February 27th, 2008
Nirupam Sahay,
Vice President – Marketing,
SBI Card.
Mr. Sahay,
I am in receipt of you offer letter dated nil that highlights, “You now have Rs. 70000/- at your disposal at a very low interest rate.” And the same pre-approved cash advance offer viz. Encash; mentions easy monthly installments of Rs. 2450/- only for 48 months with an interest rate of just 17%.
Please note that such offer – as mentioned above - is not only injurious to innocent customers but also a deceiving offer that falsely state a very low interest rate of 17% while in reality it is exactly 28.25% PA. It is indeed a very shame that in the capacity as a Vice President of a big company you can even electronically sign an offer letter like that that may mislead innocent customers! It is indeed an abuse of the SBI brand name. Please note that this country have a prevailing consumer protection act where you can be held for deceiving innocent customers by making such false commercial statement like that. It does not make any good meaning and sense in a civilized society. If 28.25% PA is a very low rate of interest then what minimum rate may be termed as a starting level of high rate of interest? 80%?
Sir, I feel that even though you have reached a Vice President – Marketing position of SBI card but still I feel that you still lack the basic concept of marketing itself. Probably this can not happen in an advanced country. India is known as a dumping place and some prejudiced officers like you taking full advantage of that ignorant, innocent customers. Have you ever learnt to love your country a bit? Then probably you never would have mentioned like this. The ultimate motive behind the entire offer is very injurious.
I don’t feel proud to sign this letter so I am keeping this place blank but the communication medium would definitely establish who am I?
This open letter is visible somewhere in the website *
https://mouthshut.com/review/SBI_Credit_Card-139678-1.html