Page 23 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
th
nd
unrealised beyond for certain stipulated action that saved the bank
period [likely to be 240 or 270 days
in those days] to be taken out of bills The necessary reverse thinking process that
receivable and treated as bills unpaid and suddenly sparked off in Mr Das’s mind, was
out of a seemingly innocent statement from the
to be provided for, that is `180 Cr should
be provided for. DGM of PSU bank, with whom he had very
open relationship “As I know you for years,
4) Net Profit shown, signed by Director and better please go through financials properly &
submitted was for `75 Crs, as against satisfy yourself”
actual loss of `105 Crs, which the Director
was aware of. The sanction was aborted and probable loss for
5) Promoter Director Mr Jhun. and Director releasing a bad advance could be successfully
averted.
Finance were already in the Branch to get
the documentation and with a cheque Wonderful Lessons:
duly filled in for transferring to Lead 1) In Bank & financial organisations
bank’s acct . dealing with people, the leadership must
6) But Mr Das, did share everything to believe : “Never use “I”, use always we”
Mr Thomas in the early morning itself, “It’s always- we have done it” Team effect
what has been happening and what makes thing easier. Team doesn’t mean
happened so far after his follow up with 100s of people. Team can be of two and
the company and lead Bank. And all about above.
his findings. 2) Team–members must have 100% mutual
7) As directed by Mr. Thomas, HO was trust on each other which bestows
informed about the real figures, behind beneficial effect of team to travel to other
their cosmetic dress-up of the Company, members easily.
all in detail, i.e revelation of unrealised 3) Co-members /Team-members must have
sale of `180 Crs and actual Net loss of `105 dedicated single minded focus on the
Crs as against unaudited net profit of `75 target that you are trying
Crs , submitted to the Bank.
4) When any member works/takes
8) The AGM &Mr Das, had perfect tuning decision, he assumes 100% integrity of
and both agreed about the findings and his subordinates / boss, to enable him to
the necessary way forward in the same work in free confidence that everyone
manner. will consider the best for the institution
9) They got the following letter ready only.
(almost in similar line mentioned below)
to deliver to the customer that “With [CAVEAT: The above has been drawn from
reference to our Sanction letter No ….Dt practical experience around 1990. If any similarity
……. for working capital & PC/FBD for found in any of the account or amount, it is not

`470L, which was accepted by you, is deliberate, it’s by chance only. In reality, in a case
now withheld with immediate effect, for like this, Bank(s) could have fi led case(s) against
want of certain clarifications that we were the promoter/director and the Co in the 1st year
enquiring with you as well.”…That’s the itself, which we don’t know.]

The Institute Of Cost Accountants Of India

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