Case study Prime Bank's

May 29th, 2015
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University of Georgia
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As the customer service executive could not answer his queries satisfactorily, she directed Ram Naresh (on the latter's insistence) to a senior manager in the personal loan section.

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Date: Monday 23 August 2004. Time 5.00 pm. Dr Ram Naresh Mehra, a B-school professor, was in his office looking visibly tense and in a very pensive mood. He had just returned from Prime Bank's Chennai office, where he has gone to foreclose a personal loan which he had taken six months ago. He had taken with him a foreclosure statement he had received that day itself from Prime Bank's Pune branch, where he had originally taken the loan. After a long wait at reception, he was told by the customer service executive that since the foreclosure statement didn't carry any signature, it was invalid.Ram Naresh was given another statement levying 4% foreclosure charges amounting to approximately Rs 7,000. Taken aback, Ram Naresh protested and asked for an explanation about the discrepancy in the two foreclosure statements generated by the same bank. As the customer service executive could not answer his queries satisfactorily, she directed Ram Naresh (on the latter's insistence) to a senior manager in the personal loan section.Ram Naresh went to see the manager, but he was not available as he was out on official business. Another bank official guided Ram Naresh to a third person, Nagesh Rao, in the personal loan section, to whom Ram Naresh narrated the whole story and demanded that the original foreclosure statement be honored and the discrepancy, if any, be informed in writing to him and sorted out later.Nagesh patiently heard out Ram Naresh but he too refused to accept paymen

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