01-12-2009, 09:45 PM
sob stories to garner symapthy for a bail out.
Credit dries up, tears flow
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Hyderabad, Jan. 11: Humiliating warnings from banks not to default on loans. Suddenly deactivated credit cards causing embarrassment at shops and malls.
At the Satyam office coffee shop last evening, the women wept openly and their male colleagues blinked back tears as they spoke of the ways their daily lives had already taken a hit amid the uncertainty about their jobs and future.
Many banks and credit-card agencies have apparently deactivated Satyam employeesâ cards amid rumours that the company may not be able to pay salaries for long. Others have set stringent limits.
Vinod Mendi had bought CDs and a CD player at a mall in the morning. When he swiped his card, the authorisation didnât come. He canât forget the look on the shop assistantâs face. âI was squirming. I had to call up a friend and ask him to bring me some money,â he said.
âMy banks are not authorising payments through my debit and credit cards for purchases above Rs 3,000.â
Even eateries and bars in Hyderabadâs IT hub are refusing credit. âHow can we, when itâs clear they canât pay their dues by month-end?â said bar owner Raghubir Singh.
Since Friday, most Satyam employees who had taken house or car loans have received calls and text messages from banks warning against payment delay or default. Even the vendors who sold pani puri and dahi vada outside the complex have vanished.
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Credit dries up, tears flow
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Hyderabad, Jan. 11: Humiliating warnings from banks not to default on loans. Suddenly deactivated credit cards causing embarrassment at shops and malls.
At the Satyam office coffee shop last evening, the women wept openly and their male colleagues blinked back tears as they spoke of the ways their daily lives had already taken a hit amid the uncertainty about their jobs and future.
Many banks and credit-card agencies have apparently deactivated Satyam employeesâ cards amid rumours that the company may not be able to pay salaries for long. Others have set stringent limits.
Vinod Mendi had bought CDs and a CD player at a mall in the morning. When he swiped his card, the authorisation didnât come. He canât forget the look on the shop assistantâs face. âI was squirming. I had to call up a friend and ask him to bring me some money,â he said.
âMy banks are not authorising payments through my debit and credit cards for purchases above Rs 3,000.â
Even eateries and bars in Hyderabadâs IT hub are refusing credit. âHow can we, when itâs clear they canât pay their dues by month-end?â said bar owner Raghubir Singh.
Since Friday, most Satyam employees who had taken house or car loans have received calls and text messages from banks warning against payment delay or default. Even the vendors who sold pani puri and dahi vada outside the complex have vanished.
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