1. The best news of the century – Bank fined Rs 10 Lakhs for denying credit cards to Advocates 😀
Banks can’t deny loans on basis of jobThe TOP consumer court in Delhi on Friday slammed banks for denying services like loans and credit cards to people of select professions, like lawyers and journalists.
The Delhi State Consumer Disputes Redressal Commission gave the order in a case of a lawyer who had complained that a bank had rejected her application for a credit card because of her profession. It imposed a fine of Rs 10 lakh on ICICI Bank for “defaming and demeaning the legal profession†by rejecting Nivedita Sharma’s application, citing she had a “negative profileâ€.
The court said lawyers and journalists are often denied loan facilities by banks. “The apparent reason is that lawyers and journalists do not take illegal or arbitrary acts of banks lying down and challenge them in courts. Banks know they cannot play games with them,†a bench headed by Justice JD Kapoor said.
There are more than 45,000 lawyers and 5,000 journalists in Delhi.
“Such a policy reflects the mindset of banks as private officials, peons, clerks and even vegetable vendors are extended loans but not advocates or journalists with sound financial standing,†the court said. “It is an act of corporate authoritarianism.â€
The court said such discrimination should be stopped at once. The only criteria should be fulfillment of RBI guidelines and financial standing and creditworthiness of a person, it said.
It rejected ICICI’s claim that it had the discretion to choose customers.
An ICICI spokesperson said they would appeal against the order. The bank admitted that the lawyer’s documents were returned with a note, “negative profileâ€, but it was not an “attempt to undermine her positionâ€.
http://www.hindustantimes.com/StoryPage/Print.aspx?Id=868907b0-f60c-4738-9c4d-4964ec7f7aba
Conclusion: This is really a great decision… unfortunately when I applied for ICICI Bank Credit Card and mentioned I am advocate I did not get any response back… And on enquiring, I was told they never recived any form in my name !!!
I am really happy to read this reasoning… “The apparent reason is that lawyers and journalists do not take illegal or arbitrary acts of banks lying down and challenge them in courts. Banks know they cannot play games with them,â€
Because when the same I communicated to a CTIBank customer care employee Sandeep Kumar on 25 Jan 2008, I was threatened back… “Should I tell you why we do not issue credit card to the lawyers”… CITIBank is already in the court against me… and I would grill them… next date 10 April 2008
2. Lost in Delhi District Consumer Court – I had prepared all the documents for the case
ICICI Bank has lost out in a Delhi District Consumer Forum in a Car Loan matter… as Bank tried to cheat the customer ,Mr Sushil Kumar Sharma, by charging 2 extra installlments of around Rs 4,500 each, which are liable to be paid back with interest from Feb 2002 and a compensation of Rs 10,000 + Litigation Cost Rs 2,000… i.e. total amolunt of Rs 27,000 – 28,000 (approx)
If you have ICICI Loan in any form… please go through the papers again… !!!
3. ICICI Bank files false Criminal Case against Mr Anil Mehta, a Delhi Resident
Mr Anil was shocked to receive a summon from Tis Hazari District Court… wherein he is being sued for bouncing of cheques, when the issue has already been settled with bank withh all the payments being made way back in 2006 and even NOC was issued by ICICI Bank… even Hon’ble court has criticized the Bank for harassing the customer and Bank will be exposed very soon…
Updated 25 Feb 2008
4. ICICI slapped Rs 1,000 cost for not filing reply
Case # 759/07 at Consumer Dsiputes Redressal Forum III in Vinay K Agarwal, court slapped Rs 1,000 as costs for not filing reply in time, since case started in August… and warned that case would be proceeded exparte, if the reply is not filed on the next date.
Hon’ble Court reminded the Bank that consumer courts are for speedy trial and such a behavior is not acceptable… and showed intention to proceed ex-parte, but the Bank’s lawyer pleaded for last opportunity !!!
Updated 20 April 2008
5. ICICI slapped by Ombudsman – ICICI Bank’s Monopolistic, Restrictive, Unethical, and Unfair Business Practices by Mr Parag Palsapure
I incurred losses of over Rs. 1.6 lakhs (including extra interest paid), in addition to me and my wife spending harrowing 4.5 years fighting against the injustice by mighty ICICI.
I had registered the complaint with Banking Ombudsman (Reserve Bank of India) in Jan 2006, who passed an award in my favor in Sept 2007 on the three of the 11 points in my complaint (the rest do not come under Banking Ombudsman scheme), and was advised me approach other legal means for other points.
However, despite RBI’s instructions, ICICI Bank did not honor the Ombudsman’s award, and I made an appeal with the Dy. Governor of RBI to look into the matter last year. The case is still pending.
Since I did not default on my EMI payments despite ICICI’s every effort to harrass me, ICICI resorted in tampering my EMI cheque, so that the cheque is forced to be returned by my banker. ICICI refused to return me the tampered cheque, which would have landed them in major legal trouble.
Based on my own experience with ICICI, here are my observations on ICICI’s monopolistic, unfair, unethical and restrictive trade practices:
1. ICICI lures home loan customers of other banks to balance-transfer loans from their existing banks/HFCs with lower ROI (and promising freebies) under a particular reference “Prime Lending Rateâ€. The same is also followed for new customers, who are promised (falsely) a lower Rate of Interest on Home loan and better service. Once they get the customer, ICICI starts arbitrarily increasing ROI/PLR, without any regards to RBI policy rates, market rates, or ROI offered to it’s own new customers. Customers who already availed loan get penalized. ROI reduction is not passed to existing customers even if the market rates fall on Floating Rate schemes.
2. ICICI uses different mechanisms (unethical and unfair) for raising, and for reducing the Interest Rate (ROI) on home loans, although the ‘PLR’ is supposed to be used as the only benchmark rate and mechanism for all ROI changes. The system is designed by ICICI in such a way, that a home loan customer is always at a disadvantage against new customers and pays increasingly higher rate of interest throughout the tenure of the loan. The ROI gap widens as time passes, and the borrowers are required to pay hefty penalties to ICICI bank on any foreclosure, part prepayment, or refinancing the loan, when they try to reduce the interest burden. ICICI, thus ensures that once they get a customer, it is locked with them throughout.
3. ICICI introduces new benchmark lending rate PLR (with a different name, although serving the same purpose, for the same product) again to lure and misguide new customers. ICICI has multiple PLRs for same product/service, which is not permitted as per RBI guidelines. New PLRs are introduce to get new customers at lower net effective ROIs (by using lower PLR and lower ‘spread’ or ‘margin’), and all the PLRs are increased in tandem over time. Thus, borrowers are required to increasingly higher net ROI over time, irrespective of market rates.
4. ICICI promises freebies (in writing, in advertisements) e.g. free personal insurance cover, free property insurance etc, however once the loan is availed, no insurance is provided, neither any policy is sent to the customers.
5. ICICI charges hefty penalties for loan foreclosure, prepayments etc. when the customer wants to prepay or close the loan due to high ROI. ICICI also charges the existing customers heavy fees for re-financing from other banks when the customer finds that the ROI charged by other banks are much lower than they are paying to ICICI. This is done despite giving in writing (sanction letter terms) that there will be zero prepayment and foreclosure penalty. No ‘foreclosure statement’ is provided as proof, which can allow any customer to file any complaints anywhere. Foreclosure statements are issued only when the customer presents a cheque for foreclosure (balance principal + interest + foreclosure penalties + other applicable charges)
6. ICICI forces customers to pay ‘switch fees’ for reduction in ROI to market levels on Floating Rate Loans, although Floating rate loans are supposed to have reduction in ROI when the RBI policy rates, or markets interest rates fall. ICICI does not provide any satisfactory answer on what the customer is switching from (floating rate product to same floating rate product, not to fixed rate product or reverse etc!). ICICI enforces one sided amendments in loan agreement during any requests for reducing ROI (slightly, does not synchronize to market rates still), and forces customers to submit a signed stamp duty paid agreement with all fields (amounts, ROI etc) kept blank. However ICICI increases the ROI arbitrarily without any fees or agreement from customers.
7. ICICI presents (for clearance) post-dated EMI cheques late with clearing house, and charges penalty on customers for ICICI’s own delay, despite that the customers have submitted all the EMI PDCs with ICICI in advance, and that customer accounts have sufficient balance.
8. No quarterly/annual account statements are sent to the customers, although the admin fee is charged in advance by ICICI. ICICI also refuses to accept post dated cheques during the last year of loan, although no ICICI document provided to customer says so. In fact, the customer is requested for PDCs through a letter, however, when the customer deposits the PDCs, ICICI refuses to accept the PDCs, and customer has to visit the branch every month to deposit EMIs. This is plain harassment.
9. ICICI charges interest even without disbursing the loan. The interest is charged from loan sanction date, or loan agreement date, and not from actual disbursement of loan. Another unfair practice.
10. ICICI refuses to provide any useful information (including account balance, interest paid, foreclosure statements, balance-transfer procedures etc) on request to customer-care contact center, and forces customers to visit the branch. ICICI forces customer to pay charges for any account statements collected at the branch, which they claim that these are not chargeable when requested through contact center (on which they had refused to provide any info). Despite that they are supposed to provide escalation contacts and internal escalations should work (as per the Banking Code of Conduct circulated to it’s customers), the same is not followed by the Bank. No escalation within the bank, even upto the Managing Director levels work.
11. ICICI puts undocumented conditions such as part-prepayment to be done for change in EMI, arbitrary amount for minimum part-prepayment, puts limits on number of times part-prepayments can be made during loan tenure or calendar and financial year, and keeps these changing without customer consent or informing them. Since such things are not informed to the customer, customers find it very painful when they go for prepayments, and are turned back without accepting the prepayments or change in EMI stating arbitrary rules as above, which the customer is not prepared to pay on the spot. This is not only inconvenience to the customers, but customer is forced to keep paying higher interest due to such delays.
ICICI also charges undocumented fees/conditions under different heads exploiting grey areas – e.g. for swapping cheques fees when EMI is changed, switchover fees from floating to floating ROI within same product, and also from one product to another new product, part-prepayment and foreclosure penalties which are not initially informed/documented, ‘documentation fees’ for prepayment.
12. ICICI hides several facts from the customers.
Several verbal promises made by agents (e.g. doorstep service, processing and disbursal on/before a promised date, simple documentation, single point of contact etc), however, the borrower finds that none of these promises are honored once the loan is availed.
13. ICICI doesn’t even bother to reply to the complaints filed repeatedly, in person with their branch/head offices. In some cases, however, they will send irrelevant communication (e.g. arithmetic equation ROI=PLR+Margin, or an ‘request’ to visit their branch office again for clarification), without showing even an intent to resolve the complaint. No escalation contacts are provided, which is against their own published Ethics code. This is also deficiency in service.
Please be extra cautious while borrowing from this bank, or just avoid it altogether if you can.
Avanish Kumar says
Dear Sir/Madam
I am a Delhi based professional. Someone from Hyderabad (as cusmercare
people of icici credit card division had informed me) has used my
credit card number to make payment through, eSEVA on 11/02/2008
between 6 to 8 pm. I have never been in Hyderabad and none of my
relative or Friend live in this city. I had lodged a complaint in bank
and bank had initiated a dispute on 22/02/08. Now after 75 day, bank
is not providing the details of the beneficiaries of the eight
disputed transactions done illegally through eSEVA website. I have
also lodged a complain in Delhi police, however no has helped me. I
have some grounds to suspect icicicreditcard personnel’s based in
Banjarahills, Hyderabad, for this crime. Bank is delaying so that
evidence would be lost. eSEVA is not giving any response to my emails.
I am not able to come Hyderabad to lodge a police complaint. this is
the last hope for me. please help me for following things;
1. providing information about the beneficiaries of eight disputed
transactions
2. information about the people or agencies who used my credti card number
3. information about how to lodge an online complain against these culprits.
4. information about how to punish icicicredit card division which is
responsible for my sever harassment.
I will provide all the relevant documents and information, if required
regards
avanish kumar
9868714020
9358389303
SurajParkash says
Suraj Parkash Tuteja
38 Azad Nagar, Jagadhri Road.
AMBALA CANTT 133006
MARCH 19, 2008
Mr Manpreet Singh Mob 09988195653
Authorised Signatory
ICICI Bank Ltd,
IInd Floor, FCO 151-152 Sector 9C,
Opp Yes Bank, Chandigarh
Reg Dues against Credit Card No. 44774685541690009
Dear Sir:
Please refer to your proposal No IBBC/COR/2476/51 dated 18.3.2007 offering to settle dues at Rs 58,000/- as against the amount earlier claimed at Rs 78.973.56 as on 28.1.2008. In fact nothing is due from me, rather some amounts are due from you. But even for this so termed generous proposal the language and wording of the letter is not only insulting to any customer but also reflects the lack of even an iota of common sense, because without looking to the large scale criminalities indulged into by ICICI Lombard itself, you are time and again expressing your large generosity of spirit in allowing the so termed huge rebate of Rs 20,000/- and putting up misplaced conditions. Because being a % share holders in the amounts recovered, your first and last intentions – whatever your Principal’s faults – is only to extract heavy amounts by terrifying & threatening customers, and so you can earn more commissions.
Besides, this letter IBBC/COR/2476/51 dated 18.3.2007 which was kept being forcefully withheld by your Mr. Rana and given a copy only after prolonged heated discussions at various levels right up to Chandigarh, is a mockery because the letter is not on the Bank’s letter head, or carries a rubber stamp, does not indicate the branch or postal address, or telephone numbers or even designation of or copy of Authority Letter of Manpreet Singh. It is a scrap of paper. A fresh copy of the same duly rectified be sent. Yet again, the bank is vigorously with holding from me copy of my Savings Account No ?? statement since December 2006 and creating hurdles for me to arrive at the final amounts withdrawn against the credit card from this account.
This rebate of Rs 20,000/- does not reflect in full the wrong and excessive charges unlawfully debited to my Credit Card. In the first place I only provided details of my two sons to to ICICI Lombard to obtain detailed proposal, but ICICI Lombard straight away issued two policies, which were refused and surrendered, and only against repeated requests both policies were cancelled within less than 3 months on 28.3.2007 and even after repeated requests for refunds of the excess amounts charged ICICI Lombard never responded.
The reason for immediate refusal for the Insurance policies was the flood of lot many and excessive charges being debited and unlawfully extracted from my credit card like huge Rs 1533.80 EMI Principal debited on 21.12.2006 as also EMI Interest of Rs 302.62 for what ? The amount payable monthly was only 301.87 i.e. Rs. 7245/ 24 months = Rs 301.87 Why debit charges interest unlike in all LIC and other insurance companies, interests are never chargeable on monthly, or other periodic instilments.
If ICICI Lombard do not cancel policies around 3 months it was certainly not fault of mine, but of ICICI Lombard only. Then why damage me with all of the charges, service charges, interests on interests and what not ? Not resting with these frauds, even against both policies cancelled on 28.12.2006 ICICI Lombard illegally kept on further EMI Principal and EMI Interests charges but also started debiting for 6 policies with consequent Service Charges etc in January, February, March, 2007. Both policies were at last cancelled on 28.3.2007 but without giving rebate for the amounts debited and collected from day one or any amount whatsoever.
Again even after canceling both policies ICICI Lombard kept on unabated bombarding charges and collecting from my Credit Card amounts for the months of April, May and June 2007. But the height of criminality reached when long after the policy was cancelled on 28.3.2007, in June alone the ICICI Lombard bombarded my credit car with 13 EMI.s and 11 EML Interest charges amounting to Rs 50304. 31 EMI Principal, and Rs 1334.60 EMI Interest and together with service charge etc the amount criminally debited to my account in June alone ran to 64415.50 closing balance minus 10579.97 = Rs 64415.50 as reflected in the statement itself. And your Mr Rana and Ravi Gupta continue to insist for payment of Rs 58,000 /- with threatening postures.
I insist on you to prove concusively that I ordered for any of the 3 EMI.s and 11 EML you have criminally dumped on me and know adamentally insist on me to pay up.
Looking to all these wrong. excessive and criminal charges, and looking to the adamant attitude & insistance for payment of Rs 58,000/- it is disgusting to discuss matters with your Mr Rana or Mr Ravi Gupta or others who brazenly and blatantly insist that the amount as shown in the statement is payable under all circumstances they threaten they have lot many ways to extract the amounts. as is also visible from two dull-witted legal notices from Amardeep Singh Sukhija 23.7.2007 and Sandeep Suri 8.2.2008 were ignored. Both notices presupposes that only the ICICI Lombard as the most pious instead of the and acted like Mafia’s dens or goons themselves fully knowing the repeated and heavy penalties and fines imposed and reprimands and warnings from Supreme and High courts in India. Both of these threats termed as legal notices were ignored. You are fully aware of the dirtiest reputation ICICI Bank is held in public, and you can refresh your memory if you click on internet for Google or Yahoo or any other search engine and check results ICICI + criminals or cheats or crook’s or frauds or thieves or decoits or robbers or whatever else derogatory adjectives and see the results what lacs and crores of banking customers think and shout about you, And state till when the shameless conduct will continue by you people ?
In fact the four amounts actually withdrawn by me i.e., Rs 92/54 on 30.09.2006, + Rs 5,000/- on 18.10.2006 were adjusted on 17.11.2006 with Rs 5,489.96, 10,000/- on 02.11.2006 ) 512.5 on 18.11.2006 were adjusted on 19.12.2006 with Rs 11,701.02 with along with unlawful charges like processing fee, 199.99, manual cash Rs 300/- +300/- as against Rs 75/-, excess charged Rs 649.99 is to be refunded to me. Rest of all of Rs 78.973.56 as on 28.1.2008 is wrongly charged and needs to be set off .because I never accepted any of two insurance policies. Even a casual look at the statement will show that after 18.11.2006, with nil balance due from me, there is not even a single withdrawal but only illegal charges dumped on me.
Hope better sense shall prevail and it is requested that fresh statement of account with statement of savings account be furnished be furnished detailing the final amount lawfully due – not as per your senseless arguments – to either of us for final adjudication. Study the above facts carefully, and take this as legal notice and respond within 15 days failing which I shall get the matter adjudicated through RBI, Banking Ombudsman, Insurance Ombudsman, Consumer Forum or law courts at my option, as also go to the national Press and TV Media,
as also take up matters with the High Court and Bar Council against the two advocates why their Bar Licenses be not cancelled for sending out illegal threats and calling names in the name of so termed Legal Notices without studying the vase, all the while knowing full well the criminalities the ICICI bank is known for all over. One Advocate had the audacity to send copy of his notice illegally to Senior Superintendent of Police knowing full well the legal options available to him, Copy is being sent to SSP Ambala to check these white collar goons.
Suraj Parkash Tuteja
It is your responsibility copies ot this legal notice be also provided to following :
cc. Mr Rana (Mob 09729060046
Mr Ravi Gupta Mon 09888510957
Amit (Mob
e-mailed to chairman ICICI Bank,
Reserve bank of Inkia
BALJENDR SINGH says
icici bank chaging full interest on balance principal and foreclouser chage @ 5.62%
on surrendering car loan in cas total loss accidental case
jbgranites@rediffmail.com
Aalok Jagga says
i had availed housing loan from Centurian Bank of Punjab now known as HDFC Bank in the year 2006. i closed my account on 29 Sept 2008 . The bank charged hefty prepayment panalty which we did pay since we had no choice as i wanted to get my sale deeds of mortgaged house back. now it is over 1 month i still have not got my mortgaged sale deed papers back despite the fact that i have paid each and every illegal charges charged by the bank . the agony does not end here . Despite the fact that i had cleared the loan account on 29th Sept 2008 , the bank debited my account on 8th october 2008 with the installment amount . When i asked the official they replied that this is the installment for the month of October 2008 , despite the fact that the my housing loan account stood cleared and closed on 29th september 2008 . The only word of caution and from my personal experience is that although these private banks may seem tempting but still the nationalised banks are still far better than these private banks especially HDFC bank. Although , you might feel the nationalised bank not that smiling and asking you to submit more documents at the time of availing loan but trust me they are worth it. “Best way to deal with private banks like HDFC Bank is to not to deal with them at all”.
sudhanshu says
I have taken a home loan from ICICI Bank in the month of Dec 2009 . For taking this loan I was asked to take the insurance cover for the loan through ICICI Lombard . This is in reference to my Claim reference no . 271108830 ( Secure Minds ) of ICICI Lombard for insurance against my loan for my house loan . In this it was clearly mentioned that if I loose my job I will get EMI waiver for three months . I lost my job from 17th November 2008 and I have requested to send me the claim forms so that my EMI can be taken care for next three months . I was told at that time that I will get the papers through courier with in 14 ( fourteen ) working days . Later on after about one week I was told that it will be sent through mail . But I got papers after 35 days . This is the way ICICI bank treats its customers . I am very sorry to say that this is very unprofessional . I have paid Rs. 38000.00 for this insurance .
When these guys have to sale the policy you give 10 calls a day but when it is sold they care a damn . This is ridiculous .
on 7th Jan 2009 I received the letter from the ICICI Lombard in which my claim was denied and the explanation given was that I have voluntarily resigned . In this regard I would like to tell that if you are asked to leave the job Resignation Letter is compulsory otherwise the company will not clear your dues . Still my claim was denied . I am not able to understand WHY . It clearly shows that ICICI is not at all interested to pay any claim and they just cheat customers . ICICI IS THE CHEATER . One more thing I think I should tell that if a person resigns from his side he joins a job with better salary but in my case I have joined at almost 50% less salary . .
What will ICICI call this . Resignation by will or by force .
I request everybody whoever is reading this , Please do not go to ICICI Lombard . If you want to clarify anything pls call me @ 09741352730 .
SHARAD AKHADE says
VERY GOOD DESESION
Aalok Jagga says
A brilliant idea evolved by HSBC for looting its customers – Credit Card and other Customers Beware from HSBC
i had a credit card from HSBC and used to recieve the statement of account of my purchases through credit card monthly . REgularly i used to pay these monthly bills by visiting their sector 9 chandigarh branch and pay the entire bill in cash. After January i noticed that despite clearing the bill every bill had an additional amount of Rs. 200 debited . i ignored it for couple of months but when every bill had the same feature which was beyond understanding out of curosity i called up their inefficient and waste of time customer call centre which is harrassing task itself. After a long wait their executive informed that me that this Rs. 200 per month was being charged to me since i used to visit their branch every month end to make their credit card payment to the bank. Thus Rs. 200 is your visit charges to the branch. This is shocking . The bank has opened a commercial branch which as the name suggest is only for customers coming to it for making payment or for other dealings. How can you charge a customer for coming to your branch precisely for which you v opened it that too for making payment to you and simultaneously charge him an additiona amount too. Had no option but to pay all these charges and closed my account. The amount was not that much so thought of not approaching consumer forum but i am sure if the matter would have been brough to the notice of that court an exemplary costs would have been slapped upon the HSBC for adopting these malpractices upon their own customers. Customers Beware !!!!!!