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Old 5th November 2007, 20:29   #1
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Default 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'

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Old 5th November 2007, 20:45   #2
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Now thats a good move! Its about time these Banks & their trustworthy goons were taken to task.
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Old 5th November 2007, 20:47   #3
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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!
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Old 5th November 2007, 21:09   #4
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Thats a landmark judgement, this stupidity has taken many lives and made life miserable to many people. Hats off to judge Kapoor.
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Old 5th November 2007, 23:18   #5
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Way to go!!!
50L is a decent amount which will hopefully they change their ways!
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Old 6th November 2007, 00:43   #6
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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!.
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Old 6th November 2007, 00:53   #7
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This is a lot of negative publicity for the bank, it came on NDTV news too.
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Old 6th November 2007, 00:55   #8
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Quote:
Originally Posted by blueraven316 View Post
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.
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Old 6th November 2007, 09:02   #9
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Very good judgment ,need to give more such judgments to make them professional in loan recovery process.
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Old 6th November 2007, 10:19   #10
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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.
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Old 6th November 2007, 10:55   #11
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How can this case be used for other complaints registered against various banks regarding collection agents?
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Old 6th November 2007, 11:24   #12
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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.
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Old 6th November 2007, 11:29   #13
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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!
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Old 6th November 2007, 11:42   #14
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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.
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Old 6th November 2007, 11:47   #15
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Good Judgment given...

Quote:
Originally Posted by esteem_lover View Post
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.
...
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