Bangalore District Commission Holds ICICI Bank Liable For Failure To Return Original Documents Within One Month Of Loan Disbursement
11 months, 3 weeks ago

Bangalore District Commission Holds ICICI Bank Liable For Failure To Return Original Documents Within One Month Of Loan Disbursement

Live Law  

The III Additional Bangalore Urban District Consumer Disputes Redressal Commission, Bengaluru bench comprising Shivarama K, Chandrashekar S Noola and Rekha Sayannavar held ICICI bank liable for deficiency in services for failure to return original documents to the Complainant within 1 month of loan disbursement. However, despite persistent efforts, the Complainant failed to obtain the necessary documents from ICICI Bank, complicating the transaction, especially given the complainant's status as an NRI residing in the UK and his mother's health concerns. Furthermore, ICICI Bank refuted claims of delayed document provision, citing correspondence indicating timely responses and alleging concealment of facts by the Complainant, including a loan account closure and refund of excess amounts. Observations by the District Commission: The District Commission noted that ICICI failed to produce evidence supporting the timely return of documents, as per their obligations within one month of loan disbursement.

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History of this topic

Why ICICI Bank is going slow on personal loans
1 month, 3 weeks ago

Why ICICI Bank is going slow on personal loans

Live Mint  

Mumbai: In a quarter of otherwise stable financials, ICICI Bank Ltd was unable to completely avoid the impact of asset quality woes plaguing India’s banking sector. Of ICICI Bank's gross loan slippages of ₹6,085 crore in the December quarter, ₹5,304 crore were retail and rural loan slippages, including ₹714 crore from the kisan credit card portfolio. “Our retail portfolio is …

Delhi Court accepts CBI closure report in NDTV loan-repayment case
Trending News
1 month, 3 weeks ago

Delhi Court accepts CBI closure report in NDTV loan-repayment case

Live Mint  

A Delhi court on Thursday accepted a closure report filed by the CBI in an alleged case of irregularities by ICICI Bank in accepting loan repayment from NDTV, saying "it appeared to be satisfactory". "Upon going through entire closure report, documents annexed with the same coupled with submissions made by public prosecutor for CBI as well as statement given by …

Bangalore District Commission Holds Union Bank Of India Liable For Failure To Refund Wrongfully Debited Money
8 months, 1 week ago

Bangalore District Commission Holds Union Bank Of India Liable For Failure To Refund Wrongfully Debited Money

Live Law  

The Additional District Consumer Disputes Redressal Commission-III, Bangalore Urban bench of Shivarama K and Rekha Sayannavar held Union Bank of India liable due to its failure to refund the money wrongfully debited from the complainant's bank account while attempting to withdraw from the bank's ATM. Brief Facts: The Complainant attempted to withdraw money from an ATM operated by Union Bank …

Chandigarh State Commission Holds Axis Bank Liable For Delay In Loan Disbursement, Failure To Produce Documents And Lack Of Communication
1 year ago

Chandigarh State Commission Holds Axis Bank Liable For Delay In Loan Disbursement, Failure To Produce Documents And Lack Of Communication

Live Law  

The State Consumer Disputes Redressal Commission, U.T. Chandigarh bench comprising Justice Raj Shekhar Attri and Mr Rajesh K. Arya held Axis Bank liable for deficiency in services in a housing loan case. Despite the bank's assertion of property non-identification, the State Commission found the bank's lack of communication and failure to produce essential documents suspicious. The District Commission dismissed the …

Documents Destroyed Due To Fire In Storage Area, Kolkata District Commission Holds IDBI Bank Liable
1 year, 1 month ago

Documents Destroyed Due To Fire In Storage Area, Kolkata District Commission Holds IDBI Bank Liable

Live Law  

The District Consumer Disputes Redressal Commission Kolkata Unit – II bench comprising Sukla Sengupta and Reyazuddin Khan held IDBI Bank liable of deficiency in services for its failure to take utmost care of security and safety of the original documents stored in its storage facility which resulted in destruction of the original documents in a fire incident. However, the bank, …

NCDRC Holds ICICI Bank Liable For Loss Of Original Documents, Awards 25 Lakh Compensation
1 year, 6 months ago

NCDRC Holds ICICI Bank Liable For Loss Of Original Documents, Awards 25 Lakh Compensation

Live Law  

Recently, the National Consumer Disputes Redressal Commission presided by Hon’ble Mr. Subhash Chandra as the presiding member, partly allowed a consumer complaint and directed the ICICI Bank to pay compensation worth Rs. Arguments of ICICI Bank and Bluedart In response the Bank argued that the complaint was not maintainable, as the loss of documents was due to the fault of …

Competition Commission dismisses complaint against ICICI Bank
4 years, 1 month ago

Competition Commission dismisses complaint against ICICI Bank

Hindustan Times  

The Competition Commission of India has dismissed a complaint of abuse of dominant position made against ICICI Bank with respect to the home loan segment. Existence of a large number of players in the home loan market shows that ICICI Bank cannot operate independently in the market It was alleged that there were one-sided clauses in loan agreement and that …

ICICI loan fraud: Why the Roys of NDTV were not allowed to leave India
5 years, 7 months ago

ICICI loan fraud: Why the Roys of NDTV were not allowed to leave India

Op India  

NDTV founders Prannoy Roy and his wife, Radhika Roy, were prevented from leaving the country recently, the channel claims. In 2007 Radhika and Prannoy Roy bought back 7.73% stake held by GA. NDTV’s stock was hovering at around Rs 400 at the time, but the Roys bought shares back at Rs 439. The FIR against Prannoy and Radhika Roy of …

Opinion | ICICI Bank must answer for CEO scandal
6 years, 1 month ago

Opinion | ICICI Bank must answer for CEO scandal

Live Mint  

ICICI Bank Ltd. is seeking to claw back bonuses and stock options paid to departed chief executive officer Chanda Kochhar. Kochhar’s husband had beneficial business dealings with Videocon managing director Venugopal Dhoot, yet the CEO didn’t recuse herself from the credit committee that sanctioned the loan in 2012. It’s only now that the inquiry has found Kochhar violated the bank’s …

ICICI Bank reviewing all loans disbursed in last 5 years
6 years, 7 months ago

ICICI Bank reviewing all loans disbursed in last 5 years

Live Mint  

Mumbai: With the US Securities and Exchange Commission intensifying its probe into ICICI Bank Ltd, India’s second largest private lender is reviewing all loans disbursed over the past five years to overhaul processes, plug loopholes and prepare reports to address regulatory inquiries, if any. The bank’s compliance division, risk management department and the arm that manages non-performing assets asked its …

ICICI Bank posts loss of Rs 120 cr in Q1: Why lender's April-June quarter numbers remind one an old PSB trick
6 years, 7 months ago

ICICI Bank posts loss of Rs 120 cr in Q1: Why lender's April-June quarter numbers remind one an old PSB trick

Firstpost  

Till a while ago, it was typical for public sector banks to post sharp fall in quarterly profits, or even a loss, whenever a new chief used to take over the corner office. Did we just see something similar in the case of ICICI Bank, country’s second largest private lender and a bank currently in the middle of a slew …

Past karma brings home historic loss for ICICI Bank
6 years, 7 months ago

Past karma brings home historic loss for ICICI Bank

Live Mint  

Mumbai: India’s second largest private sector lender by assets ICICI Bank Ltd reported a historic loss for the June quarter, a period considered to be the cusp of a long recovery road. Investors should have seen this coming, especially after another private sector corporate lender Axis Bank Ltd slipped into the red just a quarter earlier. What led to the …

Whistleblower complaints against ICICI Bank: The story so far
6 years, 8 months ago

Whistleblower complaints against ICICI Bank: The story so far

Live Mint  

Mumbai: In March, ICICI Bank Ltd received a third whistleblower complaint alleging it inflated profits by at least $1.3 billion over eight years by delaying provisioning for 31 NPA accounts. The whistleblower, an ICICI Bank employee, filed complaints on 20 and 22 March alleging the bank deliberately did not set aside funds to cover 31 defaulting loan accounts between fiscal …

Videocon loan case: ICICI Bank sanctioned Rs 650 cr loan against Dhoot’s group company that had a turnover of just Rs 75 cr
6 years, 11 months ago

Videocon loan case: ICICI Bank sanctioned Rs 650 cr loan against Dhoot’s group company that had a turnover of just Rs 75 cr

Firstpost  

One of the five companies in the Videocon Group, Evans Fraser & Company India Limited, which received a Rs 650 crore loan from ICICI Bank in 2012, had net sales of just Rs 75 crore reported in 2011 and net profit of Rs 94 lakh One of the five companies in the Videocon Group, Evans Fraser & Company India Limited, …

ICICI Bank asked to pay Rs.50,000
10 years, 4 months ago

ICICI Bank asked to pay Rs.50,000

The Hindu  

Private banker ICICI Bank Ltd. was asked to pay Rs.50,000 to a customer for the loss of the sale deed of his property, which was mortgaged with the bank. While passing the ruling, the State Consumer Disputes Redressal Commission upturned an order of a district forum’s ruling, which has asked the bank to cough up a total of Rs.25,000 in …

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