Page 114 - A Banker Down the Rabbit Hole

relatives. On seeing the strategy working, I stuck to my stand that they
should give a written letter to this effect right away, come the next day
at the branch to deposit the money as promised; only then I could
communicate to the guarantor to which they agreed.

Now they again asked the driver to bring the big fruit basket for me. I
refused to keep it as we were only two persons with a small kid and did
not want any fruits from a defaulter. The elderly Sardarji pleaded a lot
but I didn't budge. Finally, he told me, "If I have to pay some overdue
amount due to some genuine reasons, do I lose all respect even as a
human being?" He touched his Pagree (religious cap) on his head and said,
"Should I remove this and bow so that you accept our request to keep
the fruits?" I could no longer decline it as I was not so big that I should
take this matter too far. I realized that the business men were smart and
they knew where and how to strike and get their job done.

The next day, they deposited Rs. 100,000/- in their account and I issued
them a receipt and gave a note for the guarantor confirming that they
have assured in writing to clear remaining Rs.100,000/- overdue within
a month. The guarantor and his wife ended their sit -out and fast-unto-
death and returned from their bungalow and met me to confirm about
the payment made.

Insights from the episode

1. This was a great strategy discovered by chance on the spot to recover
loans in future. I had a strong belief in this customer behavior that
I experienced many more times.
2. It was a given fact that borrowers who fear losing grace or respect
in society due to default would normally repay as much as possible
for them to pay.

3. Strategize to act smarter if the other party acts smart.

— z —

A Banker down the Rabbit Hole | 111