news details |
|
|
| A valued client ! | | |
My son, a businessman engaged in air-ticketing, is always in shortage of the working capital. Money is, thus, welcome to him from whatever source and at whatever cost it comes.
Occasionally, he has to borrow money from the market at as high a rate as 48 per cent P.A. This being his situation and state of mind, he is a sought after person with the banks on the look-out for profitable outlets for their surplus funds.
My son often gets referred to as a “valued client” in their letters. They do not just do it out of formality. They, indeed, know what they are writing. Where else would you find a ready borrower who pays you interest perennially at the rate of 35 per cent P.A., often along with decent penalties for not paying even the mandatory 5 per cent of the credit card purchases and other instalments in time?
Once he, out of curiosity or perhaps need also, tried to see if he could get away by not paying the dues of a bank. After a couple of months of default, a telephone call came from the headquarters of the bank at Bangalore, first trying to know if I was Shekhar, my son. I informed that I was his daddy. The man claimed that he was speaking from the Karnataka High Court where a criminal case had been filed against my son for bouncing of a cheque.
When I told him that I happened to be an advocate of the Supreme Court and enquired what a case of this nature was doing in the High Court, he at once came to the point and instead requested if I could advise my son suitably. This was done and the issue settled. It also became adequately evident to my son that, at his level of smartness, it was not possible to get a bank off his back.
In my own case, no bank offers to remit or even reduce the annual charges on my credit card, as I would neither make sizeable purchases from their sponsored shops nor afford them an opportunity to earn 35 per cent P.A. and penalties in addition. To their great dislike, I make it a point to make all payments in time. Even if they occasionally refer to me also as their “valued client”, they really do not mean it.
With the post-office deposit schemes lately turning unattractive, the money has again started streaming into the banks. However, deposits sans their profitable deployability do not make sense. Herein lies the importance of the likes of my son. His dismal record in the matter of repayments notwithstanding, the banks are keen to do business with him and are always eager to enhance his limits and offer him incentives. After all, he does pay in the end through his nose.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
