ICICI Bank has been fined Rs. 25,000, ordered to compensate customer

By | July 8, 2011

A recent press report said that ICICI Bank has been slapped with a fine of Rs 25,000 by a Delhi district consumer forum for wrongly deducting Rs. 40,578 from the account of one of its customers.

Reports said that the bank had deducted Rs. 40,578 from the account of its customer Mahesh Kumar’s salary account. The fine was imposed on the bank by the consumer forum headed by its president Mr. B. B. Chaudhary. The bank official was asked to credit both the sum for the fine and the wrongly deducted money to the customers account.

The bench of district consumer forum also comprising its members M Siddiqui and S N Shukla said that the official of the bank had come to know on or about July 11, 2009 that mistake had been committed by debiting Rs 40,578.74 from the salary account of the complainant, more than 2 years have passed yet the remedial measures have not been taken.

The bank has recently introduced a home loan scheme which offers customers an option of a fixed rate for either the first one year or two years. The fixed interest rates will protect borrowers from frequent changes in home loan interest rates and protect them from any rise in interest rates in future.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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