Page 109 - A Banker Down the Rabbit Hole

I immediately had moved for permission for filing civil suit and application
for nullifying the assets transfer decree. This was also a part of follow up
process for effecting recovery and to safeguard bank's interest. I
requested immediate approval for filing a suit without waiting for fixing
responsibility for lack of follow up as there was no lapse as such and
everything was detailed out in the earlier letter.

The Head Office accepted our justification duly supported by our Zonal
Manager and permitted the filing of suit. Our senior counsel took action
immediately and got a restraint order against transfer of assets in name
of family members of the borrower and the guarantor. They settled by a
compromise decree through the court and repaid the amount in 20
quarterly installments. So, timely market information could help us to
safeguard bank's interest.

Insights from the episode

1. It's very important to remain networked with good customers for
timely and accurate information on other customers that can benefit
the organization in more than one ways.

2. Keep your ears open. Stroll around! Move in the market for useful
market information.

3. Simpleton looking may not be so simple after all.

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106 | A Banker down the Rabbit Hole