All That Glitters IS Not Gold !

While trawling through the net for something to write about (since my blogging rate has gone down in the past few weeks I was sort of desperate too, somewhat like wanting to pee but not having enough pee with me )

Thats when I stumbled upon this complaint box thing.

Barclays & Lloyds, the two celebrated banks in UK (world wide too), inspite of the recession are receiving copious quantities of complaints and sorting them out too. Barclays recived about 45 complaints per day and Lloyds around 32.

How do you think the Indian banks are faring? Obviously the new tech savvy private sector banks will have far lesser complaints than those old public sector banks who are just there to employ those unemployable people. The Public sector banks deserve that, since they are alien to that glitzy service of their newer counterparts in the private sector.

"But my dear Watson, you are completely mistaken". I said this to myself when I went through this banking ombudsman report.

Look closely at the situation in India :

1. Private sector banks had around 12 times and foreign banks around 6 times more complaints than the nationalised banks in 2007-2008.
2. The private & foreign banks put togather made up around 93% of the complaints received.
   
3. But the complaints that reached the ombudsman were lesser at private sector banks indicating higher resolution at bank level.
4. If comparisons are made as a proportion of the business handled by the nationalised banks and private sector banks and the complaints received by them, the nationalised banks are far far superior. Where as the nationalised banks received only around 4 complaints for every million rupee of deposit and loans, for the private sector banks it was 14 complaits for every million rupee of loans and 20 for deposits.

As someone rightly said - "More glitzy also means more risk too". Government banks though dusty and unwelcoming, may not be that bad afterall.