3 Malpractices of Bandhan Bank

Bandhan Bank Malpractices

The Bandhan Bank has rags to riches story where its founder who was once denied a small loan by SBI ultimately raised a Bank from a small NBFC.

Till the time it was small, it was easier to manage but as it is growing in size and branches a few malpractices being conducted by the bank are coming in the focus.

We can assume that these malpractices may be known to the founder as at times these backend guys or persons responsible for showing profit may indulge the same and aim of this post is not to tarnish the image of any entity but to advise them that "Chindi Chor activities" will deter them from becoming a bank of the league of HDFC bank or ICICI bank.

The prominent malpractices in online banking which are being undertaken are as following:

(a) If you want to transfer funds to other banks, you require OTP which deliberately comes very late, and the wait time for repeat OTP is 180 Secs. Most of the time on funds transfer the OTP does not come and those who can not wait to close the fund transfer from Bandhan to other bank windows. On repeat OTP request it comes immediately.

Dear Bandhan Management team, pl see the OTP time for ICICI bank or HDFC bank and stop this Chindi Chori from not letting the funds being transferred. This all the more happens if it happens to be a current account as the bank does not need to pay any interest on the held amount.

(b) If you have to transfer funds say from Current account to say another account even to your own savings account in the same bank, the funds will not get transferred as the screen freezes at the last step where you input the transaction password. So, again you will leave the funds in the current account post frustration.

The logic remains the same that they are not letting you transfer funds from the current account to the savings account as in the current account you do not pay any interest to the client.

Finally, you are able to transfer after multiple attempts. Imagine the frustration faced by an individual and time and effort being wasted.

(c) Some branches are insisting that let the funds lie in the current account for a day and only then you can undertake physical cash withdrawal from the current account. This malpractice is being followed by ICICIbank also. They are not allowing same-day transfer fund transfer if you just maintain a minimum balance in the current account. Let's say you transferred today 1 Lakh into current account and you had less than Rs 1 Lakh in your current account, then they will say let this fund lie in the current account for a day and withdraw it tomorrow. This is just to increase their CASA holding. However, if you stand your ground and speak to the manager and then they let you withdraw the same day. 

All the above problems are more pronounced near the month-end or qtr end when they want to show a higher CASA balance.

So, we will suggest if you are going to have a multi-crore business, then it is better to deal with HDFC Bank or Kotak Bank for your current account requirement which has more ethical practices instead of dealing with ICICI banks or Bandhan Bank.

Get the best day trading tips or Bank Nifty tips here and start making money on a daily basis as we always believe in ethical practices and Principles in our organisation. We always believe that a principle is an approach you stick with even if you know it might lead to a short-term outcome you don’t prefer. Especially then.

It’s this gap between the short-term and the long-term that makes a principle valuable. We always believe in following the harder right because we believe that if your guiding principle is to do whatever benefits us right now, then we don’t have principles of much value.

But it’s the valuable principles that pay off, because they enable forward motion, particularly when it feels like there are few alternatives. We embrace a culture based on principles because it’s that structure and momentum that enables connection and progress to happen in the first place.

We will request Bandhan Bank to follow the above definition of Principle and only then they can believe to become a bank which can challenge HDFC bank or ICICI bank.