Kotak Banking Portal Down as Well!

If you bank with Kotak, dont really expect 24 hour banking. The Portal goes down as does their securities portal. If you have two accounts with Kotak in the same relationship, in this circumstance Kotak would rather bounce a cheque than transfer money across. THis is because of an unbelievably centeralized, bureaucratic babudom that rules Kotak. Executives cannot take orders without permission of their managers and their managers will not take decisions because they wait for authorization from their top bosses.

At the end of the day, the customer suffers, but then again, what is one customer in a hundred?

http://kotakscam.blogspot.com updated!

Please visit http://kotakscam.blogspot.com/ for latest screenshots at attempts at trading on the kotak securities website. Its lovely... Kotak Securities makes you feel that anything is possible including:

Infosys at Rs 0 per share.
Tata Teleservices Maharashtra Ltd at Rs 0 Per share.

Surprisingly though, KOtak Bank opens at Rs 920 per share....

Suresh Kotak on Kotak ...

I was just reading an article in Business Traveller in which the chairman of Kotak Group, Mr. Suresh Kotak states,

"I am extremely proud of Uday. He has the human touch which is difficult to find in the present work environment. The corporate world today is a 'dry duck' place with selfishness all around. I can proudly say that Uday has achieved more than I had dreamt of."
Father and son have their distinct businesses without any overlaps, but did he give his son any words of advice before he ventured into the business world. Kotak says, "Business, I feel, is about 'peoplising'. One should remember that an organisation is made up of people pulsating with emotions. It is important to understand the other person's views and this is what I have always told my son." Aptly, there is a saying on the desk of his office that reads - 'Remember you are talking to a friend'.

http://www.businesstravellerindia.com/200407/highprofile01.shtml

Geez ... i really hope atleast something from that were true!! But well, actions always speak louder than words, but its nice to hear big ideals.

visit http://kotakscam.blogspot.com to view the latest screenshots of botched attempts at "Trading" on www.kotaksecurities.com

Kotak should be in China!!!

I just heard from my brother in China. He visited an HSBC Branch in China and was appalled at the service on offer there. Apparently it is illegal for a bank, even HSBC to give out a debit card or a credit card in China. And they offer you current accounts that offer and interest rate of 0.1% per annum!!! And they dont have anybody who speaks very good English either....

I am sure Kotak could make a killing in China if only they could get the licences to operate. The best part is that most of what Kotak does is legal in China... Your debit card does not need to work at ATMs (Hey!! There are no ATMs in China), you dont need to speak much English, you just nod at everything the customer says (Now that reminds me of everybody in Kotak ...), and you really do not need your customers to come back. Ek Jayega To Kya, Hazaar Milenge.

For those who still are wondering what happened with my banking problem with Kotak.. NOTHING!!

Kotak is still sitting on their butts waiting for me to just stop crying and go away :) The best offer they came up with was what their Branch Manager came up with two months ago. The funny part is that this guy actually told me that no matter who I emailed, it eventually would end up on his desk. I should have believed him then... but I sure as hell do now!

They actually wrote back to me telling me that my compensation claim could not be ratified... c'mon now... the Sensex went up by 1000 points in the last week. What are the chances that I would not have made money on that? I did a lot of trading and guess who I did it through?

KOTAK SECURITIES!!!

How much did they make this month?
About 15000 in brokerage....

What about since the beginning of the year?
My volume of trade has been 3.25 crores, about 1 crore delivery trade...

How do they still treat me?
LIKE SHIT!!!!

Why?
(This is the part where they all nod and look upwards towards Uday Kotak for guidance).

What guidance does Kotak give them?
....... He's laughing all the way to the bank ... his bank...

Update on more trouble on Kotak Securities on http://kotakscam.blogspot.com/

My reply to letter dated September 12, 2007

Subject: Your letter dated September 12, 2007

To: Hemal Vakil //Kotak/Bank , Ajit Pillai //Kotak /Bank , Mayank Patel //Kotak /Bank , Narendra Agrawal //Kotak /Bank , Sujit Sood //Kotak /Bank , "ajay.sondhi@kotak.com" , "ajaykumar.kv@kotak.com" , "arpit.desai@kotak.com" , "c.jayaram@kotak.com" , "dipak.gupta@kotak.com" , "gaurang.shah@kotak.com" , "jignesh.thakkar@kotak.com" , "swati.singh@kotak.com" , "uday.kotak@kotak.com" uday.kotak@kotak.com

Mr Vakil,

Please accept my apologies for the delay in responding to your letter; I had my exams.Your letter does not come across as regretful in any way.There were many things you could have done to set this right:1. You could have reversed all the charges debited on the account.2. You could have offered to make my accounts zero balance for life.3. You could have offered me the overdraft free of charge.Instead you have just offered me what Ajit did a month ago. My claim in terms of damages is an opportunity cost; you as a bank even with a conservative estimate should be able to come up with a figure for that. Instead you choose to sit behind your facade of greatness instead of apologizing and making amends for the way you have treated me.You have as of yet done nothing to actually convince me to stop running a campaign to bring out the flaws in your system. Nothing has been set right and you still treat me like I am a nobody. Unfortunately, I do happen to be somebody but you refuse to look at the lenght of my relationship and my previous banking relationship with you. I actually am too frustrated to even pen my thoughts down to you anymore, because I know that you arnt listening. You claim to be a "customer centric" and a "responsive bank", but I dont really see that in thought, word, or deed.I remain,Yours unsatisfied,*****

Kotak will not recruit at my college anymore!

In lieu of the extrenuating circumstances where Kotak Bank has been challenged by a puny B-school student in Ahmedabad, Kotak Group now does not give out summer placements or term projects to any of its students!! A student approached a Kotak Group Company for a summer project and was told that Kotak could not take in any people from his college because of "the trouble that I was causing".

So people, if you have trouble with your banking at Kotak or your securities account with Kotak, please just close your accounts!! Don't let this affect your campus placements!!!

Kotak Does Not Recuit at my college anymore...

In lieu of the fact that I have actually raised an "issue" and refuse to settle it "amicably", Kotak has taken a decision to not recruit at my college anymore. A couple of my friends went to their allied divisions looking for a "Capstone" project, and were turned down, " ...because your friend Mr. ***** has created a problem at Kotak"

So the truth is that Kotak will stop recruiting at your college if you raise an issue like mine. Uday Kotak, you seem to write in your mailers that "every employee of yours is a customer of Kotak". Does this mean that they dont raise any issues either, because you deliver exception service or out of fear that you would sack them for demanding service?