After the local banks were denationalised - things have become worse - both for those who were employed in them and for those who have their accounts in them. Many bank employees were fired without thinking twice about the consequences - one of the many factors which have led the major disturbances in the country. The account holders are treated with absolute indifference. If their checque book has finished and have applied for a new one, if the new one is not collected within 60 days then the new checque book is destroyed - conveniently forgetting that the checque book belongs to the account holder and the bank has no business destroying it. It should keep it in trust so that the account holder can collect at has own convenience. An organisation called NIFT and the State Bank of Pakistan has prevented the banks from keep new checque books for more than 60 days and are required to destroy them. Whosoever invented this rule is a blithering idiot.
Banks encourage people save money in them, but that concept has vanished. Banks instead of encouraging saving are doing exactly the opposite encouraging people to take loans (credit) and spending it - they are no better than loan sharks.
There is this foreign bank called Standard&Chartered Bank which deducts people savings and the State Bank of Pakistan does nothing to stop them from resorting to this outright theft. People do not save their money in banks so that they should lose it, they save money in banks, keep it safe and withdraw it whenever at their convenience. In Standard&Chartered Bank the money saved is deducted till it is no more and after a while the bank tells the account holder that because there was no enough money in his account his account has been cancelled.
The new idea of banks acting as loan sharks instead of keeping ones money is in safe-keeping is something new. It is strange that banks deny giving loans to people who say want to set up hospitals, open schools and do other small businesses, even advertising agencies are denied loans. But loans are readily available for acquiring cars. (One of the reasons why loans for cars are available, because car theft has become a major industry. Stolen cars are either resold or their taken apart and the parts sold separately)
In order to open an account in a bank requires lots of money, it is as if the bank is doing people a favour by letting them have open account in their bank. Banks these day resent people who only save money and withdraw it - it is no longer their business. The result of this change in banking policy is severely damaging the economy. People are beginning to lose faith so they have started to stop depositing money in them. The result is that banks do not have the money which would enable them to do business the way they use to have the money to loan to people have their businesses. Once that money is not there, banks are in a difficult position and the result is that it severely affects industrial development and the country ceases to progress.
The existing policy has to be reversed to so that banks perform the function which they use to, encourage savings, keep checque books in safe keeping of the account holders. Treat account holders with respect and not contempt.
Banks encourage people save money in them, but that concept has vanished. Banks instead of encouraging saving are doing exactly the opposite encouraging people to take loans (credit) and spending it - they are no better than loan sharks.
There is this foreign bank called Standard&Chartered Bank which deducts people savings and the State Bank of Pakistan does nothing to stop them from resorting to this outright theft. People do not save their money in banks so that they should lose it, they save money in banks, keep it safe and withdraw it whenever at their convenience. In Standard&Chartered Bank the money saved is deducted till it is no more and after a while the bank tells the account holder that because there was no enough money in his account his account has been cancelled.
The new idea of banks acting as loan sharks instead of keeping ones money is in safe-keeping is something new. It is strange that banks deny giving loans to people who say want to set up hospitals, open schools and do other small businesses, even advertising agencies are denied loans. But loans are readily available for acquiring cars. (One of the reasons why loans for cars are available, because car theft has become a major industry. Stolen cars are either resold or their taken apart and the parts sold separately)
In order to open an account in a bank requires lots of money, it is as if the bank is doing people a favour by letting them have open account in their bank. Banks these day resent people who only save money and withdraw it - it is no longer their business. The result of this change in banking policy is severely damaging the economy. People are beginning to lose faith so they have started to stop depositing money in them. The result is that banks do not have the money which would enable them to do business the way they use to have the money to loan to people have their businesses. Once that money is not there, banks are in a difficult position and the result is that it severely affects industrial development and the country ceases to progress.
The existing policy has to be reversed to so that banks perform the function which they use to, encourage savings, keep checque books in safe keeping of the account holders. Treat account holders with respect and not contempt.
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