This refers to the report "New banks might queer the pitch for state-owned ones" (July 18). The entry of a new generation of banks and the possible consolidation among the public sector banks might widely alter the banking scenario in the country. In this context, however, one neglected public grievance against the new generation private sector banks needs to be voiced again - their refusal to issue passbooks to savings bank customers. Despite the Reserve Bank of India pleading the case for the issue of passbooks, the new generation banks have not acceded to this demand. They have adamantly maintained their stand on issuing monthly statements. In fact, this persistent refusal borders on arrogance. Imagine the plight of a new generation bank customer who has to keep 12 monthly statements a year. Some of these statements get delayed in the post and do not reach the customer. No wonder, it is often said justifiably that these banks want our money but not our presence in their premises. However, it is not true that the bank customer turns up at the bank premises every third day to update his passbook. It is hoped that the government and the licensing authority will take up this public demand more strenuously.
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S Subramanyan Navi Mumbai
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number