This bank called UTI in India was in a financial crisis, and they smartly sold off when market was at its prime couple of years back. They became AXIS bank and all UTI branches and operations became AXIS.. They advertized, with twins in ADs, saying both UTI and AXIS are one and the same, not to worry, just the name is different. I am sure they will be cursing all their intelligence for that concept (of the ADs) now. Because the once happened financial crisis, is back with the bank and they are probably worser than the state what UTI was in to earlier.
I have a savings account with the bank, with some namesake money in it.. Obviously that is not the interesting part...and I am not going to ask you for donations to lift my account balance. Because the bank is doing just that. They are asking all their savings bank customers to put money into the bank to help their bankruptcy.
I got a call today from AXIS bank, a business development officer, who said, the bank's status with funds is not good.. I asked "do you mean.. the *bank's* status is not good? ".. and he said "yes, we don't have enough funds to run operations, and we thought it is a good time to call our known customers and ask them to transfer all their money in other banks into ours.. for the time being, to get us back in shape"
I couldn't feel anything for a while, let alone sympathizing, and after a while I got irritated and asked the officer is this how AXIS bank does business development.. and he got into the same thing.. couldn't feel anything for a while..
So much so, I kept the phone and was thinking what was happening..
Is this something that is there with all banks.. ?
Is this why recently when all banks increased their lending rates by 0.5%, ICICI bank increased its lending rates by 0.75% ?
The only thing that is coinciding financially is the stock market crash.. Did all banks put in a lot of money in to the stock market when the markets were hugely bullish a few months back ? and now that the market has crashed royally they are all crying over the pain of the money ?
Whatever, but we all think all the time, that banks know it best when it comes to managing money. No, they also are run by people like us is the fact.
Get back to some hard work with hard earned money.
If you want to invest in stock market, invest yourself and learn the nitty gritty.. not through mutual funds..
If you want to invest in anything.. invest yourself and learn the area, don't don't trust anybody with all that money.
At the end of day, I keep trying to think on any positive sides in this whole thing to keep my head away from worrying about that namesake money in AXIS bank.. oh yes.. there is a positive side.. I can tell everybody... "A bank...a bank.. asked me help by requesting me money.. imagine how big and rich I should be .. ha.. that's something".
