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Bank with the Best March 7, 2007

Posted by Vijay in Bank of India, Banks, Business, Entrepreneurs, India.
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One of the things I have realized during my 3+ years of entrepreneurship is that you should not be fooled by glitz and glamour. In most cases (exceptions excluded), the glitz is meant to hide all the flaws underneath.

Nothing highlights this fact than the banking industry today. My best experiences have been with our Nationalized Banks. Granted there could be a few starting problems. But once you establish your credibility, the service levels are unmatched by anyone.

At my company we bank with Bank of India. Three years ago, they were the only Bank willing to give a small BPO company a break by giving us a loan for equipment and working capital facilities. During those three years, they have bailed us out of some tricky financial situations when payments from customers came in late and cash flows were tight.

What really impresses me about them was the human touch to their service right from the Bank Manager upto their Zonal office. Compare the same with some of the more market savvy International Banks and their computerized call centers.

I still remember Infosys CEO Nandan Nilikeni was the chief guest at a function last year to commemorate Bank of India’s 100th year. In his own words, the only people who gave Infy the time of day when they were growing were these very Nationalized Banks.

Give me a Nationalized Bank anytime.

As a small business you stand a better chance of success there.

Cross posted on Startupreneur

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Comments»

1. gmohanprakash - March 7, 2007

Good post vijay.

Ittkondavalu iro thanka , kattkondovlu kone thanka… this is the essence of the story.
Indian banks are service oriented ( occassional hiccups though) while foregin banks are money oriented.

I agree 200% with your words vijay. Think you should start mentoring other budding entreprenuers by sharing more of these info.

2. Veena - March 7, 2007

Yenri repeat postu ?? WE have already read this during that citibank thing on bangalore blues alva ?..
Anyway, its worth mentioning it here once more!

3. Vijay - March 7, 2007

That was from a personal standpoint. This is from a business perspective…

4. usha - March 8, 2007

anytime true point vijay, nationlisedbanks services are excellent once the rapport is established. I can vouch for it anytime.

They are tough to crack initially as the guidelines and rules are very stringent at their end, we have experience.

We bank wit Canara Bank and Syndicate Bank. We rely on them completely :) and they have helped us in difficult situations.

5. praneshachar - March 8, 2007

vijay
it is true to the core
these people will stand out and do
all that can be done in spite so many
constraints of moving up for approval etc.,
some of these managers of Nationalised Banks
are really cusotmer driven and got out of way
to help and bail out the needy one.
It is not that all is green in these banks but
overall their performance in helping industry
is much much superior to so call hi-hitech Inter-
national banks
good post vijay kudos to you and BOI in where Is stated my banking as a student

6. Vijay - March 8, 2007

Usha: You are right.. once the rapport is established.. they will go out of their way to assist…

7. Sash - March 8, 2007

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8. Arun - March 9, 2007

You are so right. The Bank of India ads simply speak for what the nationalised banks have been doing. Some of the Old Pvt Sector Banks are akin to Nationalised Banks in many aspects.

Having been in the banking profession with only New Private Sector Banks (NPSB) for quite a while, I have seen more many times clients jettisoned as the business preferences of these NPSB change.

9. Vijay - March 9, 2007

Arun: Nice to hear an insiders view.. thanks for dropping by.


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