Collapse of YES Bank….
This is not a institutional collapse.. What has collapsed is the ethics and values of the people behind…
The auditors have failed – both internal and external. Promoters and independent directors have failed individually and collectively. Rating agencies have failed. Regulators have failed….
On one side are those who are committing the fraud. Then there are those who are supposed to, but not detecting the fraud. Then there are those who know what’s happening but are afraid to report and remain silent…
Greed for money, over ambitious aspirations coupled with zero values and ethics is the result of these collapses….
Wonder how many more holes are there in the balance sheets of institutions and yet five star reviews are being given and lay investors and depositors are made fools….
Do not trust organisations that are flashy, advertise too much, grow too fast and could collapse too suddenly. Lending is a serious business and companies that only believe in pressing the accelerator with no leg on the brakes will meet with collapse one day. Cautious conservative approach is the right approach while lending money. No two thoughts about this….
Have you seen publicity mongering, flashy behaviour and life style from promoters and directors from this Madras based Sundaram Finance Group (part of the TVS Group)?! Have you seen crazy growth numbers? NO. There are times when they openly advertised that they have stopped accepting deposits as they do not need. They did not grab money from trusting depositers and diverted to other areas because they are humble, simple, contended in their business curves and growth and live by values. They may not have the flash lights of an MNC culture. But they are built on Character and Trust.
It’s time schools and colleges go back to teach the basics of Indian Culture – Satya, Dharma, Shanti, Prema and Ahimsa. Time to teach morals, values, principles, simplicity of life as Chapters in business schools so that next generations stand by it and not affected by the virus of corruption….
[1:57 PM, 3/9/2020] +91 94430 13160: Women’s Day closing Ceremony 😄