It is indeed rotten core banking. I had subscribed to SBI’s MODS scheme (a scheme enabling earning higher intt by trf to Fds & reverse-sweeps) which worked perfectly under the non-core bnkg mode. With the implementation of CBS, the MODS now works acoording to its own sweet ways. SBI employees themselves agree that they DO NOT understand the new system since no preliminary training was imparted-so have to learn by ’’trial & error’’ or ’’hit & trial’’ method. What I’m particularly concerned about my MODS deposits with them is that even though I’ve declared the accrued intt from MODS in my IT returns, till date not a penny has been credited to my a/c.
I even thought of trying other banks, but..............given its wide reach across the country, the ATM-distribution channels & customer-benefit products(although the working of the products-MODS in my case-is suspect), I plan to stick with it for another short-term before considering a switch to other banks