Heard this incredible story from a senior PSU banker today:
Years ago, when he was a branch manager in Assam, he gave a loan to a farmer. The collateral was a bunch of goats.
Years ago, when he was a branch manager in Assam, he gave a loan to a farmer. The collateral was a bunch of goats.
The monsoon failed, the farmer defaulted and the banker went to collect the loan. As the borrower was unable to pay, he had to repossess the collateral. So the goats came back with him in his official car.
The rules said the security must be in physical custody of the bank upon repossession. So they tied up the goats outside the bank branch. The security guard became part-time goat caretaker.
Now goats have to be fed. This was a problem, because bank budgets don't have a line item for goat feed. At the same time, if the goats died, it would be "permanent impairment of the value of security" and could lead to a vigilance inquiry on the bank officer.
The only thing to do was to buy goat feed with his own money, every day. The security guard had to take the additional responsibility of feeding the goats twice a day.
Rules have to be followed, and the rules said banks can't auction collateral for 60 days.
So for two whole months, visitors found delight in seeing repossessed goats tied outside the bank, fed lovingly by the security guard with fodder bought by the branch manager. <fin>
So for two whole months, visitors found delight in seeing repossessed goats tied outside the bank, fed lovingly by the security guard with fodder bought by the branch manager. <fin>
• • •
Missing some Tweet in this thread? You can try to
force a refresh
