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Old 26th April 2007, 14:06   #1
rkg
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Default Citibank, HSBC under MRTPC lens for Violation of RBI norms on credit cards

The investigative arm of the country’s anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the RBI guidelines.

In its preliminary report submitted to the Monopolies and Restrictive Trade Practices Commission, the Director General of Investigation and Registration (DGIR) said that Citibank and HSBC have violated the rules framed by the Reserve Bank and caused loss to the general public.
Citibank did not mentioned address of either its registered office or corporate address, making it difficult for a consumer to issue notice of termination for credit card services.
link Citibank, HSBC under MRTPC lens - Deccan Herald - Internet Edition
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Old 26th April 2007, 14:54   #2
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They have also been reprimanded for purposely delaying encashment of cheques so that penalties, interest, fines etc can be levied on the card members. Such a shame
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Old 26th April 2007, 19:33   #3
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I wonder why HSBC of all the banks, They are one of the words most eithical banks,,,Chorbank..oops Citibank is well known for its global mal practice...!
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Old 26th April 2007, 22:37   #4
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when it comes to india every one tries to cheat consumer as consumer protection laws are weak here . we don't have class action suit option also my colleague in bangalore took home loan from HSBC. he already a customer for them having taken a loan to buy site four years back. so when he took loan for construction of house he has to struggle a lot to get every installment released.he was given so many hints on how to get loan installments. he has to send so many mails to HSBC bombay( in fact i have sent them for him)
on the top of it they sanctioned him a free credit card. he told them straight away he don't want it and refused. still they are sending him bills stating that he defaulted on payments and made the annual fee with fines Rs 5000 in one year. only yesterday he blasted them in front me for sending him bills when he told them not to issue a card and also he never used it
youknow our good old SBI alsojoining in this. when i wanted ECS mandate signed for insurance premium manager told me the fee is Rs 100/- which was not mentioned any where in fee structure. i refused to get it done. this is for a facility offered by RBI to reduce load on banks in clearing checks and banks want to charge customers when RBI specifically stated that it is free
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Old 27th April 2007, 00:32   #5
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Don't even get me started about the nationalised banks like SBI. Yesterday I was a bit baffled looking at the new tarriff sheet that ICICI sent me by mail. Most of their banking services are becoming paid (including even ATM access beyond a certain number in a month). However my dad had a look at it and said its still lower than what nationalized banks are charging!!! It seems central bank now even charges for something like signature verification! I wonder whether this is legal considering that signature verification is not their core banking business. Its just that many institutions ask for a verification from the banks as they are supposed to have your authenticated identification.
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Old 27th April 2007, 01:38   #6
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Quote:
Yesterday I was a bit baffled looking at the new tarriff sheet that ICICI sent me by mail.
Zappo I did post that here
http://www.team-bhp.com/forum/423127-post212.html

Its like adding to a zillion ways to strip a customer of his money .
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Old 22nd May 2007, 21:56   #7
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Default MRTPC issues notices to ICICI, Citibank

Monopolies and Restrictive Trade Practice Commission on Tuesday issued enquiry notices to leading private lenders ICICI Bank, Citibank and HSBC on complaints regarding violation of norms in their credit cards business.

An MRTPC Bench comprising Justice O P Dwivedi and M M K Sardana issued the Notice of Enquiry (NOE) and directed the banks to file their replies in four weeks.

The notices followed the report of the Director General of Investigations and Registrations (DGIR), the investigative arm of the Commission, which had recommended action against these banks for making false promises to customers and violating RBI guidelines.

However, when contacted, an HSBC spokesperson said: "We have not yet received any notice from MRTPC. If we do, we will certainly examine it and respond to their query."

The spokesperson said the bank was conscious of the need to maintain transparency in business dealings and endeavoured to offer the highest levels of customer service possible.

HSBC complies with requisite rules and regulations in conducting its business, the spokesperson said in a statement.

ICICI Bank refused to comment on the development, saying it was yet to receive the notice.

Citibank also said in a statement: "As per our usual practice, we will cooperate with the relevant authorities as and when required to do so."

"Citibank credit card business is conducted in accordance and is in full compliance with the laws and regulations of the country where we operate," it said.
MRTPC issues notices to ICICI, Citibank-News-Credit Cards-Money Matters-The Economic Times
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Old 22nd May 2007, 23:25   #8
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Quote:
Originally Posted by rkg View Post

However, when contacted, an HSBC spokesperson said: "We have not yet received any notice from MRTPC. If we do, we will certainly examine it and respond to their query."
that's probably because MRTPC doesn't have their corp addresses either.
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Old 6th July 2007, 18:54   #9
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Default ABN Amro faces MRTPC heat

India's anti-monopoly watchdog has launched a judicial probe against ABN-Amro Bank after a preliminary investigation found the lender engaging in deceptive practices in its credit cards business.

The Monopolies and Restrictive Trade Practices Commission, based on the report filed by its investigative arm DGIR, issued a notice asking the bank to reply in four weeks.

Imposing penalties on late payment without ensuring whether or not the monthly statement has reached the user, failure to issue acknowledgement on cheque payments as well furnish details of its grievance redressal machinery were the deceptive practices named by DGIR in its report.

ABN Amro faces MRTPC heat
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