HDFC Bank overtakes SBI as India's most valued bank 

 

The news that HDFC Bank surpassed SBI as the country's most valued bank on Friday with a total market valuation of about Rs 1,37,500 crores is a passing phase.HDFC Bank often involves itself in unorthodox banking practices and it serves largely the corporate sector, while SBI caters to the common people. It is possible that the HDFC Bank might have resorted to some kind of manipulation to gain the position. But off late there is large-scale corruption and fraud in SBI. A section of the staff are nakedly corrupt. For instance, the Asst. General Manager and Chief Manager of Stressed Assets Resolution Centre ( SARC), State Bank of India, Egmore Chennai-8, demanded a bribe of Rs.2,00,000/- to settle an NPA account of a distressed SME borrower under SBI OTS-SME 2010 scheme, although was said to be a praiseworthy, non-discretionary and non-discriminatory scheme for peaceful exit of distressed SME borrowers. They indulged in in wanton and deliberate misinterpretation of the basic and fruitful provisions of the SBI OTS-SME 2010 Scheme with the malicious intention to gain pecuniary benefits. Although it was clearly laid down that if a Unit had already paid certain amount under previous onetime settlements, including SBI OTS-SME 2009, that amount has to be adjusted against the settlement amount under SBI OTS-SME 2010. And if the amount already paid under earlier OTS is over and above the settlement amount under SBI OTS-SME 2010, the said unit need not have to make any further payments for exiting from the liabilities towards the loan account. Initially SARC/ SAM in Chennai interpreted the provisions of SBI OTS-SME 2010 on the above lines and orally advised the eligible SME borrowers accordingly. But the said officers deliberately took a totally different and whimsical view quite contrary to the provisions of SBI OTS-SME 2010 on erroneous reasons and extraneous considerations . And accordingly even those who have already paid substantial amount over and above the eligible settlement amount as per compromise approved earlier, including SBI OTS-SME 2009, have been advised in writing to make further payment under the SBI OTS-SME 2010 Scheme to exit from the loan liabilities. Moreover, in some cases totally irrelevant issues have been raised exceeding the limit of assigned of responsibility and functions. Therefore, the said distressed borrower appealed to the higher authorities. There was no proper response from them. What is disturbing is that the said officers threatened and humiliated the distressed SME borrower ( a new generation woman entrepreneur) personally and by engaging paid goondas through a notorious bank lawyer many a times , causing constant mental agony and physical impairment to said distressed borrower. So something is rot and the authorities should take necessary steps to cleanse the SBI of such corrupt and criminal elements.