Monday, November 05, 2007

ICICI fined 50 lakh for employing 'goons'

ICICI, strongly advocated in the UK by the consumer magazine "Which?", was fined a whopping fine of Rs 50 lakh for employing "goons" to recover loan and deplored the practice of the banks intimidating consumers to pay the installments. the Delhi Consumer Commission deprecated the "audacity and impunity" with which the banks have been effecting forcible possession of vehicles and ordered ICICI also to pay Rs 5 lakh to a consumer, who was mercilessly beaten by the recovery agents while they snatched a loaned car from him. Holding the ICICI Bank guilty of "unfair trade practice," the Commission termed such miscreants as "yahoos" and said they are boorish and a brutal lout, who care a fig for legal and judicial authorities, including the Supreme Court.

IMO: I have also heard from customers of this bank in India of bad reports and alleged swindling and lies by ICICI. I cannot comment, but evidently it is best to be wary. (I recall that other international banks have had similar reports on them in India).

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