Days after the Reserve Bank of India sent out a strict warning to banks to stop using recovery agents with strong arm tactics to recover loans, the State Consumer Disputes Redressal Commission of Delhi has fined the ICICI Bank a whopping Rs 55 lakhs for employing ‘goons’ to recover loan from a customer. The court warned all banks against using musclemen for loan recovery and asked the Delhi police commissioner to instruct all SHOs to register FIRs against such complaints. Read More …
Also, Watch the report on ICICI’s car loan recovery racket in Goa
Source: IBNLive
Read the previously posted article on Nighi:
The Corporate Bank Loan Recovery Process: Banking on Third Degree
Not 55 Lakhs but they should be fined for 55 Crores ..
Guys,
I am no means endorsing what the ICICI has done in this case? BUT
what shud a bank do when the customer doesnt return money in a country like “INDIA”(In USA if you miss your payments it will impact the credit history of the person).Obviously you dont expect the bank to go to court for very non payment.do you?
How would they recover the money.When you talk about the banks money it is the investors money that is at stake.
Thanks!
tHE BANK GOT OF PRETTY EASY. THEY SHOULD HAVE BEEN FINED MORE AND ALL THE OFFICIALS PUNISHED TO THE EXTENT OF LEGAL ACTION AND JAIL TERM FOR THE TOP OFICIALS OF THE BANK FOR PROPAGATING GOONS.
FIRST THEY ARE AFTER YOU AND HAUNT YOU FOR TAKING LOANS ISSUING CREDIT CARDS AT JUST THE DROP OF HAT. YOU WILL FIND GRADUATES RUNNING AROUND SELLING THESE CARDS LOANS. DONT THEY REALISE WHEN ISSUNING THESE LOANS CARDS WETHER THEY WILL GET THEM BACK. ITS JUST ONE WAY RIDE FOR THEM. GET THE CUSTTOMER IN TRAP AND MAKE MONEY
ASSHOLES.
Excellent! India is improving. I’m happy for that.
You are misinformed, india already has credit bureau with millions of records with the customers history and currently all the banks report back and use the data before issue further credit to the customer http://www.cibil.com/
Hii,
we had a similar experience. My father had deposited in some bonds in ICICI bank and even with out requesting for credit card they posted it to the residence. later after a long period of time my father wanted to used to buy a scooty and he immediately paid it using hdfc bank check. They encahsed the check and we had the bank statement of hdfc stating the check was enchased. we had a horrible time everyday they use to call my dad and treat him as a defaulter, my dad was an heart patient. they harassed us through phone call. my dad wanted to cancel the credit card but no one was responding on phone. At the end with some higher officials in ICICI close to my fathers frd the issue was settled. All this happened even after making a complete payment. That is the reason i prefer to bank with govt banks.
The Recovery problems for Banks is only due to flaws in the legal system of India. Barbaric methods of recovery are inhuman and illegal. Legal remedies are slow moving and never ending process. Banks are there to do business and some people are there to exploit them. Who will bell the cat?
There are Several things to be noted here…,
1. Banks not doing the Credit Back ground check before they Lend money to a cusomter or an Enterprise.
2. Customers defaulting the Payement.
3. Customers not being responsible for their act of non payement.
3. Banks Not taking the legal path to reclaim the money.
I am sorry for Vinod and Bose having faced the inhumane act by the Loan Claimers. I support the Consumer forum for its hearing. How ever, It should also have given a legal direction that on how these kind of loans to be recovered.
I am not well aware of the facts. But Its responsibility of every Individual involved in this scenario.
I Appreciate Nighi Media to bring these to attention of others.
I think ICICI SHOULD BE PUNISHED SEVERELY OTHER WISE THEY WILL MAKE HINDI MOVIES IN REAL LIFE.All culprits who are responsible should be jailed other wise the influential can easily pay 55 lakhs.
GREAT JOB INDIA WORLDS LARGEST DEMOCRACY.
you know people who agree to this kind of measures in this discussion. i hope your kids are picked someday man. do you know the situation the debtor is in no…so shut the #@$% up. what families go through in such situation only they know.leave your stupid comments to someone who cares.