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Feb 10

 

HDFC Bank Logo

Just when we thought we were coming out of recession and with HDFC Bank having a profitable year again, the start to the year could not have been worse for HDFC. In this month’s statement, HDFC Bank discretely mentions that interest payments would be applied on March 31st and September 30th without a mention that is has switched from quarterly interest payments to a bi-annual system.

Probably some new MBA from a B-school decided to lessen the expenses and make this decision. This quarter will obviously see heightened profits for the bank. Its a little unethical of the bank to do this in my opinion especially to old customers.

I would suggest everyone to write an email to HDFC Bank detailing that you are disappointed in their latest cost cutting measure.

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