HDFC BANK 4 U

THE BANK THAT UNDERSTANDS YOUR WORLD

A true story

I am sorry but I can only call it a story and the end is still not over!!! / ???

 

 

 

Dear Friends ,

This is what happened to me when I opened a Bank account with HDFC Bank .You ask my opinion to recommend a Bank -My recommendation -bank anywhere but HDFC Bank.You are free to recommend in public interest this site to your friends or send these pages by e mail to your friends to caution them. Let me also clarify here that I am not the only customer in exasperation with HDFC Bank but there are several others as well.

Let me add that in my 22 years of experience as a Chartered Accountant and having dealt with a number of Banks Canara ,SBI,RBI,BOB,BOA,PNB,ANZ Grindlays,SBI OBU Bahrain,BOB Uganda and several FI’s as ICICI,IDBI,LIC,UTI and even International Finance Corporation (Washington) and East African Development Bank and even local Banks in Uganda ,Kenya ,Tanzania and Zaire or Congo I have never had the opportunity to observe or even hear anything close to what appears below .It is no joke but you can have a big laugh at the Bank that understands your needs.I have worked with DCM ,GKN Invel Transmissions Ltd. ,Insilco Ltd. (Degussa AG venture),Ranbaxy Laboratories Ltd ,Cable Corporation Ltd.

 

 

Rajesh Rampal

 

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   Rajesh Rampal

           57 ,Vaishali

            Pitampura

             Delhi-110088

           Tel : 7318023 

Mr. Muskan Singh

Manager

HDFC Bank

Pitampura Branch

Delhi 110088

Dear Mr. Singh ,

Account NO 1581000011229

My experience with HDFC Bank –The First  Transaction

I had the privilege of opening a Saving Bank Account as a valued customer (?) of your esteemed Bank (?) on March 21^st 2002 by issue of a cheque no 595624 dated 20^th March 2002 drawn on Punjab National Bank (Pitampura) for Rs 50,000 (Rupees fifty thousand only). The cheque was issued favouring HDFCBank-A/cRajesh Rampal and was crossed A/c Payee only.

On March 30^th 2002 I had the unique honour and privilege to use your Bank’s exclusive Banking on the Net Facility to find out my balance at app. 8 .00 P.M. and found that my account balance was Rs 5,000 only!Exhibit C

On 31^st March 2002 Sunday (Bank Holiday) I went to the ATM (HDFC Bank Pitampura) to use the facility to withdraw cash for my daughters admission to a course for which the last date was the 31^st March 2002 and could not draw the requisite cash .Even on April 1^st 2002 I found the balance to be Rs 5,000 (Exhibit D) only !Again on April 1^st 2002 I could not draw the desired  cash through the ATM or by a Self cheque*(details below) as your Bank was closed for Public Dealing on account of Year end closing and hence even a visit to the Bank did not fructify. Despite all this I still had nurtured hopes that corrective action would get taken on April 1^st 2002 year closing but all my hopes and dreams were shattered beyond repair on April 2^nd 2002.

I could not ensure my daughters admission for a crash course . Moreover I could not even withdraw enough cash to pay for my younger daughter’s school fees of Rs 6,490/- (Rupees Six thousand, four hundred and ninety only) nor could I pay for some furniture which went back undelivered since I was in no position to issue a cheque or pay cash as per terms of delivery and had to bear freight expenses in cash and now I have to pay cash before delivery per the revised terms with the Supplier. Even my niece who came for her first visit to our place after her marriage with her Husband had to go back without the traditional sagan. The monthly payments at Month end had already wiped our cash balance clean .

In exasperation to this technology of Banking on the Net and an ATM card transaction I decided at long last to use the traditional and time tested method of using a Self cheque drawn on HDFC bank (Cheque No*. 038951 dated 31^st March 2002 for Rs 6490/-) and withdrawing cash on April 2^nd 2002  Exhibit E.  As a valued customer(!) of your Bank my head hangs in shame to describe what transpired at this juncture –the cheque was returned unpaid due to insufficient funds !. The humiliation , embarrassment and insult was  complete The mental anguish suffered by my family unbearable since March 30^th 2002. My parents, both senior citizens were shocked beyond description. My children were beyond consolation. All my daughters life’s efforts came to a naught just because of HDFC Bank and the whole family was helpless and silent spectators and cursed the day when we opened an account with HDFC Bank 21^st March 2002.

Please let me know the correct status of my account at the earliest .When you take corrective action please confirm a value date credit for 21^st March 2002 to ensure correct interest credit to my Savings account, needless for me to add it is required for correct assessment of my Income –tax  liability and for filing a correct Tax Return. The value date credit will also work out a correct weighted average balance for the quarter and for future reference.

Also let me know  the  e-mail Address of your Chairman Mr.Jagdish Capoor , the Managing Director Mr.Aditya Puri and also of Mr Deepak Parekh . Copies of this letter are being mailed to them at your Registered office in Mumbai.I also request you to let me know the Name and Address of your Bank’s Statutory Auditors.

During the last two days I had the chance to share my anguish with some friends and was shocked to know that they had equally horrifying stories to tell about HDFC Bank. One of them has suggested to launch a web site for such horror stories where accountholders of HDFC Bank can exchange their experiences specially since my experience is not an isolated one!

I shall be forced to take appropriate further action in case I am not satisfied with your reply and at the earliest.

Yours shockingly,

completely bewildered.and in complete exasperation

I remain

unfortunately still your valued customer(?)

  

Rajesh Rampal

April 2, 2002

Enclosures. Exhibit A, B, C ,D and E as stated above.

The Exhibits have not been scanned but their veracity is certified by me and has of course been agreed to by HDFC Bank.

Copies-Managing Director- Mr.Aditya Puri

Chairman- Mr.Jagdish Capoor and

Mr Deepak Parekh –Chairman HDFC Group.

ANOTHER SHOCK FROM HDFC BANK ON 11^TH APRIL 2002 –THEY SEND ME A BALANCE CONFIRMATION REQUEST SHOWING THE BALANCE AS RS 5,000/- AS AT 31^ST MARCH 2002 AND STATING EMPHATICALLY THAT IF THE BALANCE IS NOT CONFIRMED WITHIN 30 DAYS THE BALANCE SHALL BE CONSTRUED TO BE CORRECT !!!!!!!!!THE ENVELOPE OR THE ENCLOSED LETER AND PAMPHLET  DO NOT BEAR ANY ADDRESS BUT DO STATE AN EMAIL ADDRESS [email protected] -I IMMEDIATELY RESPOND ON APRIL 11^TH 2002 ITSELF AND AGAIN ON APRIL 18^TH 2002 .I ALSO INFORM MY BRANCH MANAGER ON TELEPHONE .

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COPIES OF E MAIL DATED APRIL 18^TH AND APRIL 11^TH 2002 SENT TO HDFC BANK ADDRESS [email protected]  BOTH STILL UNANSWERED TILL JUNE2,2002.

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 Dear Sir,

As expected I never received any response to my email dated April 11 2002.The email is given below for your ready reference again .

Rajesh Rampal

----- Original Message -----

From: Rajesh Rampal

To: [email protected]

Sent: Thursday, April 11, 2002 3:54 PM

Subject: Statement of Accounts-1581000011229 customer id 2544882

 

Dear Sir,

Thank you for your statement of account which is totally incorrect as at 31st March 2002.I am replying since you state "contents of this statement will be considered correct if no error is reported within 30 days of receipt of statement"

I hope you have the correct balance as at 31st March 2002 by now.

 

Will you be really delighted to get some suggestions ?

Yours surprisingly,

Rajesh Rampal

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COPY OF LETTER SENT BY E MAIL TO MANAGING DIRECTOR WITH A COPY TO CHAIRMAN ON 18^TH APRIL 2002 –STILL UNANSWERED TILL JUNE 2,2002

 

----- Original Message -----

From: Rajesh Rampal

To: [email protected]

Cc: [email protected]

Sent: Thursday, April 18, 2002 2:45 PM

Subject: Customer Feedback-Hands on Approach

 

 

Rajesh Rampal

Chartered Accountant

57 Vaishali Pitampura

Delhi 110088

Tel :7318023

 [email protected] & [email protected]

 

 April 18th 2002.

Mr. Aditya Puri

Managing Director

HDFC Bank

Mumbai 

Dear Mr.Puri,

Subject –Customer Feedback

Congratulations for the excellent results posted by your Bank for the year ended 31^st March 2002.

In its endeavour to promote profits and to expand the customer base the Bank has lost touch with its basic claim ‘We understand your world’. A Bank has to be careful with its customer’s money and recording such transactions as even one mistake can ruin careers, cause immense hardships and even loss of life. Trust and faith is the basic relationship that bind a customer and a Bank.

Based on my first transaction experience with HDFC Bank and two other Account holders’ experience I wish to bring to your kind notice the following salient points relating to your Bank’s functioning

·         Internal controls and Checks are lacking.

·         Operations maybe ISO 9001-2000 certified but is worse than any Bank.

·         Corrective action on system failure seems to lack.

·         Communication gaps are extremely wide within the Bank.

·         Year Closing is just a formality.

·         Employees are complacent and not proactive.

·         Responsiveness to written communication is absent (even internet).

·         Employees perception of Management’s Mission or Vision goals is lacking.

·         Employee’s knowledge of Banks products is superficial- Inexperienced staff.

·         Even senior staff does not comprehend the business of Banking.

 

Corrective action on these weak areas would go a long way in strengthening the Banks Systems Control and procedures . Employee training is another very weak area. Please refer below this letter or to www.geocities.com/rampalr1/HDFCBank.doc for details of my first transaction with HDFC Bank. The exhibits are not there but their veracity has been checked . 

I am planning to visit Mumbai from 24^th April 2002 for two days and would like to apprise you personally on these issues since I feel this is just the tip of the iceberg and needs prompt corrective action .I am sure you will respond positively and spare some minutes of your valuable time to interact on these issues .

I do look forward to a long term and positive relationship with the Bank.

 Yours Sincerely,

 

 Rajesh Rampal

 

 P.S. –I have worked with DCM Ltd.(1980-86), GKN Invel Transmissions Ltd. –a GKN plc co(1986-1989),

Insilco Ltd. –Degussa A.G. of F.R.G. Co.(1989-1991), Ranbaxy Laboratories Ltd(1991-1996) and a stint abroad.

 

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HDFC BANK SENDS IN A  LETTER ASSURING MINIMISING (!!!!) OF SUCH INSTANCES ON MAY 7^TH 2002 .HOWEVER SEVERAL ISSUES RAISED IN MY LETTER DATED APRIL 2^ND 2002 REMAIN UNANSWERED .

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HDFC BANK

HDFC Bank .Ltd.

Hindustan Times House

5^th Floor ,18-20 K.G.Marg

New Delhi –110001

4th May 2002

 

Mr Rajesh Rampal

57 Vaishali

Pitampura

Delhi 110034

Dear Mr.Rampal,

This is with reference to your letter dated April 02,2002 and the subsequent visit to your residence at 57 Vaishali ,Pitampura Delhi on April 02, 2002 regarding the problems faced by you

      At the outset, we sincerely apologise for the inconvenience caused to you. We

       have credited your account (no 1581000011229) with Rs 45,000 with a transaction     date of March 21,2002.

 

        We have noted your valuable feedback and would like to assure you that we are taking    adequate measures to ensure the instances mentioned above are minimised. Once again we are truly sorry for the inconvenience caused to you and thank you for your patience.

 

     Thanking You

 

Yours sincerely,

 

 

 

Navin Puri

Regional Business Manager