One fine day morning I go to the bank , I asked the executive to open me a share trading account. They were very prompt in opening the account, they required an introducer and I got that organised as well.. To my surprise they said they account would be active the very following day.
When I told my friend this he was shocked to see the efficiency of the service. I gave him the account number as he was the one to do the trading for me. For his surprise the account wasnt active for a week, when I asked him what was the procedure that he had to go thru to sign up for a CDS account, I was shocked to realise that I ddint have to do any of it.
I race back to my bank and ask them, " What on earth is happening?" they had jus opened a current account and not a CDS account... (shocking, specially since the Asst Manager of the branch handled me application)
So I collect the forms for the CDS account and when I submit to another branch they are in need of more forms to be filled. On completion of filling 04 forms, I submit to the branch I operate thru and they call me to say there is yet another form to be filled :-)
Now this explains why our interest rates are low.. WE have way too many documents for a simple procedure...
Any how it has been one month since I wanted to open this account and it is still not completed. The employees of this branch are very friendly and supportive, but they are not informed. Well thanks to this mishap, I didnt buy any shares... I hear from my friend that the share market across the world is going thru a bad phase..
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Inefficiency has it's advantage....
