Business Ethics and Corporate Governance of ICICI Bank.

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Case Study Illegal business ethics and Harassment by Bank Manager Illegal business ethics and Harassment by Bank Manager Kindly note the below points and reply point wise and give me justice. 1. My wife and Father visited ICICI bank Chembur branch around a month back (1st week of Dec11) for asking information about the Locker. They met regular banking officer Mr. Jaykumar and asked about the procedure opening the LOCKER. He told them that he is not the person who take cares of Locker, and guided them to Mr. Saurbh Jadhav. My wife and Father went to meet him in next cabin he explained them the formality about the LOCER and told them that currently there is no locker available but we do have some 15-20% quota to the customers who invest 2-3 lakhs with us in ICICI Prudential. You come with this amount of investment then we will immediately arrange the locker for you. My wife told after discussing with my husband we will get back to you. The same day evening she explained me the episode and immediately I called Mr. Jaykumar and asked about the person who takes care of Locker facility, he had given me MR Saurabh Jadhavs number stating that he take cares of locker facility. I called him and he confirm me the same thing that we dont have locker available now but if you could able to invest 2-3 lakhs money we have some quota to these customers. 2. I had made visit to the branch within two days and explain whole episode to Mrs. Sunderlakshmi, Dy. branch manager and request to look into a matter as it is illegal way to ask the money (I will say Bribe)from customer to get the locker, she confirmed she will find out the solution. She also told me if you want the locker at Chembur naka or Deonar branch she will help. ( the locations in which I am not interested as all 4 of my accounts with station branch) As per commitment she wont come back to me on the issue and I had escalated the matter to Mr. HEM Divedi (my Wealth banking officer)

Also I have log the complaints to customer care with complaint number 206391277 and 206389732 which has not been addressed till today. The following day Mrs. Sunderlakshi called me and said me sorry for all about and she will do something to allot me a locker. The next day she told me there is no availability of locker, she will provide it at differ location, I refused to agree and then same day she come to my house and start CRYING saying that it will be trouble to me and she may lose the job, supported by her collogue who came along with her. Once again she confirmed me that she will do something and will try to allot me a locker at Chembur station branch only. (I guessed that as per bank officer there are some quotas from where she could manage one for me.) 3. I had a conversation with Mr. Saurabh Kumar branch manager (Arrogant fellow and dont have the manners how to behave with customers) he said that no locker is available and Mr. Saurbh jadhav is nothing to do with the locker. I explained hi all the facts but he remained silent on it and unable to answer all questions asked to him and denied that there is no quota to any customer at all. I said fine I will visit the branch. 4. On 24/12/2011 I and my wife went to the bank and meet Mrs. Sunderlakshi, she again told no locker available but as soon as the one get vacant she will allot me on top priority. I said fine give in writing, she said she will give once you meet to branch manager, I said ok, and we went to meet him, he straight away said that we will allot you a locker as per wait list and not on top priority. Asked him following question a. If Mr. Saurbh jadhav is not bank employee (Mr. Jaykumar/ Mr. Harish) why your staffs deliberately send my wife and father to him for locker. b. Why Mr. Saurabh Kumar explained the procedure of Locker allotment although he was not bank employee. c. Why Mr. Harish also told me that yesterday only we had allotted locker to the customer who had invested the 3 lakh with us. How this was happened if there is no locker available from last few months? d. Why Mrs. Sunserlaksmi committed us that she will give the Locker on as and when one will vacant and not as per waitlist? e. Why you are not producing me locker allotment data or the last person to whom you have allotted locker on what date? f. Why he is not bringing the Surabh Jadhav in front of us for verification? ( We had the proof I his own handwriting where he explained about the 2 lakh investment plan ) g. All he above points point out that all are supporting to each other to hide their faults. h. Is it legally correct that on Banking Licensee Does your people has right

to do the business of ICICI prudential by cheating the customers like in my case. There are so many who may came across this situation who might have invested the money or left the situation as it is. I lose my control as he is unable to face me and avoid me, he was very rude and arrogantly talked with me and increase my BP and created tension in bank , ultimately He Called POLICE to the branch and told them This family is making trouble here and shouting on staff. 5. I talked to policemen and explain them the cheating case of ICICI employee, they advised me to log a complaint in Police station. This is very shame full that your peoples create the unethical business of insurance by cheating the people and calling the Police if the situation they could able to tackle. 6. We went to police station for logging a complaint, the officer on dusty called the bank people at police station, but meanwhile I had talked with Mr. Vikas Bahuwala and he told me not to log the complaint as you need a locker, I will find out the solution and will try to allot a locker, asked me a time for couple of days. He explained me that he is not sitting there for charity business and we do have certain Quota for key customers and its our decision to allot the lockers whosoever will feel so. I told him that I have two wealth banking accounts and two normal accounts with your bank; we have three Demat a/c with you having investment of 30-40 lakhs including ICICI Prudential (where we had a loss of money). So we are not a key customer to you. He start explaining me about the rationalizing of banking business, we will not survive without this kind of business. Indirectly he was backing up the entire staff. 7. As I was requesting him to allot me out of your KEY CUSTOMER QUOTA, he told me within couple of days he will come back to me, and explained me there is no meaning logging a complaint in Police station as it will not help me for getting a locker, so I decided not to log the complaint against any of ICICI employee. 8. In next 4-5 days I did not received any call from ICICI bank as it was promised to me, I realize that again these people fool me but in entire episode I understand that there are still lockers available and they dont want allocate it to me. WHY? WHY ? WHY? WHY? Dose the ICICI bank doing ethical business? These kinds of people running the bank where they will take the bank? Also note the following facts I have 10 different accounts and investment holding with ICICI bank

After seeing above relationships with your Bank (More than 40 Lakhs), am I not a key customer for ICICI bank? Dont I deserve a small facility such as locker? Still your greedy people want me to invest another 2-3 lakh in non profitable insurance policy to get one locker through planned way (Cheating through employee chain) as explained above. Your Branch manager ( worst person i have ever come across) calling POLICE to handle the customer like us? If these issues are not address properly, I will escalate it to Board level and really Quit the relationship with the Bank, will adopt all paths to published this information through electronic media.

CASE STUDY 2

Finally... ICICI Bank gets it ICICI Bank had it coming, they were asking for it. Though very much delayed (after many incidents of suicides by customers, routine violence and threats against customers, and consumer court cases), it is still a step in the right direction. RBI norms are flouted with impunity by ICICI Bank (I wonder why ICICI Bank is still the darling of the stock markets, they have a very bad image in the retail market. I guess, its their corporate lending thats doing well). I was hoping for much stringent action against them, based on many incidents that I have come to know of, via the papers, friends, relatives and acquaintances. Once, due to some delay in processing by another bank where I have an account, an EMI for a loan that I had taken from ICICI failed due to a failed transaction. Yeah, I had taken a loan from ICICI *shamefacedly*, I wasnt much aware of their bad practices. Sadly. I was unaware of the failed transaction (I did not check my account balance for a week). One fine Sunday morning at 0730 am (yes, Sunday 0730 am! The time to sleep away the hangover) after a week from the due date, I got a call from their goons, who talked in filthy gutter language so typical of the slums of Mumbai. They said that I have not paid my EMI, "kaykoo nahi paisa bhara", "kab derela hai tu paisa", etc. I was half-asleep, so I told them to call after an hour. They called after half-anhour instead. I told them that I will first check my account, talk to my

bank and then talk to you. I again got a call at 11am or something. By that time, I had confirmed with my other bank (phone banking was working on Sunday), that the processing was delayed due to late salary payment and weekend on 31st and 1st. As per the transaction print from the ATM, ICICI Bank tried to withdraw money early in the morning, while my salary was deposited later in the day. (What kind of f**king bank tries to withdraw money at 8 am morning?). I agreed to pay by cheque. The goon at the other end insisted that I pay by cash. I refused. Finally he agreed to a cheque (dunno why he needed cash). He also asked for some Rs 250 fine for late payment. I refused that, since the bank contacted me late regarding non-payment of EMI. First of all, I had mentioned the withdrawal date as 4th of the month, while filling up the forms. Still, ICICI bank is dumb (or malicious) enough to set it to 1st of the month. I called them twice to change the date to 4th, much before this incident, but still they have not done so yet (of course, it gives them a chance to extract late fines from salaried customers, they wouldnt do that). After that, why the f**k did the bank wait for a week before contacting me regarding the failure of the transaction. After waiting for a week, why the goons first (that too, on early Sunday monring)? Normally, if the bank should have contacted me first, and then send in the goons. Just proves what ICICI bank thinks of their customers. This also reinforces what the customers think of ICICI Bank is true. The bank treats the retail loan customers as if they are defaulters first. There can be any genuine issue on the customer's side, like in my case. Its not like every customer of the bank is out to default and run away with the bank's money. Of course, the customer has to pay. I was willing to pay. I would have promptly paid earlier if they had informed me earlier. But getting goons to harass the customer is no civilized way of dealing. Another case I know of involves a friend of mine, who changed his job and address. He informed the bank of the same, and also completed the formalities of instructing the bank to withdraw from another bank account instead of his current one. Still ICICI bank tried to withdraw from the same account next month, sent goons at his old address (where they came to know of his new address) and sent him a legal notice !! Also, ICICI Bank is the biggest cheat when it comes to EMI calculations, hidden charges, and setting interest rates.