Thursday, May 31, 2012

R K Talwar : 90th Birth Anniversary



The Hindu 28 May 2012

Iconic banker R.K. Talwar was, on the occasion of his 90 birth anniversary, remembered by colleagues and admirers as an upright and courageous man who combined leadership acumen with a deeply spiritual side and always brought a humane element to decision-making at the helms of management.
On the occasion, N. Vaghul, former ICICI Bank chairman —the very person who he would call “Boswell” —paid his tribute to his mentor in Boswellian fashion by bringing out a book titled, “R.K. Talwar-Values in Leadership.”
Launching the book at a function hosted by the Madras Chamber of Commerce and Industry and Knowledge Xchange, R. Seshasayee, Executive Vice Chairman, Ashok Leyland, said Talwar's extraordinary sense of courage to stand up to political masters, adherence to truth and the manner of bringing the human element to every transaction were among his many enduring values that were increasingly relevant in the contemporary context of declining values.
Noting that Talwar was as much a stickler for truth as Mahatma Gandhi was, Mr. Seshasayee recounted an instance that illustrated Talwar's ability to see an issue in black-and-white terms without shades of grey. When Mr. Seshasayee was wrought by a moral dilemma over a decision that could be argued as the correct one in one way and wrong in another, Talwar's simple advice was to heed one's conscience and take the decision that would give peace of mind.
On another occasion, he would rather face the sack by Government than compromise on his core values.
Mr. Vaghul, who said his book was more about what the values upheld by Talwar meant for the younger generation and less a biography as it lacked the rigour of research, said the man's integrity, truthfulness, courage and work ethic stemmed from a complete faith in God and the belief that he was but an instrument of the Divine.
Surendra Dave, former SEBI chairman, who shared a long association with Talwar described him as a “beacon we always tried to follow.”
In his observation, Talwar's qualities of courage and truthfulness and his humane outlook stemmed from seeing life in a simple way. He recalled an instance when Talwar as IDBI chief decided to give another opportunity to an errant officer rather than sack him; but went ahead and dismissed the person the second time and justified it as “divine will.”
His empathy for the staff was such that once the then Finance Minister Y.B. Chavan could not help remark at a meeting that Talwar argued the case of bank officers and employees better than them, he recalled.
T.T. Srinivasaraghavan, MCCI president, said Talwar was a steadfast practitioner of the principles of corporate governance, employee empowerment and delegation in his everyday life long before the terms became the buzzwords of modern-day management.

What happens to our digital property after we die?


Online assets


Deathless data

What happens to our digital property after we die?

Apr 21st 2012 | from the print edition of the Economist
Wait! I found his iTunes password










LORNE GLADSTONE of Toronto is 58, but prudently pondering how to bequeath his digital property. Doing the paperwork after his parents’ death was a challenge. “When my time comes, I wonder if my children will even know what paper is,” he says. As a software developer, his virtual assets are both valuable and vital to his business. That exemplifies a problem. Online lives have increasing economic and sentimental value. But testamentary laws offer muddled and incomplete ways of bequeathing and inheriting them.
Digital assets may include software, websites, downloaded content, online gaming identities, social-media accounts and even e-mails. In Britain alone holdings of digital music may be worth over £9 billion ($14 billion). A fifth of respondents to a Chinese local-newspaper survey said they had over 5,000 yuan ($790) of digital property. And value does not lie only in money. “Anyone with kids under 14 years old probably has two prints of them and the rest are in online galleries,” says Nathan Lustig of Entrustet, a company that helps people manage digital estates.
Service providers have different rules—and few state them clearly in their terms and conditions. Many give users a personal right to use an account, but nobody else, even after death. Facebook allows relatives to close an account or turn it into a memorial page. Gmail (run by Google) will provide copies of e-mails to an executor. Music downloaded via iTunes is held under a licence which can be revoked on death. Apple declined to comment on the record on this or other policies. All e-mail and data on its iCloud service are deleted on the death of the owner.
This has led to litigation in America. In 2004 the family of Justin Ellsworth, a marine killed in Iraq, took Yahoo! to court in Michigan to get copies of his e-mails. This year, a court in Oregon ruled that another bereaved American mother could use her dead son’s password to enter his Facebook account for a short period. Now five American states have enacted laws giving executors control over the social-networking profiles of deceased users.
But this raises the subject of privacy. Passing music on is one thing; not everyone may want their relatives snooping on their e-mails. Colin Pearson, a London-based lawyer, says access should come only with an explicit provision in a will.
Such clearly expressed wishes may help. An internet law expert in New Delhi, Gurpreet Singh, has already seen a few cases of wills including digital estates. “People are slowly realising the value,” he says. A nascent industry is emerging to simplify the process. Entrustet, newly acquired by a Swiss competitor, SecureSafe, says it has 10,000 clients. It safeguards their passwords, and a list of who can access what when they die.
But laws, wills and password safes may clash with the providers’ terms of service, especially when the executor is in one country and the data in another. Headaches for the living—and lots of lovely work for lawyers.

Wednesday, May 30, 2012

From Letters to the Editor : the Economist


Not feeling aroused
SIR – I have noticed a tendency in your pages to overuse the word “sexy” to describe things of interest, such as in a book review about an author who is “making physics sexy again” (“House of dreams”, March 3rd). Might I suggest alluring, fascinating, interesting, fetching, sleek, seductive, provocative, sensual, racy, slinky, to name just a few alternatives.
I have seen the strangest things described as sexy and I confess to being less than turned on.
Leslie Kingsley
Rubik, Albania

Adina Galani



Adina Galani
 is a visually - challenged Romanian .....she has a liking for Hindi songs and she performs on stage..... here are some of her songs ......

Recruitment : Work and play


The gamification of hiring

Not everyone is equally competent
THE rules of Happy Hour are deceptively simple. You are a bartender. Your challenge is to tell what sort of drink each of a swelling mob of customers wants by the expressions on their faces. Then you must make and serve each drink and wash each used glass, all within a short period of time. Play this video game well and you might win a tantalising prize: a job in the real world.
Happy Hour, which will be unveiled to the public on May 28th, is one of several video games developed by Knack, a start-up founded by Guy Halfteck, an Israeli entrepreneur. The games include a version of Happy Hour in which sushi replaces booze, Words of Wisdom (a word game) and Balloon Brigade (which involves putting out fires with balloons and water). They are designed to test cognitive skills that employers might want, drawing on some of the latest scientific research. These range from pattern recognition to emotional intelligence, risk appetite and adaptability to changing situations.

Knack combines three fashionable trends: gaming, the use of massive amounts of data and the application of behavioural insights from science. According to Chris Chabris of the Centre for Collective Intelligence at MIT, a member of the Knack team, games have huge advantages over traditional recruitment tools, such as personality tests, which can easily be outwitted by an astute candidate. Many more things can be tested quickly and performance can’t be faked on Knack’s games, he says. The two biggest challenges, according to Mr Chabris, are ensuring the games are fun to play and convincing recruiters, who typically make no attempt to measure cognitive skills, to pay attention to these new data.A pilot now under way with students at Yale combines the results of games with academic grades. As little as ten minutes of play can yield enough data to predict performance, says Mr Halfteck.
Some firms seem to see the potential. The GameChanger unit of Shell, which seeks out new disruptive technologies for the oil giant, is about to test if Knack can help it identify innovators. Bain & Company, a consultancy, is to run a pilot: it will start by getting current staff to play the games, to see which skills make for a successful consultant. (The ability to charge a lot for stating the obvious is presumably not one of them.) “If someone can materially improve our ability to select the best talent, that is worth a lot to us,” says Mark Howorth, a recruiter at Bain. And if not, at least the process will be fun.

Tuesday, May 29, 2012

Silence Please ......


India Stinking ......



 
Sean Paul Kelley is a travel writer, former radio host, and before that, an asset manager for a Wall Street investment bank that is still (barely) alive. He recently left a fantastic job in Singapore working for Solar Winds, a software company based out of Austin, to travel around the world for a year or two. He foundedThe Agonist, in 2002, which is still considered the top international affairs, culture and news destination for progressives. He is also the Global Correspondent for The Young Turks, on satellite radio and Air America.
 
 
If you are Indian, or of Indian descent, I must preface this post with a clear warning: you are not going to like what I have to say. My criticisms may be very hard to stomach. But consider them as the hard words and loving advice of a good friend. Someone who is being honest with you and wants nothing from you.
 
These criticisms apply to all of India except Kerala and the places I didn’t visit, except that I have a feeling it applies to all of India.
  
Lastly, before anyone accuses me of Western Cultural Imperialism, let me say this: if this is what India and Indians want, then, who am I to tell them differently.   Take what you like and leave the rest.   In the end it doesn’t really matter, as I get the sense that Indians, at least many upper class Indians, don’t seem to care and the lower classes just don’t know any better, what with Indian culture being so intense and pervasive on the sub-continent.    But, here goes, nonetheless.
 
India is a mess. It’s that simple, but it’s also quite complicated.   I’ll start with what I think are Indias’ four major problems – the four most preventing India from becoming a developing nation – and then move to some of the ancillary ones.
  
First:  Pollution. 
  In my opinion the filth, squalor and all around pollution, indicates a marked lack of respect for India by Indians.  I don’t know how cultural the filth is, but it’s really beyond anything I have ever   encountered.  At times the smells, trash, refuse and excrement are like a garbage dump.
  
Right next door to the Taj Mahal was a pile of trash that smelled so bad, was so foul as to almost ruin the entire Taj experience. Delhi, Bangalore and Chennai to a lesser degree, were so very polluted as to make me physically ill.  Sinus infections, ear infection, bowels churning was an all too common experience in India. Dung, be it goat, cow or human fecal matter, was common on the streets.  In major tourist areas filth was everywhere, littering the sidewalks, the roadways, you name it.    Toilets in the middle of the road, men urinating and defecating anywhere, in broad daylight.
  
Whole villages are plastic bag wastelands.   Roadsides are choked by it.   Air quality that can hardly be called quality.   Far too much coal and far to few unleaded vehicles on the road.    The measure should be how dangerous the air is for ones’ health, not how good it is.    People casually throw trash in the streets, on the roads.
 
The only two cities that could be considered sanitary, in my journey, were Trivandrum – the capital of Kerala – and Calicut.   I don’t know why this is, but I can assure you that, at some point, this pollution will cut into Indias’ productivity, if it already hasn’t.   The pollution will hobble Indias’ growth path, if that indeed is what the country wants. (Which I personally doubt, as India is far too conservative a country, in the small ‘c’ sense.)
 
The second issue, infrastructure, can be divided into four subcategories: Roads, Rails, Ports and the Electric Grid.   The Electric Grid is a joke.   Load shedding is all too common, everywhere in India.  Wide swathes of the country spend much of the day without the electricity they actually pay for.    Without regular electricity, productivity, again, falls.
  
The Ports are a joke. Antiquated, out of date, hardly even appropriate for the mechanized world of container ports, more in line with the days of longshoremen and the like. 
Roads are an equal disaster. I only saw one elevated highway that would be considered decent in Thailand, much less Western Europe or America and I covered fully two-thirds of the country during my visit.   There are so few dual carriage-way roads as to be laughable.   There are no traffic laws to speak of and, if there are, they are rarely obeyed, much less enforced (another sideline is police corruption).   A drive that should take an hour takes three.   A drive that should take three takes nine.   The buses are at least thirty years old, if not older and, generally, in poor mechanical repair, belching clouds of poisonous smoke and fumes.
                                                                                                                      
Everyone in India, or who travels in India, raves about the railway system.   Rubbish!  It’s awful!   When I was there in 2003 and then late 2004 it was decent.    But, in the last five years, the traffic on the rails has grown so quickly that once again, it is threatening productivity. Waiting in line just to ask a question now takes thirty minutes.   Routes are routinely sold out three and four days in advance now, leaving travelers stranded with little option except to take the decrepit and dangerous buses.
  
At least fifty million people use the trains a day in India. 50 million people! Not surprising that wait lists of 500 or more people are common now.    The rails are affordable and comprehensive, but, they are overcrowded and what with budget airlines popping up in India like sadhus in an ashram in the middle and lowers classes are left to deal with the overutilized rails and quality suffers.     No one seems to give a shit.
                                                           
Seriously, I just never have the impression that the Indian government really cares.   Too interested in buying weapons from Russia, Israel and the US, I guess.
   
The last major problem in India is an old problem andcan be divided into two parts: that’ve been two sides of the same coin since government was invented:bureaucracy and corruption.
  
It take triplicates to register into a hotel.   To get a SIM card for ones’ phone is like wading into a jungle of red-tape and photocopies one is not likely to emerge from in a good mood, much less satisfied with customer service.  
                                                       
Getting train tickets is a terrible ordeal, first you have to find the train number, which takes 30 minutes, then you have to fill in the form, which is far from easy, then you have to wait in line to try and make a reservation, which takes 30 minutes at least and if you made a single mistake on the form, back you go to the end of the queue, or what passes for a queue in India.
  
The government is notoriously uninterested in the problems of the commoners. Too busy fleecing the rich, or trying to get rich themselves in some way, shape or form.   Take the trash, for example, civil rubbish collection authorities are too busy taking kickbacks from the wealthy to keep their areas clean that they don’t have the time, manpower, money or interest in doing their job.
  
Rural hospitals are perennially understaffed as doctors pocket the fees the government pays them, never show up at the rural hospitals and practice in the cities instead.
   
I could go on for quite some time about my perception of India and its problems, but in all seriousness, I don’t think anyone in India really cares.   And that, to me, is the biggest problem. India is too conservative a society to want to change in any way.
 
Mumbai, Indias’ financial capital, is about as filthy, polluted and poor as the worst city imaginable in Vietnam, or Indonesia – and being more polluted than Medan, in Sumatra, is no easy task. The biggest rats I have ever seen were in Medan !

One would expect a certain amount of, yes, I am going to use this word, "backwardness," in a country that hasn’t produced so many Nobel Laureates, nuclear physicists, imminent economists and entrepreneurs.    But, India has all these things and what have they brought back to India with them?   Nothing.
  
The rich still have their servants, the lower castes are still there to do the dirty work and so the country remains in stasis. It’s a shame. Indians and India have many wonderful things to offer the world, but I’m far from sanguine that India will amount to much in my lifetime.
 
Now, you have it, call me a cultural imperialist, a spoiled child of the West and all that.    But remember, I’ve been there. I’ve done it and I’ve seen 50 other countries on this planet and none, not even Ethiopia, have as long and gargantuan a laundry list of problems as India does.
  
And, the bottom line is, I don’t think India really cares. Too complacent and too conservative.

Monday, May 28, 2012

Earthrise, Then and Now

http://www.youtube.com/watch?v=TmaOcPYCGMA

Forty years ago, on Dec. 24, 1968, astronauts on Apollo 8, having made the first human passage around the moon, were stunned to notice an "Earth Rise." In 2007, an HD camera aboard Japan's Kaguya satellite videotaped earth 'rising' and 'setting.'

So very true for India Today .......

“When you know that in order to produce, you need to obtain permission from men who produce nothing, when you see that money is flowing to those who deal not in goods but in favours, when you see that men get rich more easily by graft rather than by work, and your laws no longer protect you against them but protect them against you, you know that your society is doomed." Ayn Rand

Sunday, May 27, 2012

Shriram Group founder R Thyagarajan bets on math and mathematicians for business success, not that much on B-school grads


n the nearly four decades of shepherding the Shriram Group, R Thyagarajan, 75, has come to be recognised as an outlier. For long, he has been making a success of used-trucks financing targeted at truck drivers and cleaners, a customer base few others deem creditworthy.

His Shriram Group was one of the few non-banking financial companies that survived stringent norms imposed by the Reserve Bank of India ( RBI) in late 1990s to control fraud. And he has never been overwhelmed by private equity (PE) - scores of whom have invested in his group companies - while the evidence in other business groups is different.

In two years, if his latest prediction is on the dot, Thyagarajan might be able to add one more to this list. And that is: "We will make the biggest profit in the general insurance industry in 2014." Then, for effect, he says, "No other company can come close." Why is the usually forecast-shy Thyagarajan so certain about this? "Because," he says, "I am a mathematician." The implication being that he has worked out certain things in that business based on math insights that will give him the edge.

Thyagarajan, who did his masters in math from the Indian Institute of Statistics more than half-a-century back, now wants to make sure math and mathematicians will play an important role in decision-making in his group going forward.

Number Support

The broad idea must have been in force for years now. While many top names in India Inc have been donating millions to Ivy League institutions, Thyagarajan and Co has been supporting the Chennai Mathematical Institute and the Hyderabad-based CR Rao Advanced Institute of Mathematics and Statistics.

He and his friends have donated close to Rs 10 crore to the former. Plans for donating another Rs 10 crore are on. "Ten years from now," Thyagarajan says, "we will take 5-6 people from the institute who will be part of our management team." He also wants to recruit mathematicians for number-crunching skills.

Thyagarajan has now asked the institute to introduce specialisation in applied mathematics. CS Seshadri, director-emeritus, Chennai Mathematical Institute, says, "Thyagarajan's love for math has been seen all along. His buddies like MS Raghunathan [who heads the IIT-Mumbai's National Centre for Mathematics] have become great mathematicians." Seshadri goes on to add, "Rajeeva L Karandikar, the director of the Chennai Mathematical Institute, has been advising Thyagarajan on recruitment of statisticians and in analysing business."


Thyagarajan's belief is math can help create certain yardsticks, with which decision-making becomes easier. "This isn't available in B-schools. There thought is half-baked," he says, giving an example where numbers worked in their favour. "The entire general insurance industry was 100% convinced that commercial vehicle insurance industry is unprofitable. I collected information and found it was a good business. I tried to present it to the insurance industry but they said they are not interested." Now, Shriram makes a good profit on that.

Group director S Natarajan says the group has developed the ability to analyse and solve industry problems. He gives the example of general insurance where settlement time was brought down to two months (compared with the then norm of a year).

"That's why we don't listen to credit-rating agencies, we have our own yardsticks," Thyagarajan says. The key for him is to collect statistical info and then analyse, not arrive at conclusion from existing data, which is the norm. "People just jump to conclusions. Everything should be measured, and there should be objectivity in quantification. I have been trained like that."

That's also why he believes he would rather look for talent in Tier II, Tier III towns rather than B-schools. "Talent doesn't reside in B-schools," he says. That approach also works because Shriram has never believed in being a big paymaster. "Many of our people who are doing well hadn't done well academically." R Duruvasan, for example, an undergraduate, joined the group 34 years back. He went on to head the life insurance business.

The Low-Key Boss

Years before he became an entrepreneur, Thyagarajan knew about the pitfalls of poorly collected data. While working with New India Assurance, he was amongst the statisticians asked to collect data on an unprofitable line of business. "Looking at the format, I said I will not collect this information because with that information you cannot come to any conclusion." When the boss was almost pleading with him, Thyagarajan decided to just fill up random, fictitious figures for the study.

Decades later, he doesn't have the reputation of a go-getting businessman who runs an empire with over Rs 40,000 crore under management and has 6.5 million clients. He's soft-spoken, his conversation tinged with humour, and works out of a nondescript room in an even more nondescript building.

He sits in one corner of an eight-seat meeting table, almost always attired in a safari suit, with a few files, a diary and a landline being the only things to work with. He doesn't carry a cellphone. Once, he asked visitors to sit on one side of his work-table, so that he can make do with just one light rather than two.

Thyagarajan says he doesn't spend more than Rs 100 on his medicines each year and hasn't had an ECG in 35 years.
His entrepreneurial foray started with the chit funds business, gradually branching out into many other streams of the finance business such as transport finance, SME finance and insurance. He also found enough reasons to invest in non-finance businesses such as contracting, IT and realty while putting monies in a slew of small ventures that deal in everything from guitars to stem cells.

"I am always fascinated by people who have failed in entrepreneurship because of lack of money," says Thyagarajan. "So I support them, because you need people who don't look at risk. If everybody focuses on risk, nothing will happen."
HR Srinivasan, vice-chairman and vision holder, Take Solutions, a group company, says, "You can never find him tense or emotional. That is because he is very clear about what he wants. He can argue both ways about a situation and bring out the best in you. But he never enforces his views on others and gives room to try out their own idea."

Language of Science

One of the recent efforts of the group in which Thyagarajan's math know-how came in handy was one that created a novel ownership trust structure. The Shriram Ownership Trust, as it is called, was set up to recognise as owners 36 top officials who built the numerous financial businesses of the group. While senior-most members have been given a 2.5% stake each, others have been given a 1% stake.

Until they retire at the age of 60, the trust doesn't yield them anything. They just have to draw remuneration from their respective companies. Once they turn 60, they immediately get a 20% return on what they are eligible for.

The remaining flows to them over eight years. That still left an unallocated 45% stake. So, the group decided to allocate 20% for future leaders and the remainder 25% was transferred to a new trust that would have as members all the top brass of Shriram's non-finance businesses.

"I told all the businesses should be valued conservatively when compared to the market value," Thyagarajan says. "Science is my religion. In 100 years, mathematics will be the language of science. If you do not understand advanced mathematics, you will not be able to understand science," he says.

"Like man emerged from monkey, mathematician should emerge from man. That is the second evolution." The quote pretty much sums up the man. 

Raag Durga by Satyajit Limaye ....

Saturday, May 26, 2012

MySnaps : Aga Khan Palace, Pune



The Aga Khan Palace , National Monument where Mahatma Gandhi was kept under house arrest from 1942 to till 1944, is quite close from where I stay and earlier today,  I went over to take a look...............

The Aga Khan Palace was built by Sultan Muhammed Shah Aga Khan III, in Pune. Built in 1892, it is one of the biggest landmarks in Indian history. The palace was an act of charity by the Sultan who wanted to help the poor in the neighboring areas of Pune, who were drastically hit by famine. It is an impressive property spread over a large piece of land which is green with tall trees. In 1969, Aga Khan Palace was donated to the Indian people by Aga Khan IV as a mark of respect to Gandhi and his philosophy.

At around 5 PM on a week- end, the place was deserted with barely 10 visitors to the monument. A few couples were in the garden area, having chosen the spot due to its lack of crowds to gain a  few moments of privacy. A lone Security Guard ( private firm) was on duty. As we bought an entrance ticket and got into the palace, we went past a person who was listening to a recent song on his mobile ( chikni chameli....). Jarring though it was, we went over to the left wing of the property which is the only part open to the viewing public. Here are a few pictures with comments :

(1) The plaque outside the Aga Khan Palace





(2) The greenery surrounding the palace..... a forlorn dog rests under a banyan tree



(3) A display in one of the rooms



(4) A setting sun preens through an arch



(5) A view through glass window of the room that the Mahatma occupied along with his wife Kasturba ( she passed away while they were imprisoned here)......  



(6) The Aga Khan Palace campus



(7) A view of the palace




( 8) The Samadhis of Kasturba and Mahatma's Secretary Mahadev Desai ( they both passed away while in imprisonment at the Palace)



(9) A close up of the samadhi of Kasturba



( 10) The upkeep of this National Monument leaves a lot to be desired as this wall shows....with politicians busy lining their pockets in multiples of Rs 10000 crore ( INR 100 billion) on each deal, where is the money for Kasurba?



(11) Broken stair cases......A part of the Kasturba Monument



(12) Broken Walls :Yet another shot



As the clock nears 6PM, the lone guard blows a whistle asking us to leave ......this chair in the front lawn tells a story of its own


Remembering Shankar-Jaikishan

Thursday, May 24, 2012

Petrol ( from Nai Dunia)


Brazil : Female pilot tosses passenger for sexist remarks


Sao Paulo:  
A Brazilian airline says one of its female pilots tossed a passenger off a flight because he was making sexist comments about women flying planes.

Trip Airlines says in a Tuesday statement the pilot ejected the man before takeoff as he made loud, sexist comments upon learning the pilot was a woman. The jet continued on to the state of Goias after a one-hour delay.

The passenger involved in Friday's incident has not been identified. He was met by police at the plane and escorted out of the Belo Horizonte airport. Police at the airport have not responded to calls and it isn't known if the man has been charged with anything.

Trip says it won't tolerate disparaging remarks made about any of the 1,400 women working for the airline.
 

Tuesday, May 22, 2012

Which is the best bank for Home Loan? :: Jagoinvestor





Posted: 20 May 2012 09:30 PM PDT



Taking a Home loan is a big task in itself and one of the biggest financial decisions. Home loan is the longest debt in our life. At times 10-20 yrs, which makes demands a long term commitment. Each month you have to pay your EMI, sometimes you have to prepay some part of home loan, sometimes you need some documents and visit the bank. There are numerous things to be done during taking the home loan and after taking the home loan.
Without much confusion, its very clear that everyone wants to go with the bank which makes your life easy at the time of taking home loan and even after that. So the biggest question on everyone’s mind is “Which is the best bank for Home loan?”

First thing first, you have to be very very clear that there cant be a single bank or loan institution which is perfect for everything and you will never face an issue with them. Also there is no “best bank” which has always worked for everyone till date. But overall we can always pick some banks which have been better than others on different parameters. You can say that on a high level “Bank A” is better than “Bank B” and this is based on many loan takers experience over the years. So now in this article we will try to understand difference between different banks and how they differ with each other. We will also see a survey result done with the vast community of this blog and which bank they choose collectively as best bank for home loan.

Public Companies vs Pvt Companies

While researching on this topic , the first thing which came to my mind was “all banks are same, everyone has bad experience will all kind of banks, whether PSU or private”. But we have to understand that while some people can have bad experience with some banks, there are positive experience too and we have to see things from a very high level and not judge a bank just based on handful of bad experiences. The first confusion which comes to any loan taker mind is “PSU bank or private bank?” and based on the experience here is the conclusion.
PSU Banks are good post-loan but not friendly at the time of taking the loan
Private banks are very fast and friendly at the time of disbursing the home loan, they will treat you like a king up-till the loan is disbursed, but once every formality is complete and your home loan is sanctioned, you are a trash to them! As they are extremely agressive in marketing of home loans, a lot of people fall for it, Private companies presentation and they way they approach you is good but  only till you are not a home loan customer. A lot of times private companies make things easy for you and also bend some rules for home loans. the number of documents they need also is less compared to a PSU bank.
On the other hand, PSU banks are not that great at the start of home loan , their rules are very strict and stringent and they still operate  in the “sarkari” style, however once you loan process is complete and things start, there after life is much easier compared to private banks. The overall handling is much professional and as per the process. In short they don’t suck your blood every now and then as private companies do.
Private banks are first to raise the interest rates
On the interest rates increase and reduction side, its seen that private companies are first to raise the interest rates after the rate increase from RBI side, but private banks hide somewhere when there is a time for reducing the interest rates. However PSU banks are more transparent on this front and much less annoying than Private banks. Also private banks arbitraly increase the pre-payment charges (  like from 2% to 3%) the conversion fees is also charged heavily if you want to move down to a lower interest rates.
Also the changes of fraud at employees level in Private bank is much higher than PSU Banks. I cant say that PSU banks are not into the bad game, but its much much higher in Private banks because of sales pressure and targets. There has been cases of forced selling of home insurance and also cross selling of ULIP’s and other financial products along with the home loan

Which is the best bank for Home loan in India?

Now there are millions of people who have taken home loan and there are various parameters on which a bank can be ranked like Processing time for home loan, Transparency in whole process, Attitude towards customer, Interest rates and pre-payment charges, online tracking of your home loan after disbursement. But there is no ranking of banks on all these parameters. However still you can rank a bank overall as good or bad in total. I ran a survey on this blog and got around 1504 participants to vote for best bank for home loan and based on that we can judge which banks are more preferable and more trusted. Here are the results.

Best Bank for Home Loan in India (Survey Results)

Best Bank for Home Loan in India - SBI , HDFC or LIC
A good place to look for all the home loan related data (Click here)

Top 5 banks for Home Loan at the moment

If you see the survey above , you can clearly see that the top 5 banks for home loan are SBI , HDFC , LIC housing, Axis Bank and ICICI Bank and these 5 banks comprise of 83% votes . While a big reason for this can be that these are big banks having a wide reach and has more customers and hence the results are little biased. But at least you can see that out of 1504 people on this blog, 83% of them have a home loan from these 5 big banks , in which SBI tops the list.
1. SBI 
Based on the survey and overall reading’s done over net and comments section of this blog. SBI bank seems to be the best choice for home loan. While SBI Bank still carries the hangover of Sarkari culture and they are strict in the overall process , which means you will have to run all over the bank and many times to get things done, but once the whole process is complete , may be you will have a smooth experience overall. Things will be easy post home loan process if you need anythings from bank compared to other banks. For those who want to know why SBI is preferred , follow this thread
2. HDFC Bank
Overall HDFC bank seems to be have mixed review. Some people had great experience and some had very bad experience. HDFC Bank is overall recognised as the bank for home loan itself. But overall the experience was very very mixed.
3. LIC Housing Finance
LIC housing finance seem to be a decent option after SBI. While they are not that great as SBI , still they seem to be a good choice after HDFC and ICICI bank . LIC Housing Finance has lesser documentation requirements, but one has to run around for smaller details.  LIC seem to offer better rates and also giving option to fix the interest rate for 5 years. One thing which many people do not know is that LIC reduces the interest rates for home loan for its customers having anyinsurance/investment policy with LIC by at least 0.25% , but only if Sum assured of all policies collectively is more than 15,00,000 and all policies should be under the name of loan applicant.
4. ICICI Bank
ICICI Bank seems to be very very fast and too friendly at the time of loan processing, but once the loan is done, the life seems to be hell for most of the people . They are not very supportive most of the times and one gets too frustrated with their attitude. Overall their interest rates are also very high.
5. Axis Bank
Axis Bank is another good option as big bank . One best thing about Axis bank is that they have NIL charges for any pre-payment . Its a big surprise that Axis bank was more preferred than ICICI bank overall in the survey. While Axis Bank has few good options, there was one recent case from axis bank which I had highlighted on this blog on how they forced sell a life insurance policy along with home loan, While this was a negative thing from Axis Bank,  we have to understand that good and bad experience are part of all the banks.

So what is the final answer ?

While there are positive and negative experiences from different banks, the clear answer coming out of different comments from readers and survey is that if one has to choose just one name, SBI bank is the best bank for home loan. We have seen most of the votes going to SBI Bank and all the pointers are suggesting that its a right choice.
Which bank do you have home loan with and what was your experience overall from start till the end. Can you share it in for others benefit?