Core Banking….really?

Welcome back!

I had the notion that banking has really come of age in India and inter bank/branch transfer of money can happen in a second. I have even had argument with a prof when he said that SBI has not really implemented technology. As usual, I could win that time, but the ground reality was different. Its miles away from what they advertise, what websites say, what newspapers say….when you go there, then only will you understand the stark reality.

The issue:I have a taken a bank loan from SBT, Trivandrum. Somewhere in his wildest dreams, the manager was told by god almighty that I would never utilize the money for what it is meant to be used, so issue the loan cheques/DD in the insti director. Every semester, I have to get the DD from him in the diro’s name for amount that includes the tuition fee and how much ever I ask for as extra for expenses.

Here, I have to give the DD to the office and those guys would issue a cheque in my name after deducting the fee amount. Here starts the issue. The insti bank (lousy Bank of India )that is entangled in a, pathetic service, worst customer service, and …..a bunch of nosy staff.

I hate to credit money to my BOI account for the simple reason that they do not have an ATM, (This time I heard that, they have ATM facility networked with the college extension counter)…but does that matter….how many ATMs would they have across Pune…
I do not want to get 50 bucks from someone for to and fro rick(shaw) charges and withdraw 200 bucks….:)

I thought I will take the cheque to the nearest SBI and credit it to my SBT account….SBT is an associate of SBI……I was futuristic…..I could not credit the cheque to my SBT account from an SBI branch….
So, I thought any SBT branch should be okay….networked, core banking..such words just moved through my grey cells(ha ha ha)……

SBT Pune told me that I can not credit cheques to a non Pune SBT account only cash….pleeeez!!!!
So had to credit the cheque to my Bank of India account…and they were lucky enough to have my money for a day. I hate BOI for one more reason, coz they look at me with eyes simmering with suspicion when I withdraw a couple of Ks…as if I am a drug peddler or going to pay a celebrity to spend a night with….BOI, grow up!!!

Now, back to SBT, Pune with the cash….little did I know that government had made enough rules to check hawala transfer and there was a ceiling of 20k! And here they made me spend 150 bucks as service charges/commission, damn it!!! My mistake, the amount I was remitting was more that 20k

How can RBI regulate money transfer by way of charges/commission….a hawala transfer would happen even if these banks would charge hefty commissions.
Never will the bank know that I had to pay 150 bucks commission for an amount that I borrowed from another SBT branch….the rules in this country are indeed archaic ……..poor me just ended poorer…

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