The loot in the bfsi industry in India - end result after five - TopicsExpress

The loot in the bfsi industry in India - end result after five years was Rs83 lakh—direct loss from investment, about Rs28 lakh in commission to HSBC, Rs8 lakh (50% of investment) lost from aninsurance policy, Rs10 lakh (again, 50% of investment) valuation decline ininsurance policy still in force, Rs4.5 lakh tax paid on redemption of short-term mutual funds (including Rs1.85 lakh penalty to the Income Tax department due to non-disclosure of gain by HSBC to the client) and Rs58 lakh interest on home loan earned by the bank. Of this, only the interest component on the loans seems to have been seriously disputed by the bank.

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