How Safe are Your Valuables in the Bank?

We often take banks for granted for safe keeping of our valuables. Imagine if you are told that your valuables deposited with them are missing? Here is what happened with me while dealing with the largest public sector bank of India. I had taken a home loan in 2008 from main branch of the State Bank of India, Nagpur. As per the norms, the original sale deed was pledged with the bank as collateral to cover the loan amount. All was well till Mar 2012, when I decided to liquidate the outstanding loan. On paying up the amount, I was directed to collect the documents from the Retail Assets Central Processing Centre (RACPC) which is located within the same premises within about 50 mtrs. Understandably, the RACPC is responsible for safe custody of all legal documents pertaining to retail loans granted by all the SBI branches of Nagpur region. To my horror and disbelief, the concerned clerk handed over only the ‘agreement to sale’ document and pleaded ignorance about the whereabouts of the original sale deed. I went to the Chief Manager In-charge of RACPC who suggested me to give a written complaint and that he will see what can be done - The easiest way to get rid of a complaining customer. It has been over three months now and no one seem concerned about the loss of a legal document.

As instructed, I made a written complaint which was forwarded to the main branch by the RACPC and since then I have been shuttling between them. The RACPC content that the original sale deed was never received from the main branch and the main branch says it had forwarded to RACPC. I wonder who will bell the cat. Definitely, it is not a loose sheet of paper to be misplaced. It is a 20 page document drawn out in legal paper with at least five different rubber stamps on each sheet. I am quite certain that the document is either with the main branch or the RACPC. It is just that no one seem concerned. The inertia of inaction is so severe that may be only a public outcry of this kind published in the media may move them. It is high time the authorities wake up, fix responsibility and sack such erring and callous staff.

Beware customers!!! You may be the next to be surprised.