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HSBC India Fiasco

It will be very difficult to continue our activities in India, but we shall do it, for all the reasons why we started these activities in the first place. So why this statement on our web site? Child Aid’s bankers in India, HSBC India (I stress not HSBC UK nor HSBC HK), have cancelled banking facilities for us, with no reason given.

We have been a customer of HSBC India for over twenty years, then all of a sudden they decided to close our banking with them, first our charity banking, then our Founder Trustee’s personal account. Neither bank account has ever been in debit; we have never asked for a loan, our activities have been funded by your, our sponsors, kind support and to a substantial extent, by our Trustees.

This is the attitude of a large International bank, it seems to prove the point that some large International banks have no thought for their customers, nor the communities which they serve and help to keep them alive, despite their advertising slogans, like, “...our long-term commitment to helping customers succeed “...is as fiction as 'flying elephant'. As too is, “...helping people to fulfil their hopes and realise their ambitions“, we and you all have done that.

I have tried pleading with them to keep at least our Founder Trustee`s personal account open so that at the very least there will be no interruption to Child Aid’s activities in India in the short term, and that they will continue, but to no avail. So now I feel all our sponsors and all those who view our web site regularly, need to be aware of HSBC India’s `compassionate` approach to the underprivileged in their own country. It is shocking.

I want all our sponsors to be aware of how some banks treat their long-standing customers. I will shortly put up on this web site the whole story of this banking fiasco, customers should be aware that most banks think nothing about the customers who keep them alive; with the present Covid-19 situation and the help governments are giving to banks to dispense funds to their customers, there needs to be more checks on government funding. HSBC India wont collapse because of our small charity, but the story should be told and let customers make up their own minds!

We will most certainly be continuing our activities in India, with or without HSBC India, and would like to thank all our supporters for the very real support they have given us over the years, you alone have been great and many in India have benefited from your generosity, thank you.

Finally, a quote from Noel Quinn, Group Chief Executive of HSBC,

“...for our customers, I have a simple message – we will always do our best to support you.“