It is no news that UTI the Govt pampered spoil sport cheated millions of small investors, allowing few big sharks to become bigger & the senior officials who enabled all this to become rich for generations under the protection of successive FMs who really had a Frankenstein on their hand.
Any number of fixed-interest ’promises’ have been reversed; normally when organisations that make such guarentees with a sovereign support, either they are made to cough up for the past deeds by paying depositors as promised & then exist if they can or wind up.
In the ever innovative India, by using more tax payers money these incmpetent buss managers of UTI are arewarded.
In a recent attempt to make it market oriented, UTI II , the commercially astute (hmm!!) UTI was created. since all commercially astute organisations have websites, call centres, one number to answer all customer needs etc etc goodies, UTI-II goes the same route.
But the carefully nurtured ’public sector’ (read abject inefficiency) culture is as expected visible. No one answers the phones, emails bounce - pl try chennai@mail.utisl.co.in, mumbai@mail.utisl.co.in etc etc fr various centres. On the odd occassion, I got one of their operators, I was as would happen in any public sector in India, doggedly believed as ’efficient’ by our sloppy Left friends who want ’compensation and more of it for their member employess not doing any accountable work’..well that is another story...coming back to UTI, I was made to hold on - with perpetual crackle on the phone (from newly installed call centre, mind you) - then bounced a few times to uncaring, I know nothing ’specialists’ of various products & then I was given an address and asked to write to them....
God save the remaining investors of UTI. Long live UTI with the assured benovalance of FMs that is easily facilitated by increasing personal tax by another 2.5% or if that sounds too bad on people on ’one time surcharge of 10%’ (which is about the same effectively; don’t ask what is one-time - until it is reversed by another larger surcharge to fund yet another innovation of UTI like Navarathna we ought to be proud off as it feeds few employee families (never mind generating what compettive national good in the country!)...