Thursday, March 10, 2011

Some Oldie Goldie Tips !

A few days back when I went in the room of my Boss to get signatures on a credit report of a borrower I got some tips from them which I want to share with you guys. Its not a tip which would help you pass your Institute of Bankers Pakistan (IBP) exam, but might interest you for your professional life as a banker.

The credit report was required by a bank about our customer, as required by the other bank I mentioned the type of facilities we were providing to the client. But, I nowhere mentioned the amount of facility on the letter I wrote. I briefed my manager that the bank didn't ask the amount of facilities therefore I didn't mentioned that.

Being in good mood he appriciated that and told that in old times when there were no CIB reports they use to disclose the information in the following manner.

If a customer is availing a facility of Running Finance amounting Rs. 300000 . Then while disclosing the amount I should write that the client is availing a facility in six figures. This would give them the idea that how much big amount of facility they are availing. Similarly, if the client is provided with a facility amounting Rs. 3000,000 then I could write that he is availing facility in seven figures.

As this tips was much effective before the availability of eCIB report. Now its kinda obsolete. I found it interesting thats why sharing with you guys! Hope you liked this old practice of banking.

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