ICICI Bank fined Rs 50 lakh for hiring 'goons'

nirmalts · 5th November 2007, 20:29

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, 20:45

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

prince_pervez · 5th November 2007, 20:47

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, 21:09

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, 23:18

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

santhosh_kumard · 6th November 2007, 00:43

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 · 6th November 2007, 00:53

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

Nitin · 6th November 2007, 00:55

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, 09:02

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

amtak · 6th November 2007, 10:19

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, 10:55

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

esteem_lover · 6th November 2007, 11:24

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, 11:29

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, 11:42

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, 11:47

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, 20:29	#1
nirmalts BHPian Join Date: May 2007 Location: Stuttgart, Germ Posts: 252 Thanked: 7 Times 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
	() Thanks

5th November 2007, 20:45	#2
Nitin Senior - BHPian Join Date: May 2006 Location: Houston, Texas Posts: 3,294 Thanked: 22 Times View My Garage	Now thats a good move! Its about time these Banks & their trustworthy goons were taken to task.
	() Thanks

5th November 2007, 20:47	#3
prince_pervez Senior - BHPian Join Date: Dec 2006 Location: Redwood shores, CA, USA Posts: 4,211 Thanked: 53 Times View My Garage	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!
	() Thanks

5th November 2007, 21:09	#4
sreenivass BHPian Join Date: Oct 2006 Location: Bangalore India Posts: 931 Thanked: 44 Times 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.
	() Thanks

5th November 2007, 23:18	#5
Equus Senior - BHPian Join Date: Sep 2006 Location: Bangalore Posts: 1,123 Thanked: 424 Times	Way to go!!! 50L is a decent amount which will hopefully they change their ways!
	() Thanks

6th November 2007, 00:43	#6
santhosh_kumard BHPian Join Date: Sep 2006 Location: Back to BLR Posts: 176 Thanked: 15 Times	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!.
	() Thanks

6th November 2007, 00:53	#7
blueraven316 Senior - BHPian Join Date: May 2006 Location: Bangalore Posts: 1,109 Thanked: 21 Times View My Garage	This is a lot of negative publicity for the bank, it came on NDTV news too.
	() Thanks

6th November 2007, 09:02	#9
balechaparka BANNED Join Date: Oct 2006 Location: Bangalore Posts: 141 Thanked: 33 Times	Very good judgment ,need to give more such judgments to make them professional in loan recovery process.
	() Thanks

6th November 2007, 10:19	#10
amtak Senior - BHPian Join Date: Oct 2006 Location: Mumbai - The city of Sea Link!!! Posts: 2,987 Thanked: 1,112 Times	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.
	() Thanks

6th November 2007, 10:55	#11
Spitfire BANNED Join Date: Jul 2006 Location: Panaji - Goa/Bangalore - Karnataka Posts: 3,313 Thanked: 778 Times	How can this case be used for other complaints registered against various banks regarding collection agents?
	() Thanks

6th November 2007, 11:24	#12
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras/Py Posts: 7,556 Thanked: 513 Times 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.
	() Thanks

6th November 2007, 11:29	#13
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,975 Thanked: 4,675 Times	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!
	() Thanks

6th November 2007, 11:42	#14
vkochar Senior - BHPian Join Date: Aug 2006 Location: Delhi / Agra / London Posts: 2,159 Thanked: 907 Times 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.
	() Thanks