My email dated August 24, 2007

This has become more of a ritual now.. I walk into my room and check my email. If there are no emails from Kotak, then I sit down and write them an email. After all even time is an investment... "Think Investments, Think Kotak". This everyday writing also hones my writing skills and I get a kick out of the fact that people around the world will read my blog. There is also this hope against all hope that Uday Kotak will wake up from his reverie and read his email. This guy has probably forgotten that his securities company Kotak Securities (www.kotaksecurities.com) is primarily funded by the money from the CASA (Current accounts/savings accounts) that is held with Kotak Bank. Wake up Uday ...

So here is the email I wrote today...


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Date: Fri, 24 Aug 2007 04:15:53 -0700 (PDT)
From: *****
Subject: http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/10/8230982/index.htm
To: Ajit Pillai //Kotak /Bank ,
Narendra Agrawal //Kotak /Bank ,
Sujit Sood //Kotak /Bank ,
Hemal Vakil //Kotak/Bank , ajay.sondhi@kotak.com,
c.jayaram@kotak.com, dipak.gupta@kotak.com, jignesh.thakkar@kotak.com,
uday.kotak@kotak.com


Dear Sirs,

I am at the end of my line here today. You still do not write back and continue to be unreasonable. I got just one phone call yesterday from "extraOrdinary" Ajit who was offering me the overdraft at 8% interest upto 90% of the value of the MF.

DO YOU UNDERSTAND THAT I AM NOT LOOKING AT AN OVERDRAFT BUT AT A COMPENSATION CLAIM OF RS. 61000/- FOR THE INCONVINIENCE CAUSED, FOR THE WAY YOU HAVE TREATED ME, AND FOR THE TIME AND EFFORT IT TAKES ME TO KNOCK ON DOORS IN KOTAK TO GET SERVICE??

And lets not forget that the three copies of the complaint in triplicate have already reached the Banking Ombudsman in Ahmedabad... Have you not received your copies yet?
I sent you three copies;
one for my master (Ajit Pillai),
one for my dame (Whoever sits in the Bangalore office)
and one for the little boy who cries down the lane (milind wagle, nodal officer, mumbai)

I am now putting all our interactions upto this point, including this one on the blog. If you do not get my issue resolved to my satisfaction by this weekend, I will take this further and give you even more publicity. This would include but not be limited to print media and online media, websites, strategic focus groups, etc. And we are both aware that the best way to do this is through international media; thats the fastest and most effective way. In short I will ensure that every person who is online or is connected by even an email account understands exactly why he should have nothing to do with Kotak, and if he does, the kind of service he can expect to get from you.

David Kirkpatrick and Daniel Roth in the article titled "Why There's no escaping the BLOG" in the Fortune Magazine dated January 10, 2005 talk about how ten days of internet chatter crippled a company's reputation

Sept 12: Complaint posted on bikeforums.net that a Bic pen can open a kryptonite lock
Sept 13: 11000 people visit the blog
Sept 14: 180000 people visit blog... videos posted showing how to pick a lock
Sept 15: 900000 people visit blog
Sept 16: 700000 people visit blog. Company assures people that locks are good
Sept 17: 550000 people visit blog. NY TImes and AP report the story
Sept 18: 520000 people visit blog
Sept 19: 1800000 people visit blog
Sept 20: 1700000 people visit blog
Sept 21: 375000 people visit blog
Sept 22: Company announces free product exchange at a cost of $10 million

The online link for the same is
http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/10/8230982/index.htm

How long do you give yourselves?


*****

My second email on August 23, 2007

I got my first comment on my blog!! I was so excited that I decided to share the good news with my friends at Kotak Bank. Here below in the email i sent them...

Please do go through my blog and feel free to post comments. I will read and reply to all comments. Please also feel free to share other Kotak misadventures with me.

Date: Thu, 23 Aug 2007 23:17:19 -0700 (PDT)
From: *****
Subject: http://kotakbank.blogspot.com comment...
To: Ajit Pillai //Kotak /Bank ,
Narendra Agrawal //Kotak /Bank ,
Sujit Sood //Kotak /Bank ,
Hemal Vakil //Kotak/Bank , ajay.sondhi@kotak.com,
c.jayaram@kotak.com, dipak.gupta@kotak.com, jignesh.thakkar@kotak.com,
uday.kotak@kotak.com


Hi,

My blog is getting more hits!

There is this comment from a customer on my blog http://kotakbank.blogspot.com that reads,

" Ahh .. the bank really sucks , wish they learn a lesson and actually do the service for which they are paid.Another thing that needs notice is lack of consumer dispute redressal systems in the country which gives these companies a freehand in "looting" thr customers "

You can read the comment at:
https://www.blogger.com/comment.g?blogID=8052794034547040027&postID=5642312436858284087

*****

Email I sent on August 23, 2007

Date: Thu, 23 Aug 2007 06:00:56 -0700 (PDT)
From: *****
Subject: non maintenance charges?
To: Ajit Pillai //Kotak /Bank ,
Narendra Agrawal //Kotak /Bank ,
Sujit Sood //Kotak /Bank ,
Hemal Vakil //Kotak/Bank , ajay.sondhi@kotak.com,
c.jayaram@kotak.com, dipak.gupta@kotak.com, jignesh.thakkar@kotak.com,
uday.kotak@kotak.com


hi,

i keep hearing from Ajit who comes up with newer innovative products everyday and do me a favor. I keep wondering, did you guys read the whole email or do you just stick to the last line?

I just wanted to remind you that I have also had problems with:

1. Service quality in the branch
2. Service quality at your call center including but not limited to knowledge of your own products.
3. Cheque return charges that should have been referred to me
on 14/07/2007 Cheque Return Charges for cheque number 55 of Rs 112.36
4. non maintenance charges despite an average relationship balance of Rs 17000+
1/7/2007 30/06/2007 Credit Interest Capitalised 6.57
1/7/2007 30/06/2007 Non Maintenance Charges 674.16

and I have raised claims of compensation in this regard in my Ombudsman Complaint. I hope you have received copies of the Banking Ombudsman Complaint by now. If you have not received them yet, please do email me (obviously you dont call ... ) or send me a message on the "secure" banking network.

Regards
*****

Telephone conversation August 23, 2007

August 23, 2007 dawned like any other day. But this one was different...

I got a call at 9:30 AM from "extraOrdinary" Ajit. Without bothering to apologize for the delay in responding in lieu of the time and effort I spend writing him and following up, he launched into the latest "product" that he had designed for me. I would get 90% of the value of the Mutual Fund at 8% interest. I was awestruck, bewildered and a wee bit bedazzled ...

Could anyone possibly be this stupid? I write pages and pages of carefully spaced text, spellcheck, and proofread before sending, and this guy waltzes in with the broken-record technique. Undeterred, I asked him why I had to pay 8% interest. His explanation was that obviously I would also be making a return on my mutual fund till it is redeemed !!! Even in the face of such unbeatable logic, I refused to give up and told him that I would not pay any interest. Unbelievably, this guy said he would get back to me.... I'm still waiting for the next "extraOrdinary" reply from "extraOrdinary" Ajit.... breathless with anticipation....