Banks & Annual Closing

What is closing? It is an internal procedure that every business, institution, organization and company undergoes. However, the closing of banks is the most notorious one because they are the center of all the currency and finances roaming about in various businesses. Even a small business has to do a daily, weekly, monthly and then annual closing to learn about the details of what they spent and what they earned. For banks, it’s about various other details since the banking procedures are governed by various applicable laws. Why did I bring up closing and why are we talking about the annual closing of banks? It is an internal procedure and should have nothing to do with those not directly involved but sadly, it does.

As the year went through the annual closing, banks were all in chaos. People were requested and even begged to leave their savings in their accounts. While large account holders were similarly requested and begged to submit as much amounts as they could. Why? Because the banks were doing their annual closing and they needed the numbers. The numbers that they would use to advertise how great they were doing. It is a sad sad predicament. Yet again, another institution of our country only takes into account its own preferences and doesn’t concern itself with the need, desire and preferences of its clientele.

My person interaction with this situation was that when a needy person needed a certain donated amount to purchase dowry for their daughter; the banks didn’t facilitate them. This needy person was a labor who worked on daily wages and a certain NGO had procured donations to fund the dowry of this person. Even though, donations aren’t easy to arrange they still managed it. The only thing that remained was to cash that donation and purchase the dowry. The banks just didn’t let the NGO to cash out the amount because they were going through the annual closing. How sad and unjust is that? The NGO then managed by using various contacts and by asking favors from local business owners. However, this should not have happened.

The closing procedure is of an internal nature. The banks are service providers so for them, the preference of their clientele should come first. Regardless of whether or not they’re going through their daily closing, weekly closing, monthly closing or annual closing.

This article is written with the intent to point out that this is not appropriate and that banks should revise the way they work. Aren’t bank managers and officials supposed to be educated individuals? If so, then ideally educated individuals in the service provision field should be more caring and humane towards their clientele. Why is it that everything is going in the opposite direction? We really, should go through a process of self evaluation. And in the spirit of the beginning of a new year, we should rethink how we do things.