ICICI Bank - A bad experience for many
April 27th, 2005 at 10:16pm
I had only verbally heard about the bad experiences people are having with ICICI Bank, but this just proves it!
Came across this page (do read it! - opens in a new window) via madman’s page.
I have a account with ICICI bank because its our salary account, and we are kind of forced to use ICICI Bank. And since we have a salary account, we get a decent service. But yes, the credit card department, and the call centre sucks big time. That’s my personal experience.
They put you on hold for 5 to 10 mins. (just imagine listening to the same junk music/tone/adverts continuously), and then there is no guarantee that you will get to speak to someone or your problem would be solved. Infact, today I was put on hold for around 7 mins, and after that the call as abruptly disconnected!. Next time I call the call center, I get to speak to a totally new person, and start from scrap describing the problem. The people at the call center just promise to do things, and nothing actually happens. If it happens, then you are really your luck.
Hope K V Kamath reads this!.
My advice to all - Avoid ICICI as far as possible. Many people predict that the bank would collapse in a few years from now. Have a account with any nationalized bank.
Personally, I have an account with SBI and keep a minimum amount in ICICI.
Tags: bad service, bank, bank accounts, complaints, Credit cards, customer care, customer service, customers, escalation, ethics, goondas, icici, icici bank, icicibank, india, popular, private, problems, rowdy, service, unethical
Entry Filed under: Life, Useful Stuff
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Dear Customer (Guest),
Please write to us at headservicequality@icicibank.com with your account number and contact details. Please use subject line as ” Comments from Site”.
Sincerely,
Nazia Sayeed
Office of Head Service Quality
ICICI Bank.
Comment by ICICI Bank Service Team — October 10, 2008 #
There is more to icici..I always thought I was being paranoid but after reading these posts, I am sure ICICI is upto some fraud.
Three years back I authorized ICICI to open a recurring deposit and transfer money from my regular account to a recurring deposit/ RD account. Did not have internet banking with them at that time. But looking at my balances, I was sure they were transferring money to my RD account. So, after around 6 months, I estimated that my balance would be the operative balance + money in recurring deposit. BTW, they stopped sending me my bank statement midway. But Lo and behold! when I went to the bank, I was told that they discontinued my RD and were not transferring any money from savings to RD since the second month itself. on top of it, no statements were given to me; all they said was that from now on, we will send the statement.
I moved out of India, and they happily stopped sending me my statements again. Well, again when I went to India, I felt the money in my account had somehow depleted..but since no statements were ever sent to me, no proof!!
the worst still: few days back I sent money to india using their money2india. now, they claim it takes 4-5 working days to transfer money to india. good, great! figured that the exchange rate was suddenly higher, so initiated the transfer at around the time of high exchange rate. Now, ICICI took money out of my US bank account on the second day of initiating the process but money was not transferred to my account in India within 5 working days. on calling them up, the same story as many have heard: the money is in New York and we will transfer money to your account within 5 days of getting it in mumbai, not within 5 days of withdrawing from your US account…now one would ask what will u do with it for 5 days in mumbai? once u have a customer’s money, are you not supposed to give him charge of that amount? no, they wouldnt do it…in that process, they use our money for extra days as someone has pointed out. the reason is very simple and a very cheap business tactic:: they wait for exchange rate to go down, and one would notice that in the whole week, the money is credited to your account when the exchange rate is the lowest. what a cheap tactic!! as if people wont understand!
another issue I faced regarding transfer of money: I once requested money to be transferred to an account in nationalized bank..they did not do it; instead sent the demand draft to the beneficiary through a god forsaken courier which delivered the draft to a person who was not even remotely related to the beneficiary…did not even bother to tally the signature. and it took me a week to locate that draft.
Comment by guest — October 8, 2008 #
To,
ICICI Bank:
Looks like there is some problem with your email systems. I will keep copying on the websites, or ask others to forward them to you.
I hope you received the email dated Aug 19 and Aug 31 atleast. These emails are also included in the email chain and appears in your reply as well. When can I receive the response?
- Parag
—– Original Message —-
From: SHIVA TADIKONDA /RCSG/IBANK/MUMBAI
To: Parag Palsapure
Sent: Tuesday, September 30, 2008 10:06:04 AM
Subject: RE: Banking Ombudsman Award - Case of Mr. Parag Palsapure
Dear Mr.Palsapure,
I once again reiterate that I have not recieved your mail dated 10th Sept,2008.
Regards
Shiva
——————————————————————————–
From: Parag Palsapure [mailto:parag.palsapure@yahoo.com]
Sent: Monday, September 29, 2008 11:17 PM
To: SHIVA TADIKONDA /RCSG/IBANK/MUMBAI; TARUNENDER DUGGAL /PMG/IBANK/BKC
Cc: KAMATH K. V. /CORPORATE/IBANK/BKC
Subject: Fw: Banking Ombudsman Award - Case of Mr. Parag Palsapure
Dear Mr. Tadikonda,
During our telecon today, you mentioned that you have still not received this following email. I am forwarding the same again. I hope you will comply to the Hon Banking Ombudsman’s orders, and refund me the entire money ASAP.
Kindly acknowledge the receipt of this email ASAP, if my emails are not reaching you, I will have to communicate through web blogs, or I will have to request other people on Internet / mailing lists to forward you my communication.
- Parag
9322662040
—– Forwarded Message —-
From: Parag Palsapure
To: tarunender.duggal@icicihfc.com; kamath.kv@icicibank.com
Cc: shiva.tadikonda@icicibank.com; bomumbai@rbi.org.in; ushathorat@rbi.org.in; yvreddy@rbi.org.in; care@core.nic.in; KV Kamath ; dsubbarao@rbi.org.in
Sent: Wednesday, September 10, 2008 3:36:22 PM
Subject: Re: Banking Ombudsman Award - Case of Mr. Parag Palsapure
Dear ICICI Bank,
I have still not received any response to my originally raised queries.
When are you going to addressing the unresolved issues? I hope you will comply with the Hon Banking Ombudsman’s Orders and refund my remaining money immediately.
regards,
- Parag
Comment by Parag Palsapure — October 1, 2008 #
September 30, 2008
Dear Sir/Madam
We greatly value your relationship with us. In the context of the developments in the international financial markets, we thought it pertinent to bring to you our perspective of the prevailing situation.
We would like to bring to your attention that the Indian banking system is well regulated and significantly insulated from global developments. This is because it is mandatory for all Indian Scheduled Commercial Banks to retain 34% of the deposit base in the form of Government Securities (SLR) and cash with RBI (CRR). Besides, sound policies of RBI have ensured prudent credit practices in the Indian Banking system.
ICICI Bank is already compliant with the BASLE II requirement in respect of risk management practices and capital adequacy. At 13.4%, ICICI Bank has one of the highest capital adequacy ratios in the Indian banking industry. Last year, ICICI Bank raised Rs. 20,000 crores (US $ 5 billion) of equity capital, which almost doubled our equity capital base. We have a net worth of over Rs. 47,000 crores (US$ 10 billion), again one of the highest in the banking industry in India We have consolidated total assets of over Rs. 4,84,000 crores (over US $ 105 billion), which is diversified across a wide range of asset classes across retail, wholesale and rural banking.
ICICI Bank is amongst the most profitable banks in India. In FY 08, ICICI Bank made a profit of Rs. 4,158 crores (US$ 900 million).
ICICI Bank has the highest credit ratings in the Indian financial sector. We have AAA ratings for our instruments, such as senior bonds, subordinated bonds, and deposits. We have the highest foreign currency bond ratings assigned to any Indian bank from Moodys and S&P.
We continue to invest in growth, indicating our confidence in the opportunities in the Indian market. In 07-08, ICICI Bank added 650 new branches, taking the total strength to over 1400 branches.
We thank you for reposing trust in us over the years. We look forward to setting new benchmarks in service levels in India and to create a bank that you will continue to be proud of.
As a testimony to the above ,please find below the clarification given by Reserve Bank of India:
Date : 30 Sep 2008
RBI Statement on ICICI Bank’s Financial Position
There are reports in some sections of the media that based on rumours regarding the financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in some locations.
It is clarified that the ICICI Bank has sufficient liquidity, including in its current account with the Reserve Bank of India, to meet the requirements of its depositors. The Reserve Bank of India is monitoring the developments and has arranged to provide adequate cash to ICICI Bank to meet the demands of its customers at its branches/ ATMs.
The ICICI Bank and its subsidiary banks abroad are well capitalised.
Alpana Killawala
Chief General Manager
Press Release : 2008-2009/412
Sincerely,
Rakesh Sah
Office of Head Service Quality
ICICI Bank Limited
Comment by ICICI Bank Service Team — September 30, 2008 #
Dear Sir
Have a nice day!!!
Sir
This is : Amit Kumar Chauhan,
Date Of Birth:05/5/1981,
Acount No.: 628401523516
Address: Asha Bhawan Gali No. 2 Bank Colony, Modinagar.
Branch Office of My account: Noida
Mother Name: Asha Chauhan
Father:Name: Mr. Ram Bahadur Singh Chauhan
Sir I’vnot Recieve the payment 1500/-of AXIS BANK ATM in Modinagar on 17th September 2008 at 12:30PM.But in my account show transaction is succesfully complete.
Plz solve the my problem & Recover the amount in my acoount.
I want Mobile No change in my account my New No. is 09891567857, I’ve loss the old no.of some few months goes.
also want Internet Banking in my account i’ve alays fillup the fourm in Preet Vihar Branch of 29 Aug2008, but i’ve not get any response from your side.Pleeeeeeeze.
Thnxs & regards!
Amit Kumar Chauhan
Mo.:9891567857
Acount.:628401523516
–
–
With Best Regards.
Amit Chauhan
Sr,Bussiness Consultants & Web Developer
Tel.+91 9891567857,09756328762
Comment by Amit Kumar Chauhan — September 29, 2008 #
Dear Sir (Abraham),
We request you to inform the said customers to write to us at headservicequality@icicibank.com with account number and contact details. Please use subject line as ” Comments from Site”.
Sincerely,
Nazia Sayeed
Office of Head Service Quality
ICICI Bank.
Comment by ICICI Bank Service Team — September 25, 2008 #
“Business Line’s efforts to get an official statement from ICICI Bank on the issue were not successful as the bank did not respond. Some names of the respondents in this report have been changed”
ha..ha..ha.. they don’t provide proper response to their customer queries…how do you expect ICICI Bank to respond to a journalist’
Comment by Abraham — September 25, 2008 #
ECS woes irk ICICI Bank customersG. Naga Sridhar | Thursday, 25 September , 2008, 10:38
Hyderabad: Prasad Rao, an employee of BHEL, was busy with guests at his daughter’s first birthday party.
There was one uninvited guest, a collection agent from ICICI Bank, who wanted Rao to pay Rs 22,000 towards the EMI of his housing loan which had already been debited from his account three days earlier!
This is just the tip of the iceberg. The ECS deductions of ICICI Bank are turning increasingly erratic, causing retail customers inconvenience, embarrassment and mental agony for reasons ‘unknown’ to the bank, according to information available with Business Line.
“I had taken a two-wheeler loan from ICICI Bank in May 2008. A proper ECS deduction mandate was taken from me by the bank. Till now, only two ECS deductions were made from my account, though there have been sufficient funds,” Parasuram, a lecturer with Osmania University, said.
ICICI Bank raises NRI deposit rates
The matter does not end here.
“From the very next day, the call centre/collection executives start pestering you for no mistake of yours. I tried explaining to them that there were funds in the account and that the problem was with the execution of mandate over which I have no control,” he said. Further, a customer would be branded a ‘defaulter’ with a cheque-bounce fine of Rs 250 per month.
And, if somebody is strong enough to resist the unwarranted harassment from collection agents, he will be made to pay a heavier price at the time of loan closure.
‘ICICI Bank has limited exposure to foreign markets’
“In my loan duration of 18 months for a bike, six times ECS deductions did not happen and I refused to pay the fine. But to get a no-objection certificate from the bank, I was forced to pay that with interest for one year,” Raja, a software engineer with Computer Associates, said.
Apart from the embarrassment and distress, a big blow to a customer is the adverse impact on his/her credit history.
What is the recourse, then? “It appears that there is no way out other than approaching the Banking Ombudsman as ICICI Bank did not respond to my complaint for the last five months,” says Parasuram.
More India business stories
“We will look into all these complaints if somebody formally complains to us as per the prescribed procedure,” M. Sebastian, Banking Ombudsman (AP), told Business Line.
Business Line’s efforts to get an official statement from ICICI Bank on the issue were not successful as the bank did not respond. Some names of the respondents in this report have been changed.
Comment by Abraham — September 25, 2008 #
Dear Sir (Bhaskar),
Please write to us at headservicequality@icicibank.com with your contact details. Please use subject line as ” Comments from Site”.
Sincerely,
Nazia Sayeed
Office of Head Service Quality
ICICI Bank.
Comment by ICICI Bank Service Team — September 24, 2008 #
False Practices involved in ICICI bank..
I believed that ICICI bank was one of the good bank private banks until I tried to open a Gold account from ICICI, Sales agent (Gautam, emp no- 515989) of ICICI bank sent an ICICI agent at my place on 26th August and told me that the account will be activated by 29th, When there were no updates, i tried to contact phone banking, Customer care, Mr.kamath, sales agent, operation manager of CP branch, delhi but no information was given to me.
1. In the end i got to know that my sales agent lost some documents, and my account was not activated. (6th september)
2. I provided the documents once again to the sales agent on 7th september.
3. on 23rd september he denied that he will not be able to open zero balance gold account as promised earlier, he also said that my account was not opened because i have given him two cheques total rs.50,000 and the bank needs only one cheque of rs.50,000 (sales agent dont know this things for 1 month).
4. I had a look on my submitted Documents, sales agent again lost some of my documents and submitted some forge documents with my copied signatures (not mine), he has some religare documents in my name even when i don’t have any account in Religare, I was so surprised, I decided not to go for ICICI account, ICICI bank is full of cheat and unresponsible people.
5. I am too surprised by this, I will make sure that none of my friends or comapny mates opens any account in ICICI.
ICICI bank is a cheater, I dont want my money in the hands of such a company.
Comment by Taran Goyal — September 24, 2008 #