NEWS & ADVICE : PERSONAL LOAN
ICICI Bank asked to compensate loss of customer
By Vaibhav Aggarwal
Mar 29, 2012
Print    Email    RSS   

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.


 


(Comments Posted : 1) Post Your Comments
1. very good move by the consumer forum as it protected the interest of consumer who were innocent...
Sneha khan (Posted: Mar 31, 2012)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Guidelines to apply for NRI Personal Loans
Loan upper limit increased for women
Effect of employment on loan eligibility...
Manage your loans, avoid recovery agents
Need of Financial inclusion: making the...


Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive