My comments on website of ET…

My comments on website of ET…

Recently,there was an article titled :” How banking next will click” by TV Mohandas Pai, who was recently in the news ,due to his retirement / resignation (?) from the board of INFOSYS !

The article was published in Economic Times (ET) of 18th April 2011.Since,I am an ex-banker and since it is said that “once a banker,always a banker“,I read the piece with great interest.The article is quite lengthy and hence I am giving the link to it so that those really interested,can go and read it in detail :

http://economictimes.indiatimes.com/articleshow/8014787.cms

The article is spread over 2 pages and my comments appear on both the pages below the piece.I was the first to comment on it,but since then, two more comments have been added on the website.

This is what I first drafted :

Dear Sir,yes,the author has rightly expressed his views on the challenges before the Banks in the coming decade.Besides, winning back the trust of the customers and creating a highly transparent working environment,the banks will also have to focus on the  framework of ethics. It will need to be ensured that banking business will be conducted fairly and according to certain self imposed and recognized moral standards.
A few unethical elements in the present day banking such as cheating,stealing,bribing,corrupting etc.will need to be weeded out through a stringent and well defined code of conduct for the entire staff and the management of the bank.Banks will also need to understand their social responsibility.This would mainly begin with the focus on assuring every customer, the safety of his funds and investments.
 
A well designed and responsive grievance redressal system and mechanism will also be essential to impress upon the customers that their genuine complaints will be attended to on top priority. Other important areas are improving productivity of each branch,improving quality of service,improving efficiency of all operations and last but not the least, earning the goodwill of its customers and in the process, improving its brand equity.
 
Further,with increased competition from other banks coming up in near future,there should be a well defined code of lending with the most fair and best practices in place.
 
As regards audit of the banks operations,a more closer scrutiny of its records and books will need to be ensured by availing services of Chartered Accounts with impeccable background and unblemished past performance.
 
Above all, a higher level of awareness will need to be created amongst the staff of the banks to convey the feeling that they are the true custodians of the wealth of its customers and that they will always act responsibly to protect the health of the financial system.
 
J S BROCA
Retired Chief Manager
Bank of India,
New Delhi. 
However,the website stipulates that maximum characters count should be 1500.So I had to shorten my comments to fit in with the stipulation.
Ulitmately,this is what I submitted and which was finally published on the website :
The author has rightly expressed his views on the challenges before the sector.Besides, winning  trust of customers and creating a  transparent  environment,they will  have to focus on ethics,ensuring that  business will be conducted fairly and according to certain self imposed and recognized moral standards.
Unethical elements like cheating,bribing,corrupting etc.will need to be weeded out through a stringent, well defined code of conduct.
Banks will also need to understand their social responsibility by assuring every customer, the safety of his funds and investments.
A well designed and responsive grievance redressal  mechanism, improving productivity,quality of service,efficiency of operations and lastly, earning the goodwill of its customers and  improving its brand equity,are other areas needing attention.
Further,with increased competition,there should be a well defined code of lending with the most fair and best practices in place.
As regards audit of the banks operations,a more closer scrutiny of its records and books will need to be ensured by availing services of Chartered Accounts with impeccable and unblemished past performance.
Above all, a higher level of awareness will need to be created amongst the staff of the banks to convey the feeling that they are the true custodians of the wealth of its customers and that they will always act responsibly to protect the health of the financial system.
J S Broca
Retired Chief Manager
Bank of India
New Delhi
———————————————————————————————
I enjoyed the experience ! It gives immense pleasure and satisfaction to see my name there on ETs website. Your comments and feed back will be appreciated.
 
 
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One Response
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