An open letter to Aditya Puri, MD HDFC Bank

Dear Mr. Puri,

I write to you as an account holder with HDFC Bank. I write as any other distressed citizen swept in the mania unleashed on the country due to the whimsical behaviour of one individual. Needless to say, there is no looking back; the bullet has left the barrel, but has wavered on its path, and has not hit its target.

Can this happen? Can a bullet leave its barrel and go wayward on its journey? Well we are witnessing something along those lines; the initial expectation of a quick fix solution, or to use a term that has become common parlance, 'surgical strike', has not been met, is seems to have become a battle, a war if you like, and however harsh it may sound, will not be met for a long, long time.

In the meanwhile, it has resulted in immense hardship on the citizenry. The rural un-banked 50% of the population have particularly very badly affected and we empathise with their misery. Horror stories abound, some reported, others being passed by owing to the growing apathy to the misery stories.

In other words, plainly speaking, the 'apple cart has been upset'. This country is undergoing a pain as never before. However induced myopia of a recalcitrant administration advises eat cakes, if there is no bread; translated use debit/credit cards if no cash. As a HDFC account holder I regularly get messages from you, Mr. Managing Director, on the steps your bank has taken to go digital, and how we ought to use such digital initiatives. However, ATM's are dry, counters have no cash, queues long and winding; hence the question;

Am I really an HDFC customer??

All the effort made by yourselves towards relationship banking has come to nought. Since current rules dictate no differentiation between Tom Dick or Harry, as an account holder we too have been swept with the broom of egalitarian justice. Imagine not being permitted into your own branch, or not being able to access a single Rupee. Such an ironical situation needs to be addressed by yourselves, I therefore venture to suggest HDFC should adopt a policy of 'All men are equal, but some are more equal'. This would mean a differentiated yet equitable policy towards HDFC customers. Instead of attempting to preach Christianity to the Pope, please understand your customers know how to use ATM's and Net Banking. What they need at this moment is the three C's Care, Concern and Cash.

Unfortunately, a hard pressed branch can only do so much and no more, which to their credit, are putting up a sterling performance. However customers seek to be treated as customers and given priority, treated deferentially, and needs serviced. 

HDFC has to do much more to continue relationships; customer is king and needs to be made to feel like one, even in times as such.

The ball vests in your court.

Sincerely,

Rajeev Suri

Cognitive Dissonance and the Autocrat

Cognitive Dissonance and the Autocrat

You are a true Indian and a nationalist if you quietly stand in queues for withdrawing cash only to be turned back when your turn comes, or providing ID proof to buy subzi at Mother Dairy. We are reminded each day this is small pain in the larger interest of the country. So said every dictator in the world,

PM Modi's klaxon call Kala Dhan Hatao has a similar ring to PM Indira Gandhi 1971 election slogan was 'Garibi Hatao, desh ko bachao', both slogans cleverly crafted to strike emotional cords with the people of India. The current slogan will be consigned to oblivion just as the earlier one was, once the larger aim of the autocratic leader has been met.

History shows us Garibi did not leave this country, in fact it has festered, grown, become more profound, just as inequitable distribution of wealth has made the richer, much richer. Bank nationalization, coal nationalization, seizure of assets, and the 44th amendment of the Constitution withdrawing owning property as a fundamental right; were among the many draconian steps taken by Mrs Gandhi to impose state ownership over what was legitimately owned by an individual.

Currency demonetization is no different. Let’s look at the figures; experts agree 25 % of the GDP operates in the parallel economy; of this a mere 6% consists of cash, the rest is spread across other asset classes.

The spigot of black money is the rampant graft and corruption that runs across all political and bureaucratic genres. Eradicating the source of black money generation should have been the first recourse; rather than being left to posterity, if at all. With this spigot being left open, after the initial shock, new currency will start funding graft and corruption, and once again the black economy will spring alive, vibrant and active as before.

Hence to cleanse 6% of 25% of the black economy, 86% of money in circulation has been withdrawn. Imagine a human body in which 86% of the blood is removed, what would the outcome be? Withdrawing 86% of currency from a predominantly cash economy has left the country gasping, affecting the poorest of the poor the most. Thus, could eradicating Black Money been the only agenda?

 Prime Minister Modi is a case study in a psychology term cognitive dissonance, one who holds contradictory thoughts & beliefs simultaneously, and struggles to come to terms with such contradictions. One the one hand projecting himself on the world stage as a democratic leader with progressive ideas, his inner self draws him to whimsical use of regressive autocratic power. In a clear attempt to deflect the nation's attention from emerging situations, forthcoming elections, demonetization has been a used as a tool to consolidate power, emasculate the opposition, and gain laudation from the citizenry, who have been made to believe demonetization will ensure greater social justice.

Will it? 

 A poorly thought out decision of the unholy triumvirate that rule this country to consolidate autocratic power, demonetization will neither cleanse the country of the ilk of black money, nor corruption. It will however consolidate the class divide, the good and the evil; translated, the poor and the rich. Social justice will remain a distant dream, just as Garibi Hatao, Kala Dhan Hatao are slogans for limited personal ends, as Bob Dylan sang; will be ‘Blowin in the Wind’

The nation remains fooled.