Page 219 - A Banker Down the Rabbit Hole

61. Unintended consequences of

booking a Maruti car

T hose were the days when India had only 3 brands of cars for

general public. Ambassador was used mainly by Govt.
Departments, Premier Padmini (Fiat) and Maruti 800, by other
sections of the public. I had disposed of my Maruti 800 car
before going to Hong Kong. When I returned to India, I needed to buy a
new car immediately for commuting from residence to office and for
weekend family outings. Strangely Maruti 800 was still in great demand
and affordable for me and there was a long waiting list to be cleared yet
and new bookings were not being accepted. I did not want to buy a
second hand car for obvious reasons.

Maruti 800 booking window opened for a period of 3 days in December.
I had joined this branch only in November and had all my savings parked
with a Bank in my home town. I had to deposit a demand draft of Rs.
1,60,000/- along with application for booking on any one of these three
days. I was eligible for a car loan of Rs. 80,000/- from the bank as per
the prevailing rules. I got a Demand Draft for Rs 80,000/- from Punjab
National Bank in my name from my home town. I applied for a loan of
Rs. 80,000/- which our Branch Chief approved as per eligibility rules. I
deposited the Demand Draft in my account the same day to clear. As the
time left was short, I requested the Branch Chief to purchase the Demand
Draft as Local Bill Purchased and credit my account so that I get issued a
Demand Draft for Rs. 1,60,000/- to deposit with Maruti within the
deadline.

However, I was shocked to hear from him that it can't be purchased as
Local Bills Purchase for staff is stopped due to problems at that branch.

216 | A Banker down the Rabbit Hole