Mr. Kamath FYI: When I wanted to open an NRI account, I was told that they want a min balance of Rs 25K! Why would anyone in the right frame of mind lock so much money in a bank account?
RE:ICICI needs a minimum of Rs 25,000 balance for NRI accounts!
by natraj tanjore on Apr 03, 2007 02:49 PM Permalink
Dear Desi CITIBank insists on 50k! Looks like you have not stepped into a bank for a real real long time! Any relation of rip van winkle?
It is a well known fact that inflation gets hidden in the number crunchings, and gets lost whn applied to the common man. If we truly fcator in the effects of all items, foods, energy, transport costs, gas prices, rents, medical , education, health maintenance, there surely is guaranteed rise in inflation, due to interest rises, and the increases in the monthly mortgages, insurances etc. To blame this one person, is rather mean spirited, and if at all, the entire blae should fall on the high priests at FM and RBI etc. They call the shots, and they should recognize the plight of the common man, struggling wth expenses. With gradual slowing down,tere is good chance that we could bring in some sanity. The rich are certainly going to get richer by leaps and bounds, and the poor and the middle class will feel and suffer the squeezes. Best policy is to save, come what may, and not to succumb to the vagaries and unwanted luxuries, and restrict to the essentials, DO NOT play the markets, then only will the powers realize the futility of charging enormous usury interest rates. Stay away from CREDIT CARD debts. There is no easy money out there.!!! Look over and study the fine prints before signing any financial documents. Let us gird ourselves for bekt tightening. Have courage, and will get through this phase also.
RE:Inflation at GRASS ROOTS
by vivek shankar on Apr 03, 2007 09:38 AM Permalink
Inflation occurs due to economic growth Mr Krishnan....the RBI and the FM can only hope to curb it.Hence the interest rates have increased.Reducing spending on credit cards isnt going to help curb inflation or fight it from an individuals perspective
FACT: Inflation is caused when demand increases supply. Be it food, (I guess the reason's for food price increase is worldwide, and not just India), be it Real Estate or Corporate Lending. The Reserve Bank should be looking medium term goals of increasing the supply. Short term goals of reducing the demand, will not help a developing nation like ours. This includes-
A)Cheaper loans for Housing institutions to build more houses, and not trying to stop them from selling more houses, that's absurd. That will stabilise the Real Estate from Speculations, and keep the demand supply balanced. 2) Better loans to genuine farmers for increasing farm productivity and not trying to constrict by increasing PLR by 400 BASIS Points. Retail should help in increasing farm productivity, but you need to protect the farmers rights.
3) With Capital a/c convertability, we see a large portion of Big Industrywala's taking loans from Hedge Funds( who source cheap credit from countries like Japan, and loan it to Industries in India.) But they do not risk putting money in "Pappu Halwai" or say a "Kakke da dhaba", who have modest plans to better their businesses/productivity. If we want the growth to percolate to the "Aam Admi", we have to control the SME and small scale lending of Financial institutions and not constrict that by high lending rates.
Yes productivity, increase will take time, but Mr. Chidambaram has to take bold steps in the right direction for that. I see the rate hikes as a very short term solution, and it should fall as soon as the other parameters ease.
I would like to take this opportunity to say that %u201CJust listen what the man has to say, do not comment on the bank and do not deviate from the subject of discussion%u201D.
ICICI has to be the most unethical organization among bigger ones and this man, at the top of it, obviously, is responsible for it and thats his value system as well, which he must have injected in the whole organization. I m writing this after having experienced different wings of ICICI. In terms of service also, they r worst. They dont care to respond to customers genuine requests also. Additionally, its the least transparent FI in the country. If any1 is planning for Homeloan or credit card or banking services, i wd suggest to NOT to go to ICICI under any circumstances. They will offer you moon before you become customer and treat you as trash once u r a customer.
RE:Unethical Organization
by terauslew on Apr 02, 2007 06:42 PM Permalink
i full agree a big crook and as the name suggest it is only I C I and sees for its own benefit.
RE:Unethical Organization
by sridhar subramanian on Apr 03, 2007 07:39 AM Permalink
Absolutely true Mansi, ICICI gives a lousy customer service. They talk about quality customer service, which we cannot see a shade of it
RE:Unethical Organization
by Open sky on Apr 03, 2007 01:32 PM Permalink
Mixed Experience...
I have not faced much trouble in service with ICICI. Isn't their service good...? Re, home loan, i wish all private sector banks would be good to get served :D & Yes, dont forget to buy ICICI shares :D -- even lets be part of I C I.
RE:Unethical Organization
by Krishna Kumar on Apr 05, 2007 02:08 AM Permalink
That seems to be true. In past 9 months, my ICICI Home Loan interest rate has gone up from 9% to 12% And, if i want to transfer/takeover this loan to some other bank, i'll hav to pay a penalty of 2.25% of outstanding loan amount to ICICI, which makes me think twice before doing that, because thats a lot of money. I shud have gone for nationalized banks. my fault
RE:Unethical Organization
by David on Apr 03, 2007 10:08 PM Permalink
You are very right Mansi. I have been a loyal ICICI customer from last 7-8 years and use many of their products. These days I dread the day when I have no choice but to go to the branch. The so-called bankers in the branch make sure they treat you in a worst and the most indifferent kind of way. Every inch of their face says - you are not needed here...go away...we dont care. I tried the online and telephone customer service too. They are even worst. I have moved to good-old SBI now. I know they are no better, but at least people in my branch are good, so far.
It is a myth that by hiking interest rates they are deaccelerating the inflation. They are instead contributing to inflation that is real and will not come down easily. If we take the example of Banks, the way they can help control inflation, is by reducing the consumer lending business instead they are chasing and scaring away the genuine home loan segment. on one hand they want to make housing affordable then why did you allow realty funds as few benchmark deals and SEZ story have made this hike in property prizes and thereby this mess that is perceived to be the Property Bubble and has made housing unaffordable. Unfortunately, we are in the hands of people like Mr. Chidambaram, Mr. Kamal Nath and Mr. Kamath --- all are busy with their own agendas.
