On the lavatory wall of a colleague’s flat in Hong Kong hangs a framed letter. It is written on HSBC notepaper, and dated January 22, 1998. “Dear Sir,” it begins. “Please note that we have had occasion to return your cheque due to insufficient funds in the above account. This state of affairs is most unsatisfactory and the practice of issuing cheques without first ensuring that there are sufficient funds to meet them must cease forthwith, otherwise it will be necessary for your account in our books to be closed.

“Yours faithfully, P. Mandal, assistant manager customer deposits, Bangalore branch.”

In displaying this letter in such a prominent place, my colleague was seeking to amuse his visitors with its Indian-English verbosity. In reprinting it here, I have a grander purpose. For all its stiff wording, it is the best letter to a customer I’ve ever seen. It sums up everything that used to be good about banking, but which has got hopelessly lost. Indeed, if all bankers still behaved like P. Mandal, there would have been no financial crisis.