Tuesday, August 21, 2012

Soon, a bank-wide portal that will allow you to shop for best service


How convenient it would be to compare at one place interest rates on deposits offered by various banks, their retail loan rates, margin amounts they require, the processing fees they charge, the add-on facilities they offer on deposits, and so on.
Extremely. The Finance Ministry also thinks so, and wants public sector banks,a la travel portals such as cleartripmakemytripyatra and expedia, to explore the feasibility of setting up a bank-wide portal.
These online travel portals allow travellers the convenience of comparing the fares quoted by various airlines so that they can buy the cheapest ticket plus the various add-ons such as hotel rooms and airport pick-up.
As things stand now, customers seeking a higher return on their investible surplus, or the cheapest home, car or personal loan, have to either go to the branches of various banks or surf their individual Web sites.
No mean task as there are 26 public sector banks, including the five associate banks of State Bank of India.
A more discerning customer may widen his search to the 23 private sector banks too.

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