Profiteering Indian Banks
Indian Banks are very quick to Increase Interest Rates on Personal & Home Loan
But they don’t increase Fixed Deposit rates with the same energy for obvious reasons
Loans of Indian Banks rose 17.5% while Deposits just rose to 9.9%.
• There should be certain guidelines across all Banks to increase/decrease Deposit Rates within a stipulated time period after hike
• Rates should be same/standardised or ± 0.(X)% for all Banks, maybe category wise e.g. PSBs, Private, SFBs etc
• Most Banks Increase the Interest Rates on Floating Loans automatically but you need to visit the Branch to get the benefit in case the interest rate is reduced
Not fair, it should work bothways for the benefit of customers
Can LocalCircles Manager escalate these to RBI. They listened to you on multiple issues like crypto, instant loans, data protection. If you do it things will change. Plus u have our support more
But they don’t increase Fixed Deposit rates with the same energy for obvious reasons
Loans of Indian Banks rose 17.5% while Deposits just rose to 9.9%.
• There should be certain guidelines across all Banks to increase/decrease Deposit Rates within a stipulated time period after hike
• Rates should be same/standardised or ± 0.(X)% for all Banks, maybe category wise e.g. PSBs, Private, SFBs etc
• Most Banks Increase the Interest Rates on Floating Loans automatically but you need to visit the Branch to get the benefit in case the interest rate is reduced
Not fair, it should work bothways for the benefit of customers
Can LocalCircles Manager escalate these to RBI. They listened to you on multiple issues like crypto, instant loans, data protection. If you do it things will change. Plus u have our support more
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What is wrong with this group? Do you not understand banks are in the business of making money not loaning it for free. Interest rates are not decided by just individual banks, also we already have too many regulations. Banks already have hard time collecting bad debts. Who is responsible when when people don't pay back? Our justice system is completely broken. By making more banking regulations people have made those money lending underground thugs rich. Go ask an honest small business start up. more
Jan 07
Why only Banks, Indian Govt is also very very slow in Implementing this. Take the case of SCSS, Repo rate was Increased by 2.25%, where as Govt increased first from 7.4 to 7.6 and now to 8%. This is the SHAME on part of Govt. It should have been made 9%, so as to give relief to Senior Citizens more
Jan 07
Due to the ineffective judicial and administrative system in India, banks are unable to collect bad loans quickly. Public sector banks are also under pressure from the political class to give loans to their favourite individuals which turn into bad loans. The bank managers (both public and private banks) also have their favourite loanees a la Kochaar of ICICI overriding any official bank procedures. There are also people like Choksi who game the system (or lack of systems) in banks. Public banks have other problems like huge lifelong pensions to their retired employees. All this causes a large differential between the deposit interest and the borrowing interest naturally. In effect, the depositing public indirectly pays for the bank's crimes/omissions. more
Dec 30
I am under the impression that RBI sets broad guidelines, including interest rates, for the banks with some discretion. Contextually, any Indian Bank, private or public, can set interest rates for loans, deposits, auto, mortgage, etc. as long a it is within RBI's guidelines. I have accounts with two banks, and the Deposit interest rates offered are different. I choose with which bank I should open a Fixed/Term deposit account. more
Dec 28
