Professional Documents
Culture Documents
1. Health insurance.
2. Micro Insurance.
3. Private sector banks and its profitability (icici bank ).
4. Marketing in insurance.
5. Life insurance agents.
Submitted By,
Aji Mon Pappachan
Roll no: 2
VNS college.
Konnappara.
MUMBAI: ICICI Bank, India's No. 2 lender, reported an 18.8 percent rise in quarterly net profit,
beating brokerage forecasts, helped by credit growth and drop in provision for bad loans.
Indian banks including rival private-sector lender HDFC Bank are seeing strong loan demand in
Asia's third-largest economy, which the International Monetary Fund expects to expand 9.7
percent in 2010.
ICICI Bank said its net profit in July-September, its fiscal second quarter, rose to Rs 1,236 crore
($278 million) from Rs 1,040 crore reported a year earlier.
A Reuters poll of analysts had forecast net profit of Rs 1,169 crore. State Bank of India , the
country's top lender, and ICICI and HDFC Bank are seeing an improvement in asset quality on
strong revival in business and consumer confidence in India.
HDFC Bank last week met street estimates with a 33-percent rise in quarterly net profit and
forecast credit growth at more than 20 percent in this fiscal year.
Shares in ICICI Bank, valued at about $27 billion, have risen 26 percent so far this year,
compared with a 38 percent jump in the sector index and 15 percent gain in the main Mumbai
market.
1996
- The deposit products and other services of the bank were branded
with
names such as `Maxicash' for services accounts, `Money Plus' for
Current Account, `Quantum' for fixed deposit account, `Power Pay'
for
payroll accounts treasure chest for locker facilities and `Trice'
for
automated teller machine facility.
1997
- Sicom Ltd. has entered into an agreement with ICICI Bank and
Dresdner
Bank for providing a counter guarantee against letters of credits
(LCs)
opened by its clients.
- The merger of SCICI with ICICI effective from April 1, the bank
has
become a wholly-owned subsidiary of ICICI.
1998
- ICICI Bank, which introduced Internet banking in India, is set to
launch various technology-based new services in the near future.
Some
of the new services include setting up of call centres and the
introduction of fund transfers between own accounts in its branches.
1999 - ICICI Bank has signed an agreement to use the NCR switchmark
technology for online-networking all its ATMs, the officials said
they
network would come into place in September.
2000
- ICICI Bank became the first Indian bank to list on the New York
Stock
Exchange with its 5-million American depository shares issue
generating a demand book 13 times its size at .2 billion.
- The ICICI has announced the launch of mobile banking services for
its
customers, using the wireless application protocol (WAP) technology.
- The Finance portal India Infoline has tied up with ICICI Bank and
HDFC Bank for banking back-ends.
- Tata Teleservices Ltd. has tied up with ICICI Bank and Global
Trust
Bank to enable its customers to use Internet banking facilities for
the
payment of telephone bills.
- Spice Cell has tied up with Citibank N A, HDFC Bank and ICICI Bank
for mobile bill settlements
- ICICI Bank and UAE Exchange Centre have entered into a wire
transfer
arrangement, for electronic and telex transfer of funds.
- The swap ratio for the merger of Bank of Madura (BoM) with ICICI
Bank
has been pegged at 1:2 i.e., two shares of ICICI Bank for every one
share of BoM.
- ICICI Bank launched its debit card under the brand name
ICICIN-cash.
2001
- The Bank of Madura (BOM) got merged with ICICIBK. The share
exchange
ratio was fixed at two shares of ICICIBK for one share of BOM. With
this merger ICICIBK has become one of the largest private sector
banks
in India. Commenting on the merger Shri H N Sinor, Managing Director
and CEO ICICIBK said that This merger would lead to considerable
synergies in the operations of the merged entity and would benefit
the
customers and other stakeholders.
- ICICI Bank and Deutsche Bank have entered into a long-term rupee
interest rate swap benchmarked to Government bond yields.
-ICICI Bank has launched its interactive touch screen kiosk 'Sparsh'
at
its automated teller machine (ATM) centres and branches allowing
free
access to its online services.
- ICICI Bank has launched its hundredth ATM in Mumbai. With this,
the
bank will have a network of 574 ATMs spread across 54 cities.
According
to a press release, ICICI Bank continues to focus attention on newer
functions that will enable the ATM network to be a key tool of its
customer acquisition and retention strategy.
- ICICI Bank launched its 100th ATM in Mumbai at the bank's branch
in
Nariman Point. The bank now has a network of 574 ATMs spread over 54
cities in India.
- In the run-up to the reverse merger with ICICI Bank, ICICI has
slashed its management grades to have an identical administrative
structure like that of the banking subsidiary. ICICI had changed its
management structure by combining two levels and cutting down the
management structure to eight levels.
- ICICI Bank plans to tap the debt market to raise Rs 350 crore for
meeting Tier-II capital requirements.
2002
- CICI Bank Ltd has informed that the Board of Directors inducted
Shri
N Vaghul, as an Additional Director on the Board of the Bank.
non-executive whole-time director and also the non-executive
Chairman
of ICICI Ltd.
-ICICI Bank Ltd has informed BSE that Reserve Bank of India on April
26, 2002 approved the merger of ICICI Ltd and two of its wholly owned
subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital
Services Ltd with ICICI Bank Ltd.
-S&S Power Switchgear Ltd has informed BSE that ICICI bank has
appointed Mr S C Bhatia as Nominee director on Board of the Company
with effect October 24, 2002.Further the Board has accepted the
resignation of Mr A R Santhanakrishna as director with effect from
August 18, 2002.
-BPL Ltd has informed BSE that ICICI Bank Ltd has nominated Mr V A
Raghu as their nominee on the Board of the Company with effect from
September 30, 2002.
-ICICI Bank Ltd has informed that the Government of India has
nominated Ms Vinita Rai, Secretary (Banking & Insurance) as the
Government Nominee on the Board of the Bank in place of Mr D C Gupta
with effect from October 31, 2002.
-BPL Mobile and ICICI Bank tie up to enable to recharge BPL's prepaid
cellular service ability (branded `mots') at any of the bank's 1000
plus ATMs across the nation
-Put on sale the land held by Pal Peugeot - the defunct joint venture
between Premier Automobiles and Peugeot
-Bank of India (BoI) ties up with ICICI Bank to utilize former's wide
branch network covering 1,000 branches for the latter's cash
management services
-HDFC MF ties up with ICICI Bank for Any Time Mutual Fund (ATMF)
service
-Signs MoU with Food Ministry for optimal utilisation of Plan funds
and to bring in professional appraisal in project financing
-Euromoney Asia poll reports ICICI Bank as the best managed bank in
Asia in the category of banking and finance
-Skoda Auto ties up with ICICI Bank to offer Skoda Monthly Instalment
(SMI), rather than an equated monthly instalment, for its cars
-Launches `Welcome Kit' which will help the person, who opens an
account with ICICI Bank to operate his account immediately
2003
-Rama Newsprint & Papers Ltd allots 5632129 no. of Equity shares to
ICICI Bank Ltd on conversion right exercised by them
-ICICI Bank along with others set up Rs 800-cr India Advantage Fund
-Videsh Sanchar Nigam Limited (VSNL) and ICICI Bank have announced a
tie-up for the distribution of Tata Indicom`s dial-up Internet
services
-ICICI Bank, HDFC Bank tie up with Indian Railway Catering and
Tourism Corporation (IRCTC) for online rail bookings
-Announces VRS, the first for the new generation private sector
banks
-Birla Tyres ties up with with ICICI bank to offer Rs 2 lakh life
insurance benefit to the truck drivers on the purchase of every pair
of tyres
-ICICI implements NCR solution (Cheque Mark PDC Module) for post
dated cheques
-Converts part of HFCL loan into equity shares giving 12.65% stake in
the company
-ICICI bank gets 'Best emerging market Bank ' award from the Global
Finance Magazine
-ActionAid has signed up with ICICI to launch the Karm Mitra credit
card
-The trading of icici issued bond October 2000- Tax Saving Bond -
Option I ICICI1100 N1 (benefit u/s 88) was suspended
-The company unveiled its global deposits scheme for individuals from
its Singapore branch.
-Five persons have been arrested on the charge of duping ICICI Bank
of Rs 1.34 crore by encashing a cheque purported to have been issued
by Fortis Banque of France..
2004
- ICICI Banks 300 million dollar Eurobond has been awarded for being
the best bond issue of India and emerging Asian market during 2003,
by two foreign magazines.
-ICICI ePayments Ltd. has informed that they have acquired 8008357
shares amounting to 69.99% of the total paid up capital of Tata
Infomedia Limited
-ICICI Bank Ltd has informed that the Bank has allotted 1,25,444
equity shares of the face value of Rs 10/- each on December 22, 2003
under the Employees Stock Option Scheme, 2000 (ESOS).
-The government has allowed ICICI Bank to keep the Rs 350 crore
20-year preference shares (subscribed to by ITC) in its books for
five years.
-ICICI Bank Ltd has informed that the Bank has allotted 73,980 equity
shares of the face value of Rs 10/- each on December 29, 2003 under
the Employees Stock Option Scheme, 2000 (ESOS).
2004
-ICICI Bank inks pact with Mohan Bagan to unveil co-branded credit
card
-ICICI Bank launches its new home Loan Scheme With Variable EMI
-ICICI Bank Ltd has informed that the shares of the Bank are delisted
from The Delhi Stock Exchange Association Limited with effect from
February 11, 2004.
-ICICI Bank and Andhra Bank have announced a tie-up, that enables
sharing of their ATM networks.
-Global Finance magazine has named ICICI Bank as one of the Best
Emerging Market Banks Asia in an exclusive survey to be published in
the May 2004 issue.
-ICICI Emerging Sector, the private equity arm of ICICI Bank, has
acquired a 54 per cent stake in the Bangalore-based Arvind Brands,
the apparel arm of the Sanjay Lalbhai-promoted Arvind Mills,
-ICICI Bank has won the best bank award instituted by Asia money in
the category of best domestic commercial bank in India
-ICICI Bank has bagged the prestigious award of 'Best Retail Bank in
India' in the category 'The Asian Banker Excellence in Retail
Financial Services Program 2003'
-Punjab and Sind Bank (PSB) and ICICI Bank on July 02 announced the
launch of co-branded credit card that will be available in three
variants - Gold, Silver and Blue credit card
-ICICI Bank Home Loans and ICICI Bank Home Search have launched `Home
Utsav', a property exhibition at the Institute of Engineers
-ICICI Bank has signed a deal with SunTec Business Solutions Private
Ltd
-ICICI Bank in ally with CESC launches new co-branded credit card
2005
-ICICI inks pact with Godrej Sara Lee for channel financing
-ICICI Bank forges alliance with Fortis to serve NRIs on July 22,
2005
2006
2007
-ICICI Bank has come out with loan-on-the-spot (LOTS) product for car
loans.
-Thomas Cook (I) Ltd (TCIL) has joined hands with ICICI Bank to
introduce a first of its kind premium card named Thomas Cook Titanium
Mastercard.
- ICICI Bank and apparel discount chain Megamart April 10, joined
hands to unveil a co-branded credit card.
-ICICI Bank Ltd has informed that Reserve Bank of India, has approved
the Scheme of Amalgamation of The Sangli Bank Ltd with the Bank. The
Scheme of Amalgamation shall come into effect from April 19, 2007.
-SOTC has joined hands with ICICI bank to offer-holiday now pay later
(HNPL) facility to travelers.
Change of name
Our name was changed from ICICI Banking Corporation Limited to ICICI
Bank Limited on
September 10, 1999. The change of name was effected on account of our
being widely known by
the name ICICI Bank.
Bank of Madura was merged with us effective March 10, 2001. The share
exchange ratio fixed for
the transaction was two of our equity shares of Rs. 10 each for every
equity share of Bank of
Madura of Rs. 10 each.
Amalgamation of ICICI
2008
- ICICI Bank Ltd has informed that the Government of India has
nominated Shri. Arun Ramanathan, on the Board of the Bank effective
January 18, 2008 in place of Shri. Vinod Rai who has resigned
effective January 06, 2008.
- ICICI Bank Ltd has informed that the Government of India has
nominated Shri. Arun Ramanathan, on the Board of the Bank effective
January 18, 2008 in place of Shri. Vinod Rai who has resigned
effective January 06, 2008.
2009
- ICICI Bank has announced the cut in the interest rates on floating
home loans for new borrowers by 25-50 basis points, with immediate
effect. The interest rates on existing home loans would reduce only
if the floating reference rate is cut.
- ICICI Bank Limited acting through its Hong Kong Branch (ICICI Bank)
signed a loan agreement with the Export-Import Bank of China (China
Exim) for USD 98 million under the Two- step Buyer Credit (Export
Credit) arrangement. ICICI Bank is the first Indian Bank to have
entered into this arrangement with China Exim.
2010
The productivity of (profit per employee) private banks was higher than nationalised banks and
SBI & associates during 2009-10 and 2008-09. However productivity for all the three group of
banks rise during 2009-10.
The average profit per employee of private banks was Rs 7.19 lakh against Rs 5.74 lakh and Rs
4.65 lakh for nationalised banks and SBI & associates, respectively during 2009-10. On the other
hand wages to total expenses ratio of SBI & associates was the highest of 17.03% as against
13.65% and 12.76% for PSBs and private banks, respectively during the above period. But the
number of employees ( 4.67 lakh) and number of branches (43,187) was highest in nationalised
banks compared to SBI & associates and private banks during 2009-10.
YES Bank has emerged as the most efficient private sector bank in the country having scored
over all nationalised banks, SBI & associates and private sector banks...
ICICI Bank
ICICI Securities has introduced the National Pension System (NPS) on its portal on Monday. The
country’s largest private banking sector has launched the online pension service for easy access
to its customers.
“The online availability of NPA will give a big boost to pension ...
The scheme is for 371 Days and New Fund Offer (NFO) will be priced at Rs. 10 per unit. It is
reported that the subscription will be opened from 1 December to 7 December 2010. The ...
As per the quarterly report, the bank’s net profit jumped to Rs 1,236.7 crore, from Rs ...
Last week witnessed rise in banking sector stock trading pushing ICICI’s value to the top 10
rank.
ICICI Bank is the largest financial services company based in India ...
The bank’s net profit for the last year’s corresponding quarter was at Rs.878 crore.
However, the total income of the bank was down at Rs.7,493.05 ...
"The demand for liquidity will increase substantially in the second half of this year ...
The bank’s management had planned for an Extraordinary General Meeting today regarding its
merger with ICICI Bank. The meeting was called off as the civil court order to stay the ...
The Managing Director and CEO of ICICI Bank, Chanda Kochhar commented that the merger
with BoR is ...
While the employees of BoR are alarmed at the new proposal of merger, the shareholders of
ICICI question whether the ...
“There are differences on valuations and talks have not progressed... A deal could be
sometime ...
"With a brand value of USD 14.5 billion, the Indian bank ICICI is the first Indian brand to
feature in the BrandZ Top 100. ICICI is the bank that ...
The bank's income, however, slipped 14.2% at Rs.33,184.58 crore in the last ...
As per the reports, HDFC Bank has also lent more to the ...
The Commerce Ministry on Monday said that company with foreign holding more than 50% will
be deemed a "foreign entity. However, the said banks have played down the saying ...
Other big lending houses are slowly following suit to attract people into taking loans. A cut by 25
...
ICICI Bank Launches Net Account With Auto Sweep-In For Term Deposits
Last Updated: 2008-07-08T10:45:56+05:30
The ICICI Bank on Monday, July 7, announced that it has introduced a new service designed to
facilitate financial transactions. A pure online account has been launched by the ICICI Bank,
where deposits above Rs 5000 will get automatically converted into a term deposit scheme that
will given an ...
ICICI Bank (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) (formerly Industrial
Credit and Investment Corporation of India, Marathi: आय सी आय सी आय बॅक) is a major
banking and financial services organization in India. It is the second largest bank in India
[3]
and the largest private sector bank in India by market capitalization. The bank also has
a network of 2,016 branches (as on 31 March 2010) and about 5,219 ATMs in India and
presence in 18 countries,[2] as well as some 24 million customers (at the end of July
2007). ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and specialization
subsidiaries and affiliates in the areas of investment banking, life and non-life insurance,
venture capital and asset management. (These data are dynamic.) ICICI Bank is also the
largest issuer of credit cards in India.[4] ICICI Bank's shares are listed on the stock
exchanges at BSE, NSE, Kolkata and Vadodara (formerly Baroda) ; its ADRs trade on
the New York Stock Exchange (NYSE).
The Bank is expanding in overseas markets and has the largest international balance sheet
among Indian banks. ICICI Bank now has wholly owned subsidiaries, branches and
representatives offices in 19 countries, including an offshore unit in Mumbai. This
includes wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary
through which the HiSAVE savings brand[5] is operated), offshore banking units in
Bahrain and Singapore, an advisory branch in Dubai, branches in Belgium, Hong Kong
and Sri Lanka, and representative offices in Bangladesh, China, Malaysia, Indonesia,
South Africa, Thailand, the United Arab Emirates and USA. Overseas, the Bank is
targeting the NRI (Non-Resident Indian) population in particular.
ICICI reported a 1.15% rise in net profit to 1,014.21 crore on a 1.29% increase in total
income to 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's
CASA ratio increased to 30% in 2008 from 25% in 2007.[6][7]
ICICI Bank is one of the Big Four Banks of India, along with State Bank of India, Punjab
National Bank and Canara Bank — its main competitors.[8]
Contents
[hide]
• 1 History
• 2 Controversy
• 3 See also
• 4 References
• 5 External links
[edit] History
In 1955, The Industrial Credit and Investment Corporation of India Limited (ICICI) was
incorporated at the initiative of World Bank, the Government of India and representatives
of Indian industry, with the objective of creating a development financial institution for
providing medium-term and long-term project financing to Indian businesses. In 1994,
ICICI established Banking Corporation as a banking subsidiary. Formerly known as
Industrial Credit and Investment Corporation of India, ICICI Banking Corporation was
later renamed as 'ICICI Bank Limited'. ICICI founded a separate legal entity, ICICI
Bank, to undertake normal banking operations - taking deposits, credit cards, car loans
etc. In 2001, ICICI acquired Bank of Madura (est. 1943). Bank of Madura was a Chettiar
bank, and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank
(established 1904) in the 1960s. In 2002, The Boards of Directors of ICICI and ICICI
Bank approved the reverse merger of ICICI, ICICI Personal Financial Services Limited
and ICICI Capital Services Limited, into ICICI Bank. After receiving all necessary
regulatory approvals, ICICI integrated the group's financing and banking operations, both
wholesale and retail, into a single entity. At the same time, ICICI started its international
expansion by opening representative offices in New York and London. In India, ICICI
Bank bought the Shimla and Darjeeling branches that Standard Chartered Bank had
inherited when it acquired Grindlays Bank.
In 2003, ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in the
UK it established an alliance with Lloyds TSB. It also opened an Offshore Banking Unit
(OBU) in Singapore and representative offices in Dubai and Shanghai. In 2004, ICICI
opened a representative office in Bangladesh to tap the extensive trade between that
country, India and South Africa. In 2005, ICICI acquired Investitsionno-Kreditny Bank
(IKB), a Russia bank with about US$4mn in assets, head office in Balabanovo in the
Kaluga region, and with a branch in Moscow. ICICI renamed the bank ICICI Bank
Eurasia. Also, ICICI established a branch in Dubai International Financial Centre and in
Hong Kong. In 2006, ICICI Bank UK opened a branch in Antwerp, in Belgium. ICICI
opened representative offices in Bangkok, Jakarta, and Kuala Lumpur. In 2007, ICICI
amalgamated Sangli Bank, which was headquartered in Sangli, in Maharashtra State, and
which had 158 branches in Maharashtra and another 31 in Karnataka State. Sangli Bank
had been founded in 1916 and was particularly strong in rural areas. With respect to the
international sphere, ICICI also received permission from the government of Qatar to
open a branch in Doha. Also, ICICI Bank Eurasia opened a second branch, this time in
St. Petersburg. In 2008, The US Federal Reserve permitted ICICI to convert its
representative office in New York into a branch. ICICI also established a branch in
Frankfurt. In 2009, ICICI made huge changes in its organisation like elimination of loss
making department and restreching outsourced staff or renegotiate their charges in
consequent to the recession. In addition to this, ICICI adopted a massive approach aims
for cost control and cost cutting. In consequent of it, compesation to staff was not
increased and no bonus declared for 2008-09.
On 23 May ICICI Bank announced that it would merge with Bank of Rajasthan through a
share-swap in a non-cash deal that values the Bank of Rajasthan at about 3,000 crore.
ICICI announced that the merger expand ICICI Bank's branch network by 25%.[9][10][11]
On 18h October 2010, ICICI will inaugurate I-Express, an instant cross-border money
transfer option for Non-Resident Indians (NRIs). This service will be available through
the ICICI Bank's select partners in the Gulf Cooperation Council. [12]
[edit] Controversy
ICICI Bank has been in focus in recent years because of alleged harassment of customers
by its recovery agents. Listed below are some of the related news links:
• ICICI Bank was fined 55 lakh for hiring goons (known coloquially as "goondas")
to recover a loan. Recovery agents had, allegedly, forcibly dragged out a youth
(who was not even the borrower) from the car, beaten him up with iron rods and
left him bleeding as they drove away with the vehicle. "We hold ICICI Bank
guilty of the grossest kind of deficiency in service and unfair trade practice for
breach of terms of contract of hire-purchase/loan agreement by seizing the vehicle
illegally","No civilised society governed by the rule of law can brook such kind of
conduct" said Justice Kaleem, who was born in Laddhawala, Muzaffarnagar is the
president of the consumer commission.[13][14][15][16][17][18][19][20]
• Four ICICI loan employees arrested on theft charges in Punjab [21]
• ICICI Bank told to pay 1 lakh as compensation for using unlawful recovery
methods.[22]
• RBI warns ICICI Bank for coercive methods to recover loans[23]
• ICICI Bank drives customer to suicide - Four men including an employee of
ICICI Bank booked under sections 452, 306, 506 (II) and 34 of IPC for abetting
suicide.[24] According to the suicide note they advised him, "If you cannot repay
the bank loan, sell off your wife, your kids, yourself, sell everything at your
home. Even then if you cannot not pay back the due amount, then it's better if you
commit suicide."[25] India biggest private bank has compensated the life by money
[26]
• ICICI Bank on huge car recovery scam in Goa - ICICI Bank invest in car-jackers
to recover loans in Goa. A half an hour investigative report on CNN-IBN's 30
Minutes. The under cover report was executed by CNN-IBN's Special
Investigations Team from Mumbai, led by Ruksh Chatterji [27]
• Family of Y. Yadaiah alleged that he was beaten to death by ICICI Bank’s
recovery agents, for failing to pay the dues. Four persons were arrested in this
case.[28]
• A father while talking to Times of India, alleged that "ICICI Bank recovery
agents visited his house and threatened his family. And his son Nikhil consumed
poison because of the tension".[29]
• Oppressed by ICICI Bank's loan recovery agents, Shakuntala Joshi (38),
committed suicide by hanging. The suicide note stated that she was upset with the
ill-treatment meted out by ICICI Bank's recovery agents and had thus decided to
end her life.[30]
• In another case of a suicide it is alleged that ‘goondas’ sent by ICICI Bank abused
Himanshu and his wife in front of the entire residential colony before taking away
his vehicle. Feeling frustrated and insulted, he reportedly committed suicide.[31]
• C.L.N Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical
Technology, was allegedly tortured by recovery agents of ICICI Bank after he
defaulted on his loan.“They humiliated me no end. They ripped my shirt, shaved
my moustache, cut my hair and gave electric shocks on my chest and even spat on
my face" adds Murthy.[32]
• A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a
prominent lawyer, Someshwari Prasad, to stop his car. They held Prasad at
gunpoint and also slapped him to force him. A manager of the ICICI Bank branch,
Rakesh Mehta, along with four other employees were arrested.[33]
• In a landmark case, Allahabad High Court had ordered registration of an FIR
against ICICI Bank's branch manager, President, Chairman and Managing
Director on a complaint of 75-year-old widow Prakash Kaur. She had complained
that “goondas” were sent by the bank to harass her and forcibly took away her
truck.[34] When the Supreme Court wanted to know about the procedure adopted
by the Bank, ICICI Bank counsel said notice would be sent to a defaulter asking
him either to pay the instalments or hand over the vehicle purchased on loan,
failing which the agents would be asked to seize it. When the Bench pointed out
that recovery or seizure could be done only legally, ICICI Bank counsel said, "If
we have to go through the legal process it would be difficult to recover the
instalments as there are millions of defaulters".[35]
• Taking strong exception to ICICI Bank's use of 'goondas' against a defaulter, the
president of Consumer Disputes Redressal Forum said, "The fact leaves us aghast
at the manner of functioning and goondaism in which the bank is involved for a
petty amount of 1,889... such attitude is deplorable and sends chills down the
spine....The bank had the option to recover dues through legal means. They have
no legal right to snatch the vehicle in such a manner which amounts to robbery,".
In this case recovery agents pointed a pistol at a defaulter when he tried to resist.
ICICI bank argued that they had taken peaceful possession of the vehicle "after
due intimation to the complainant as he was irregular in remitting the monthly
instalments". But the court found out that the records proved otherwise.[36]
• Two senior ICICI Bank officials were booked for abducting one Vikas Porwal
from his house and keeping him hostage in the Bank's premises.[37]
• The credit card division of the ICICI Bank allegedly threatened a senior citizen in
Chandigarh with a fictitious arrest warrant on account of a default that never was.
[38]