I was badly in need of my money from my Canara Bank , and used the ATM card tp with draw , but due to ATM Glitch , cash wasnt dispensed at all , and despite of my protest and repeated mails , they paid back after 67 days, without any regret or penalty , As per RBI they have to pay Rs100 per day till it was settled , but they havent so far, Pls tell me now how abt our Canara Banks lethargic at atitude, and carelessness and deficiency of service .
So, I walk into my bank and tell them that I cannot repay the money I owe them. I need 6 months time to restructure my payment options and for these 6 months, there has to be a standstill - No late payment fee, no interest, no telephone calls, no goons etc.
And this is not a default, it is just a standstill. Nice.
Moral of the story is - You owe the bank 50K, you are screed, you owe them 50 Million, the banks are screwed
Re: Re: Not a default
by Nazareth dsouza on Dec 06, 2009 12:38 PM
A petty thief when caught gets thrashed, a businessman who cheats becomes a celebrity.
Re: Not a default
by x on Dec 06, 2009 11:41 AM
What about the interest for that period of 6 months... banks would have otherwise lent the money to someone else and would have made profit in that 6 months time
Re: Not a default
by PEARS on Dec 06, 2009 11:04 PM
Good to read ur lines.
Pls see my experience with Canara Bank in India, I tried at IOB ATM at chennai to withdraw my own money of Rs 11000 in aug 2009 , It was ATMs failure and i lodged my complaint and protested to Canara Bank to repay my money , It wasnt paid until Oct 2009 end. a delay of more than 67 working days of bank As per RBI act any ATM gitches beyond 12 working days , the bank has the liability to pay the customer Rs 100 per day , in my case they should have paid Rs 6700 , inpsite of my repeated mails . Canara Bank hasnt responded or paid back even a single paisa. See how Indian banks can default and take the customers for ride
this's was to happened but it ha[[ned so late that's surprising any one who support plastenian & go against the wishes of ISREAL have to face the muscic don't forget whay happened to MALAYSIA in 80's isreal is chosen people on earth and they destinined to rule the world they are ruling AMERICA and through america they are ruling the world , there's jew prime minister in UK,GERMANY,FRANCE and now isreal planning to rule INDIA , LONG LIVE ISREAL
Dubai, like Vegas, took the chance that "if you build it, they'll come". And many came, they saw and were conquered by the frenzied building and robust economy. But like any city-state with nothing to back it up, Dubai fell victim to circumstances- the global recession. However, if they can hold on long enough till the world economies rebound, they'll be able to more easily pay their debts. But with little income- they're having a difficult time selling properties or leasing office space, they can't service their debts- and a harder time still convincing lenders to refinance their debts. Eventually though, Abu Dhabi will bail them out- but at a high cost to Dubai World.
first of all historically it is Persian Gulf and not Arabian Gulf , This Pan Arabism can not change the name of the Gulf. Secondly 60 Billion defering shows Dubai world can not repay so technically it is not default but it shows Dubai Shekhdom does not have money to pay and that shows hollowness of the model. American Government bailed out AIG and other American banks by pumping in billions of dollars does UAE government has that kind of money to pump in ? Does Dubai has regulation of it's own currency leave aside any other thing ? Why do they need to peg thier currency to US $ ? Dubai denied freedom of expression and scrutiny of it's governance and kept on brushing issues under carpet and this is perfect example on what happens if criticism is not heard at right time.
No Amount of spin doctoring can help the situation.
Re: Stop SPIN Doctoring .. anywayIt is Persian Gulf not Arabian G
by Tariq Hasan on Dec 03, 2009 01:40 PM
Batao,
You seem to lack complete knowledge of the situation. The UAE investment funds have in excess of a 600 billion dollars, more than enough to bail out Dubai.
Re: Re: Stop SPIN Doctoring .. anywayIt is Persian Gulf not Arabi
by Batao Na on Dec 03, 2009 02:41 PM
Well that "was" 600 billion dollars in Abu dhabi sovereign funds but consider this scenario if the funds liquidate the stocks and holdings to raise funds the value will do down and the fund value will be less then the required. Also Dubai world is just one tip of iceburg any cascading spiral of events will send other entities in Dubai also in tailspin.
Re: Re: Re: Stop SPIN Doctoring .. anywayIt is Persian Gulf not A
by Bob Marley on Dec 06, 2009 09:13 AM
They dont have to liquidate any of their holdings. They can easily borrow $100 billion with assets as collateral.
The question is whether Dubai is worth bailing out from an economic standpoint.
Re: Re: Re: Re: Stop SPIN Doctoring .. anywayIt is Persian Gulf n
by Batao Na on Dec 07, 2009 01:54 PM
Dear Bob,
Your understanding of fundamentals is very poor , When I say liquidation it does not mean that it has to be actual liquidation but collateral is another form. Once Abu Dhabi goes to market for raising funds worth 100 Billion with collateral the cost of borrowing will shoot up and also the value of collateral would go down. This is reflected in credit ratings by companies such as S&P and Moodys. The real problem is the amount and the model being followed by Dubai. Abu Dhabi will let Dubai sink and will bail them out towards the end when maximum amount is written off by major banks and the possible damages to ratings of Abu Dhabi reduces to minimum and that is surely not a good sign for Dubai
Re: Re: Stop SPIN Doctoring .. anywayIt is Persian Gulf not Arabi
by Batao Na on Dec 03, 2009 02:41 PM
Well that "was" 600 billion dollars in Abu dhabi sovereign funds but consider this scenario if the funds liquidate the stocks and holdings to raise funds the value will do down and the fund value will be less then the required. Also Dubai world is just one tip of iceburg any cascading spiral of events will send other entities in Dubai also in tailspin.
first of all historically it is Persian Gulf and not Arabian Gulf , This Pan Arabism can not change the name of the Gulf. Secondly 60 Billion defering shows Dubai world can not repay so technically it is not default but it shows Dubai Shekhdom does not have money to pay and that shows hollowness of the model. American Government bailed out AIG and other American banks by pumping in billions of dollars does UAE government has that kind of money to pump in ? Does Dubai has regulation of it's own currency leave aside any other thing ? Why do they need to peg thier currency to US $ ? Dubai denied freedom of expression and scrutiny of it's governance and kept on brushing issues under carpet and this is perfect example on what happens if criticism is not heard at right time.
No Amount of spin doctoring can help the situation.
Re: Re: oil
by john doe on Dec 02, 2009 10:16 PM
they r used to US dollar and the white ho's they get they will not do that, even if they do US will find alternate fuel resource. But ur job as sheikh potty cleaner will be lost
India is the worst enemy of Indians working in Middle East. The misery of average Indian worker starts from India itself when he has to pay Lacs of rupees to recruitment agencies for getting a job in Middle East.
Re: The worst enemy
by Bob Marley on Dec 02, 2009 02:44 PM
True. It is not the emiratis who exploit Indians in UAE but fellow Indians themselves.
The emirati rarely is the one directly dealing with laborers/workers. Indians right from the manager/supervisor level is the one exploiting his own people. Businesses owned by Indians and construction sub contractors are some of the worst offenders.
Why look abroad. Even in India people are always looking to take advantage of you.
Re: Re: The worst enemy
by Tariq Hasan on Dec 03, 2009 01:44 PM
Well said Bob, and the Indian govt. does nothing about it. All they have is that silly Emigration Clearance required stamp needed on the passport which is serves no purpose.
Re: Re: Re: The worst enemy
by Batao Na on Dec 03, 2009 03:14 PM
It serves a purpose it puts checks on thousands of uneducated females to be pushed in to brothels of middle east under the lure of employment
