Similarities in Wells Fargo’s fake bank account opening and Indian Banks’ Jan Dhan 1 Rupee deposits…

Banking and its crazy targets have similar stories across the world.

Wells Fargo employees got caught in a fake account opening case. Soon thereafter Indian Express reported how Indian bankers contributed Re 1 to several Jan Dhan accounts which had zero balances till date. Post Wells Fargo and before IE break out, Dhirendra Kumar of Valueresearch anyways said how these events are quite common to Indian banking.

Much of this is due to crazy pressure to meet quarterly/annual targets…It is amazing how all the banks/other firms keep revising their target upwards each year. Ask any sales person and he will tell you how difficult it was to meet previous year’s targets only to see management revise it upwards next year!

Growth at the cost of anything is the bottomline for most companies/banks..The model had to break down someday…

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