HDFC Bank markets Gold Loans as an impulse purchase. "45 minutes, no paperwork" is HDFC Bank's promise. Since documentation is minimized, so are safeguards. Relationship managers and other para-banking employees can abuse the blind faith that customers have.
So if you are a market speculator with an itch to invest in some hot scrip, you need a few lakhs to fund this impulse purchase, and you need it now. HDFC Bank says, "Psst, psst. Raid your wife's jewelry cupboard and pawn her gold. WE WON'T ASK YOU ANY QUESTIONS! DO IT NOW. Zero accountability, man!"
Or, if you are a crazy housewife with an uncontrollable itch to splurge without consulting her family, HDFC Bank gets into your head and whispers, "Just go ahead, honey, pledge your gold. DON'T THINK, JUST DO IT NOW! Live for the moment!"
Having pawned off their
gold, HDFC Bank's customers discover that the bank personnel can armtwist, blackmail and extort. Read this
complaint from an aggrieved customer in Mumbai: "I the
undersigned holding Gold Loan A/c. No. 21114 with
your esteemed HDFC Bank, Yogi Nagar Branch for Rs.
130,200/-. Last week I visited your Yogi Nagar Branch for renewal of
my Gold Loan. I meet Lady Officer (name unknown) and informed her to
renew the same and asked about details for the same. She refused to
provide any details and filled one cash deposit slip with account
number details and amount and told me to pay Rs.11680/- to the
Teller. I paid the same at the Teller and given the Counterslip to
that lady. She cross/cutted the account number mentioned on it and
given it to me back. The said renewal charges are not accounted to my
loan account but deposited in her personal account... She has also
not given the Renewal documents for Gold Loan and refused to provide
the same."
ISSUED
IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com
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