If they are in India, they act like Indians which is to adopt corruption as part of life. East India company did the same thing way back in the 16th century. Now the FIIs who are already in India would do the same thing.
Citi is an insensitive bank where they exhibit"who cares" attitude and the employees get a fat pay check only to do nothing but misuse. Our own banks like SBI or HDFC are way better and atleast transparent.
Re: Citibank is an insensitive Bank!
by Happy Friday on Jan 08, 2011 12:53 PM
i had a bad experience with citibank and lost 2k rs and i closed the account.
No body in his right frame of mind would sign any Blank Documents and Blank Drafts as done by Sanjeev Agarwal.That means the cash has gone in some individual accounts and not into any account of Citibank Scheme promising him high returns.I had my account with Citibank without any problems,where in,i used to get regular SMS in case of any cash inflow or outflow immediat ely.I still wonder that in the present scenario of online cash transaction with full transper ancy and fuller built in security system,there are people like Sanjeev Agarwal who willingly allow themselves to be defrauded and call their "Personal Failure" as systemic failure of the Bank!The entire logic herein is knocked down flat.
Re: Signing Of Blank Documents
by mmmanish on Jan 07, 2011 07:03 PM
Pls note that he is a customer under PMS services and not a regular account holder like you. Under Wealth Management Services (similar to PMS) where one is required to sign Power ATtorney in order the bank is able to do trading on behalf of the investor. Pls don't comment on half baked information.
Re: Re: Signing Of Blank Documents
by S H on Jan 08, 2011 12:24 PM
Dear All, Have you not got any account opened with help of agent wherein he insists that you please only sign and he shall fill in the rest......
WHAT IS HAPPENING IN INDIA. DIRTY CORRUPTTION. MIDDLE CLASS TO POOR PEOPLE AFFECTED DUE THIS GOVT. GOVT ADMINISTRATION ARE NOT DOING ANYTHING EXCEPT SLOGAN ROSY SPEECH EVERY WHERE SCAM IN DEFFENCE,FOOD MINISTRY,BANK SCAM,TELCOM SCAM, LAND SCAM, SEX SCAM, GAME SCAM. WHAT GOVT. IS DOING. LET THERE BE PRESIDENT RULE CALL FOR EARLY ELECTION. ALL MINISTERS ARE NOT SUFFERING. THEY HAVE NO KNOWLEDGE ABOUT PRICE OF ESSENTIAL ITEMS. IF SOME ONE IS SEEK ==DOCTORS& PHAMCEUTICALCO. WILL NO TREAF THEM FREE BUT PEPLE KNOWS BAETTER. EVERY WHERE IS BUSINESS. THIS SORT OF INDIAN GOVT HAS NO VALUE. LET GOVT OF INDIA SACK ALL MINISTERS IN THEIR PLACE GOVT SHOULD APPONT ECONOMIST, IAS,IPS,MBAS, PROFESSORS . LAWYEARS TOP ENGINEERS,JUDICAL MAGISTRATES. GOVT SHOULD ASK ALL MINISTERS INCLUDIGOPPOSITION PARTIES TO SUBMIT THEIR ASSETS INCLUDING LIQUID, BANK BALANCE SHOULD BE SUBMITTED BEFORE RESPECTED PRESIDENT OF INDIA.OTERWISE COMMON PEOPLE HAVE NO PLACETO LIVE IN, ENOUGH IS ENOUGH EVERY WHERE IS SCAM IS IT A SCAM GOVT. THIS GOVT PEOPLE HAS SPOILED TRUE CONGRESS PRINCIPLE, GOD HELP US
Re: INDIAN ADMINISTRATION ARE AFRAID OF UNITED STATES
by Magesh Govindan on Jan 07, 2011 10:06 AM
President of India is the mother of all scams, and President of India do not have any respect
citi cannot pass the buck - it IS a systemic failure. if for CITI a few crores is a small amount, then they have no business to be in banking. every man thinks his money is important. if citi thinks they can get away with washing their hands off of a "single" bank, then we might as well kick them out.
When the Idiot CEOs do the cost cutting and let go people in the name of share holder return, the middlemanagement comes with creative ways (read it as cutting corners) of shifting the workload to surviving employees. That is when the insiders can get to know how to beat the system.
What Mr. Tiwari did is absolutely correct in terms of lack of internal procedures and checks.
RBI should also investigate and SLAP and hefty fine on Citi.
Had similar stuff happened in US for an Indian bank, the whole govt machinery will vie for their share of fines especially if it is a foreign bank.
Recall, about couple of years ago, State Bank of India was fined close to couple of million US $s for merely not reporting to Scret Service and FBI about international money transfer above $10,000.00;
Time to pay back in same coin. Though Time to pay back in same coin.
Citi is operating in India and there is dual taxation treaty with US, For NRIs, Citi reports interest earned on Indian deposits in India (which is tax exempt upto certain amount) in US and NRIs have to pay tax in US.
It is the Interest earned in India by Indians and Indian govt says it is tax exempt but Citi jokers converts it into us$s and reports as taxable income. No other country allows this and out useless Babu's don't retaliate for this kind of behaviour.
A person loses Rs.32 crores. Of how much. It is something a common Indian say a rickshaw wala sleeping on his rickshaw in this cold cold weather cannot even calculate how much money it is. It is a shame. Democracy...my foot
Re: Wow....
by dhiviya mukuth on Jan 07, 2011 04:53 AM
Something is seriously wrong. Your's is a classical case clueless frustration. U want rickshaw walas to invest in crores and if not u blame democracy for their plight.
