules of contract. All bank ATM outside and above the ATM machine the code must be printed and if not working a format must be given to send SMS. Each bank can have own system. Example: ATMCode to number. The team can remotely check if the case is genuine then can send team. 2) Also banks can identify ATM is not working if an ATM code has very limited transaction considering India ‘s population even a remote ATM will have one transaction every hour. The transaction in the sense money withdrawal not just entry. This in turn can be monitored by internal team which can pull reports daily and send nearest branch officials to check and then in turn contact vendor to rectify. PSB should create internal procedures to monitor. I don’t think anyone would have given so much detailed suggestion on this issue. It is not a small issue as PM or Arun Jaitley wont require to take money from ATM as all services are provided for them in-house but for a common man ATM is a lifeline of the day’s work and to run family. Immediately don’t start we are going cashless so dependency on ATM will go both are different issues.
•The process to update change of address is the worst nightmare for any account holder in a public sector bank. We fill form and give but they say come tomorrow and it goes on and on to update details. IOB in ashok nagar, Chennai is the worst branch. Govt must request IOB to transfer all employees in that branch to different area and bring in new staff. The staff in the branch don’t do any work properly almost thousands are affected by their slow pace of work. Or ask IOB to put separate team in the branch from head office to stay in the branch and monitor their work for a week and enable speed up of work.
•IOB has a twitter A/C but has never tweeted till now. Seriously they run bank or thinking it is a big joke. They lack vision for business also. Same with other PSB also other than SBI. The replies of SBI for RTI are so bad that they don’t give answer for any question.
•PSB are denying credit cards to customers who have held accounts for very long and have salary account also. They say they have to check with CIBIL. How CIBIL will have entry if we don’t have history of any credit card or loans. For first time somebody has to give right. Retail credit in the form of credit cards will help pick up in demand easily. SBI rejected stating no entry in CIBIL. Hope you understand this vicious cycle of somebody has to give credit card to start entry in CIBIL also.
•For the loans taken for farmers, students (education in India) the loan amount must be fixed at a maximum amount even if there is a default in payment. If you put interest over interest it wont be feasible to pay 6 lakhs due to increase in interest rate for a 3 lakhs loan since the interest keeps increasing. If interest keeps increasing indiscriminately due to miss in payment public get frustrated and tend to avoid payment. Banks must have maximum payable amount fixed in starting. Leads to going to money lenders.
•Govt has to make all claims of HRA through banking channel to prevent fake receipts. The claim of HRA above 5,000 per month must be brought under banking system. The person who is in rent can pay to house owner by bank system. The HRA claimer can download receipt from internet banking of the bank and submit for HRA claim. Also income tax similar to how it loads TDS in the income tax website of bank. The same can help load HRA automatically. The Income tax must slowly move towards automatic loading compared to self form filing. Also many house owners who earn lakhs by just earning from rent don’t pay tax or give pan card details to the rented person. Tax evasion will go.
•Form loans must be completely automated and repeated details must be stored in the A/C itself. Approval must be less than 48 hours. Documentation must be made simple.
•In case of new debit card pin the private banks send to the address of the customer directly if requested online or SMS instead of unwanted delay by asking to come to branch to do the process. In PSB’s they ask us to fill new forms and forms for everything but nothing get delivered as it gets stuck in the workflow for approval for days and days and no one sees. When all details of the customer are available in the banking system then why ask details again and again and waste time. The private banks charge fee for the service and quickly dispatch in less than 24 hours but in PSB it takes weeks to raise a request, then next time to check status and 3rd time to know if request has been approved and 4th time to get card. It takes easily weeks this is the speed of reforms which Govt wanted. IOB is a classic example of this problem also.
•It is not that PSB want to be very secure it is that they are very slow in processing requests. In internet banking or by SMS private sector banks give option to request new debit card or debit card pin or internet banking password or mobile banking password but in PSB it is impossible to get the same or expect the same.
•Most of the PSB ATM’s don’t work. Even RBI report mentioned the same, even if u ask common people they would say some day's it works some days it wont. Some days software issues, some days no cash or cash gets over, some day’s some other issue. So the problem of ATM is many fold. I do try to escalate to concerned authorities but I cant go on and on and escalate for each ATM I go is not operational since it works with multiple banks and agencies. Private sector banks at least 90% ATM work they should the commitment but PSB zero commitment or issue with multiple vendors they cant arm twist vendors as they will get into legal issues due to various rules of contract. All bank ATM outside and above the ATM machine the code must be printed and if not working a format must be given to send SMS. Each bank can have own system. Example: ATMCode to number. The team can remotely check if the case is genuine then can send team. 2) Also banks can identify ATM is not working if an ATM code has very limited transaction considering India ‘s population even a remote ATM will have one transaction every hour. The transaction in the sense money withdrawal not just entry. This in turn can be monitored by internal team which can pull reports daily and send nearest branch officials to check and then in turn contact vendor to rectify. PSB should create internal procedures to monitor. I don’t think anyone would have given so much detailed suggestion on this issue. It is not a small issue as PM or Arun Jaitley wont require to take money from ATM as all services are provided for them in-house but for a common man ATM is a lifeline of the day’s work and to run family. Immediately don’t start we are going cashless so dependency on ATM will go both are different issues.
•The process to update change of address is the worst nightmare for any account holder in a public sector bank. We fill form and give but they say come tomorrow and it goes on and on to update details. IOB in ashok nagar, Chennai is the worst branch. Govt must request IOB to transfer all employees in that branch to different area and bring in new staff. The staff in the branch don’t do any work properly almost thousands are affected by their slow pace of work. Or ask IOB to put separate team in the branch from head office to stay in the branch and monitor their work for a week and enable speed up of work.
•IOB has a twitter A/C but has never tweeted till now. Seriously they run bank or thinking it is a big joke. They lack vision for business also. Same with other PSB also other than SBI. The replies of SBI for RTI are so bad that they don’t give answer for any question.
•PSB are denying credit cards to customers who have held accounts for very long and have salary account also. They say they have to check with CIBIL. How CIBIL will have entry if we don’t have history of any credit card or loans. For first time somebody has to give right. Retail credit in the form of credit cards will help pick up in demand easily. SBI rejected stating no entry in CIBIL. Hope you understand this vicious cycle of somebody has to give credit card to start entry in CIBIL also.
•For the loans taken for farmers, students (education in India) the loan amount must be fixed at a maximum amount even if there is a default in payment. If you put interest over interest it wont be feasible to pay 6 lakhs due to increase in interest rate for a 3 lakhs loan since the interest keeps increasing. If interest keeps increasing indiscriminately due to miss in payment public get frustrated and tend to avoid payment. Banks must have maximum payable amount fixed in starting. Leads to going to money lenders.
•Govt has to make all claims of HRA through banking channel to prevent fake receipts. The claim of HRA above 5,000 per month must be brought under banking system. The person who is in rent can pay to house owner by bank system. The HRA claimer can download receipt from internet banking of the bank and submit for HRA claim. Also income tax similar to how it loads TDS in the income tax website of bank. The same can help load HRA automatically. The Income tax must slowly move towards automatic loading compared to self form filing. Also many house owners who earn lakhs by just earning from rent don’t pay tax or give pan card details to the rented person. Tax evasion will go.
•Form loans must be completely automated and repeated details must be stored in the A/C itself. Approval must be less than 48 hours. Documentation must be made simple.
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