Monday, April 4, 2011

Our Banks - 3

Frauds & Wages

Of late, it has come into the open that "Bankers' cheques" obtained from Banks in other States for Rs.500/- or Rs.600/- were 'materially altered' to several lakhs of rupees by adding digits to the right of the figures on the BCs!

What's the problem?

Bankers' cheques/Pay Orders are issued by a Bank branch ONLY for the purpose of making internal payments like payment of Telephone/Electricity Bills; paying to suppliers on behalf of their loanees; at Customers' request--as there is no other branch of the Bank locally......(Drafts could be issued if available) etc. 

The difference between a DD & BC is that a DD is issued by a branch and is payable at ANOTHER branch. A BC is issued at at branch and is payable at the SAME branch. 

Okay. You have obtained a BC at a Grameena Bank, payable to such and such an account number and name. You have brought it to your Bank & Branch where you are maintaining an account. You ask the branch manager to 'purchase' the BC and credit into your account & draw the amount immediately. Okay!

But does the Branch Manager of your account branch question you, 'Why did the GB pay you such a large amount? Did you supply something to their loanee?' --as this is the only possibility left of obtaining a BC by third party. 

If the answer is "NO", there is something "fishy". So the things happen.

Indian Banks' Association makes so many calculations; the Unions make so many proposals; mathematical gimmicks; then only, after some all India strikes, dharnas, agitations etc. that the wage settlements are made. 

Chanda koccar is paid Rs.2.11 Crores annually as salary! She is awarded "padma bhushan" this year. 

Duvvuri Subbarao laments....."Yes. PSB executives/employees are paid very very less!" 

So, that's the crux of the problem! you see???!!!

Unless the staff of the branch/Bank collude with the culprits, there is no way a fraud be committed with Bankers' Cheques.