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Q.

Chit Fund and Cheat Fund have become synonymous. Don't you think most of the Foreign banks that are working here are also cheating?

Tags: money, careers, chit
Asked by soumyen sarkar, 26 Apr '13 10:18 pm
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Answers (5)

1.

Yes they too are cheating and they brive our politician and concern bureaucrats regularly exactly like our indigenous chit fund companies.
Answered by Prakash Chandra, 26 Apr '13 10:23 pm

 
  
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2.

I think yes
Answered by z, 26 Apr '13 10:21 pm

 
  
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3.

To some extent yes. For instance Citi bank attracted customers by allowing savings account with Zero balance. About a year back they increased the average monthly balance to 10K or so. Many account holder overlooked the notification that the bank had sent announcing the changes and realized it only after a few months when they found bank was debiting Rs 250/- every months from accounts where the balance was below Rs 10000/-. This year effective March 1 they have increased the minimum balance to Rs 200000/- for new accounts and Rs 1,00,000/- for existing customer. Those customer who failed to maintain a average monthly total relationship balance of Rs 100000/- have been debited with a service charge of Rs 1000/-. Moreover as a part of cost cutting they have reduced the number of ATMs. When they enter a country they attract customer with credit cards, Car Loans etc (even if the customers financial status may not justify the issue of credit card or loans), Zero balance savings accoun ...more
Answered by Shyam, 27 Apr '13 01:19 pm

 
  
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4.

You know very well that a bank is different from Chit fund circus. Here in India, all banks are under RBI guidelines immaterial whether they are foreign or desi. A person who is not greedy rarely get cheated. Financial institutions, whether they are Indian or foreign are being put in a same pedestal and treated alike when it comes to claims. Yes. I agree with you regarding the FDI in insurance sectors. I am personally against it. An insurance co with a bigger spread and international presence tend to have a scrimpy claims department more dangerous than a govt servant vetting a company not in the favour of govt. They just don't agree to claims knowing very well that an ordinary Indian have no way of contesting that and living that period out. But banks? I am not sure they can be equated to chit funds. In India, even courts cheat on PF. The pension fund going to private institution is another dangerous sign. Chit funds are fly by night persons. No chit fund has an history of living long ...more
Answered by Lost Soul, 26 Apr '13 10:40 pm

 
  
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5.

I have very less knwoledge about this......:-(
Answered by Bhuvana, 26 Apr '13 10:19 pm

 
  
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