The largest private sector lender of the country, ICICI Bank has been penalized by a consumer forum for causing financial loss to one of its customers.
The bank has been asked to give compensation worth more than Rs 2.14 lakh to the customer whose shares, the bank sold without his approval.
The customer, Mr Bhoodev Singh filed a complaint with the District Consumer Disputes Redressal Forum saying that the shares which he had pledged with the bank regarding the opening of a Demat account with them were sold off by the bank at a lower price without taking consent from him.
The shares were initially of worth Rs 5,63,724 and were sold off by the bank for Rs Rs 3,64,288 thereby causing a financial loss of Rs 1.99 lakh.
"The act of the bank has caused not only financial losses as claimed by the complainant but the complainant suffered harassment, pain and mental agony," the forum said.
"Pay to the complainant (Singh) a sum of Rs 1,99,436, a sum of Rs 10,000 as compensation for harassment and a sum of Rs 5,000 as litigation charges," it said.