Page 46 - A Banker Down the Rabbit Hole

A cut from the Insurance Premium
Once our Loan Officer shared with me very sincerely that an insurance
agent, insuring various assets financed by us, had offered him some cut
from the commission he got on the insurance premium collected from
our branch. The agent had tried to justify our acceptance of such payout
as all earlier teams also were accepting it to meet expenses sometimes
the team had to spend on some items for customers which bank would
not reimburse. In order to protect our conscience and the career, I advised
him that we should stay away from such pay-outs and be careful from
such persons offering kickbacks. I was happy that he not only honestly
divulged the matter to me but later also remained honest throughout in
this regard.

I kept in touch with this Officer who progressed very well and retired as
an exceptionally talented senior executive of the bank with high
reputation for integrity and competence. I personally know that till last
day of his position in the bank, he remained a thoroughly honest officer.
(I am not staking any claim for inculcating honesty in him.)

Exploring commission on purchase of Strong Room
Equipment

While I was heading General Administration Department at Zonal Office,
we had to open a new branch. The opening was announced very late and
the date of opening was very close. We were very confident to procure
the Strong room equipment and Cash safe required for the branch from
Godrej & Boyce Manufacturing Company or Steelage India, locally. On
contacting them, both the suppliers told that the lead time after order
was one month at least as they had stocked out. It was a difficult situation
to open the branch without Cash safe and other equipment or to
postpone the event as all the invites had already gone with the name of
VVIP Chief Guest for inauguration of the branch.

I searched all the business cards stored with us to explore if some nearby

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