ICICI Bank fined Rs 50 lakh for hiring 'goons' - Team-BHP

nirmalts · 5th November 2007, 19:29

November 05, 2007 19:52 IST

The Delhi Consumer Commission fined ICICI Bank 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.

In a significant judgment, the Commission deprecated the "audacity and impunity" with which the banks have been effecting forcible possession of vehicles and ordered ICICI Bank also to pay Rs 50 lakh to a consumer, who was mercilessly beaten by the recovery agents while they snatched a loaned car from him.

ICICI Bank fined Rs 50 lakh for hiring 'goons'

Nirmal

Nitin · 5th November 2007, 19:45

Now thats a good move! Its about time these Banks & their trustworthy goons were taken to task.

prince_pervez · 5th November 2007, 19:47

Good going!

There was one more bank in the 'Citi' which
troubled my dad for paying up Rs. 50.
Every month he used to make the payment,
but it re-occured in every monthly statement.
For nearly 4 months he paid up, in vain.

An outstanding of Rs. 50 kept on showing in
their system. To my horror 2 men landed up
at my place after 6 months
and asked for my dad. Since I knew
the whole story, I told them to take a look at
the house ! 'Do you feel, he would be miserly
not to pay up for 50 bucks'? I asked.

They were convinced and left! Pah!

sreenivass · 5th November 2007, 20:09

Thats a landmark judgement, this stupidity has taken many lives and made life miserable to many people. Hats off to judge Kapoor.

Equus · 5th November 2007, 22:18

Way to go!!!
50L is a decent amount which will hopefully they change their ways!

santhosh_kumard · 5th November 2007, 23:43

Hats of the judiciary. I really loved the judgement, and would have loved it better , had the ICICI was fined more!. I hope this brings solace to hundreds of poor customers who were harrassed by ICICI in pretext of recovery agents. I would love to see the CEO behind bars for the totally unethical practises followed. Myself owned an ICICI credit card, thank god, I never used it and it expired after 2 years!.

blueraven316 · 5th November 2007, 23:53

This is a lot of negative publicity for the bank, it came on NDTV news too.

Nitin · 5th November 2007, 23:55

Quote:

Originally Posted by blueraven316

This is a lot of negative publicity for the bank, it came on NDTV news too.

Banks such as these ought to have a bad name among the public,and thats when things will change for the good.

balechaparka · 6th November 2007, 08:02

Very good judgment ,need to give more such judgments to make them professional in loan recovery process.

amtak · 6th November 2007, 09:19

I am happy for the fact that the bank is fined. The recovery agents based up someone who was not even related to the loan. Just a relative of the loan borrower who happened to be sitting in the car...How can they even hit someone? I am happy that the cops registered a complaint against the bank and the case was registered.

Hats off to the Judiciary.

Spitfire · 6th November 2007, 09:55

How can this case be used for other complaints registered against various banks regarding collection agents?

esteem_lover · 6th November 2007, 10:24

Nice judgment. But what about a few people who have been killed or forced to commit suicide by these goons ? hope they too get rewarded like this.

phamilyman · 6th November 2007, 10:29

This is the coming of the storm. A few more days, and we should see class action lawsuits dragging ICICI across the coals.

If a bank's ethic in business is to have no scruples, then it has no right to do business.

If the bank could:
a. Upfront not figure how risky the customer is, then why did it give the loan - has it no business sense?
b. Gave loans despite knowing riskiness of customer, then what's the point!

vkochar · 6th November 2007, 10:42

Pathetic Bank ICICI is !!

I have a Home Loan and a Car Loan with this bank. One thing I am very sure of is that I will never ever work with this bank again. Not because they have caused me any sort of a problem BUT hearing cases of their goons causing deaths and all, I think it is our duty not to give business to such banks.

I am very glad that someone has enforced a penalty on them. Although 50 lacs would not be a pinch to ICICI but nevertheless a big amount by any standards.

Jay · 6th November 2007, 10:47

Good Judgment given...

Quote:

Originally Posted by esteem_lover

Nice judgment. But what about a few people who have been killed or forced to commit suicide by these goons ? hope they too get rewarded like this.

...

5th November 2007, 19:29	#1 (permalink)
nirmalts BHPian Join Date: May 2007 Location: Bengaluru Posts: 195 View My Garage	ICICI Bank fined Rs 50 lakh for hiring 'goons' November 05, 2007 19:52 IST The Delhi Consumer Commission fined ICICI Bank 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. In a significant judgment, the Commission deprecated the "audacity and impunity" with which the banks have been effecting forcible possession of vehicles and ordered ICICI Bank also to pay Rs 50 lakh to a consumer, who was mercilessly beaten by the recovery agents while they snatched a loaned car from him. ICICI Bank fined Rs 50 lakh for hiring 'goons' Nirmal

5th November 2007, 19:47	#3 (permalink)
prince_pervez BHPian Join Date: Dec 2006 Location: Bangalore Posts: 75	AttaBoy! Good going! There was one more bank in the 'Citi' which troubled my dad for paying up Rs. 50. Every month he used to make the payment, but it re-occured in every monthly statement. For nearly 4 months he paid up, in vain. An outstanding of Rs. 50 kept on showing in their system. To my horror 2 men landed up at my place after 6 months and asked for my dad. Since I knew the whole story, I told them to take a look at the house ! 'Do you feel, he would be miserly not to pay up for 50 bucks'? I asked. They were convinced and left! Pah! __________________ Money is not everything in life, but make sure to make a hell lot of it, before you speak such nonsense!!

5th November 2007, 20:09	#4 (permalink)
sreenivass BHPian Join Date: Oct 2006 Location: Hyderabad, India Posts: 733 View My Garage	Thats a landmark judgement, this stupidity has taken many lives and made life miserable to many people. Hats off to judge Kapoor. __________________ I have one dream, Fiat with great A.S.S.

6th November 2007, 09:19	#10 (permalink)
amtak BHPian Join Date: Oct 2006 Location: Fulltime Mumbaikar...Yippie!!!! Posts: 832 View My Garage	I am happy for the fact that the bank is fined. The recovery agents based up someone who was not even related to the loan. Just a relative of the loan borrower who happened to be sitting in the car...How can they even hit someone? I am happy that the cops registered a complaint against the bank and the case was registered. Hats off to the Judiciary. __________________ E V O L V E D!

6th November 2007, 10:24	#12 (permalink)
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras Posts: 4,949 View My Garage	Nice judgment. But what about a few people who have been killed or forced to commit suicide by these goons ? hope they too get rewarded like this. __________________ "can't you hear me? What, do you have bubble gum in your ears ? like Mr.Bean ?" The Bean effect on my 4 year old

5th November 2007, 19:45	#2 (permalink)
Nitin Senior - BHPian Join Date: May 2006 Location: Houston, Texas Posts: 1,813 View My Garage	Now thats a good move! Its about time these Banks & their trustworthy goons were taken to task.

5th November 2007, 22:18	#5 (permalink)
Equus BHPian Join Date: Sep 2006 Location: Bangalore Posts: 293	Way to go!!! 50L is a decent amount which will hopefully they change their ways!

5th November 2007, 23:43	#6 (permalink)
santhosh_kumard Newbie Join Date: Sep 2006 Location: bangalore Posts: 48	Hats of the judiciary. I really loved the judgement, and would have loved it better , had the ICICI was fined more!. I hope this brings solace to hundreds of poor customers who were harrassed by ICICI in pretext of recovery agents. I would love to see the CEO behind bars for the totally unethical practises followed. Myself owned an ICICI credit card, thank god, I never used it and it expired after 2 years!.

5th November 2007, 23:53	#7 (permalink)
blueraven316 BHPian Join Date: May 2006 Location: Bangalore Posts: 887 View My Garage	This is a lot of negative publicity for the bank, it came on NDTV news too.

6th November 2007, 08:02	#9 (permalink)
balechaparka BHPian Join Date: Oct 2006 Location: Bangalore Posts: 58	Very good judgment ,need to give more such judgments to make them professional in loan recovery process.

6th November 2007, 09:55	#11 (permalink)
Spitfire BHPian Join Date: Jul 2006 Location: Bangalore Posts: 393	How can this case be used for other complaints registered against various banks regarding collection agents?

6th November 2007, 10:29	#13 (permalink)
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Delhi Posts: 1,230	This is the coming of the storm. A few more days, and we should see class action lawsuits dragging ICICI across the coals. If a bank's ethic in business is to have no scruples, then it has no right to do business. If the bank could: a. Upfront not figure how risky the customer is, then why did it give the loan - has it no business sense? b. Gave loans despite knowing riskiness of customer, then what's the point!

6th November 2007, 10:42	#14 (permalink)
vkochar Senior - BHPian Join Date: Aug 2006 Location: Delhi / Agra / London Posts: 1,170 View My Garage	Pathetic Bank ICICI is !! I have a Home Loan and a Car Loan with this bank. One thing I am very sure of is that I will never ever work with this bank again. Not because they have caused me any sort of a problem BUT hearing cases of their goons causing deaths and all, I think it is our duty not to give business to such banks. I am very glad that someone has enforced a penalty on them. Although 50 lacs would not be a pinch to ICICI but nevertheless a big amount by any standards. __________________ Alcohol is living proof that God loves us and wants us to be happy. Verna CRDi !! June '08 Accent GLE - April '05

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Does ICICI bank send private agents to collect documents?	Jaguar	Indian Car Loans & Insurance	10	6th February 2008 14:18
ICICI goons thrash loan defaulters friend	tsk1979	Indian Car Loans & Insurance	54	24th April 2007 13:08
Hyundai Motors fined for unfair business practices	DCEite	The International Automotive Scene	3	19th January 2007 12:03
Thana Registrations may be fined soon	GTO	The Indian Car Scene!!	18	14th July 2004 14:50