Credit card complaints surged 74% in 2008-09: Banking Ombudsman

NEW DELHI: Credit card complaints such as overcharging and issuance of unsolicited cards shot up by a whopping 74 per cent during 2008-09, said the annual report of the Banking Ombudsman.

"Complaints relating to credit cards continue to show an uptrend...The number of complaints pertaining to credit cards rose by 74 per cent during 2008-09," said the Ombudsman, which was appointed by the Reserve Bank to look into complaints of customers against banks.

The complaints, the report added, pertain to issuance of unsolicited credit cards and insurance policies, charging of annual fee in spite of being offered as 'free' cards, abusive calls and selling loans over phone. Of the 69,117 complaints received during 2008-09, 26 per cent related to credit cards, it added.

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Letter of Appreciation to ICICI

Letter of Appreciation

ICICI Bank Limited, Pune
ICICI Pru Limited, Mumbai
23rd Feb, 2010

To Whom it may Concern

This, Letter of Appreciation, is a with reference to my complaint which got resolved after 9+ months due to the proactive help and support provided by four ICICI officials whose details are given below. I would like to thank them personally for their sincerity and dedication towards ICICI. I personally feel that ICICI is lucky to have them on-board but the irony is people like them are in minority. ICICI have more corrupt people and just handful of dedicated people.

Mr. Bonny Thomas, Regional Head Sales (salary Account) ICICI Bank, Pune:
He has done a commendable job by patiently listening to the complaint and solving the queries in just a weeks time. I really appreciate his help as he has gone out of the way to take care of this complaint. Bonny is from the salary department but still he did his homework well and provided me all the answers. I wonder what stopped the real culprits and their seniors from doing so. He is The Man with amazing problem solving abilities.

Mr. Shakti Singh, Relationship Manager, (salary Account) ICICI Bank, Pune:
Shakti was very instrumental in providing me a resolution since I got in touch with him. He was actively interacting with all the concerned people and was keeping me up-to-date on the latest developments.

Ms. Saphira Sequeira, Customer Relations Manager, ICICI Pru, Mumbai:
She acted very promptly on my complaint and took it seriously. Also she was keeping me updated on the developments on a regular basis. I like the fact that she took the complaint as a top concern and initiated an enquiry on Prakash Sikri to authenticate the complaint.

Ms. Teena Katyal, Customer Service Manager, ICICI Pru, Mumbai:
When Saphira was on leave, Teena took over the case and she helped me getting an apology letter along with my premium money. I was amazed that she did all this in just 15 days flat.

I am attaching the resolution letter provided by the above as a reference. Also I am attaching the worst letters in the corporate history provided by both the crooks Prakash Sikri and Gurav Bose. They are being shielded by their seniors who don’t have the audacity to take any action.

It’s a matter of big shame that ICICI could not resolve an issue for 9+ months which only took a week, when taken seriously. The ICICI complaint cell is a waste of time and all the escalation levels are nothing but eyewash. It’s high time ICICI should set some processes right and place a trigger which can alert them if any complaint lingers on for months.

I am not sure if I will ever get the answers for the questions below,

Q1. Why my complaint took 9+ months, when the answers were very simple?
Q2. Why ICICI complaint cell never responded to any of my queries?
Q3. Why ICICI has 3 levels of escalation when not a single level actually produces result?
Q4. What is ICICI policy for compensation to the customer who suffered for 9+ months due to the inefficiency of your corrupt staff?
Q5. Why I did not get the answers from Prakash Sikri and Gaurav Bose or for that matter even from their seniors?
Q6. How is the ROBOT B. Vijay Rose helping the duped customers or even ICICI for that matter?
Q7. Why do ICICI pass the complaint to call center people who simply call me to ask my DOB, fathers name, mothers name, last transaction, account no, EMI, Loan sanctioned, etc even before saying Hello?
Q8. How can ICICI hire guys who don’t even know how to write a mail or not to misuse their powers by sending fake ICICI mails?
Q9. How can senior ICICI official make a statement like “Let bygones be bygones”? Why don’t they respect their customer’s time and energy? This is a sheer example of “Chalta Hai” attitude.

ICICI needs to understand that their senior folks represent ICICI and a statement like above proves the disrespect towards customer’s time and an unprofessional culture.

I strongly feel that ICICI will be doomed if people, like the ones mentioned above, will leave the company. I personally don’t have any faith left in ICICI. I suffered for 9+ months to get the answers of my questions.

I wish Bonny Thomas, Shakti Singh, Saphira Sequeira and Teena Katyal all the best in their career and future endeavors.






http://icicidupedme.blogspot.com/

PS: This blog is a testimonial of what I have undergone. If someone has any concerns about the same, I will be more than happy to answer but I would like someone really senior to interact with me. By seniors I mean the people like Mr Kamat, Ms Kochhar, otherwise please don’t bother. Also I would like to mention that I don’t have any hidden agenda with this blog. Just so you know that with all the proofs I have, I can simply sue ICICI but I don’t have time for these things. I just want to educate other people on how ICICI works so that they can safeguard themselves. A resolution time of 9+ months for simple queries is a big shame and a matter of grave concern for INDIA’s largest bank.

Attachments :

1. Last mail from Bonny clarifying all the queries : page 1, page 2

2. Apology mail from ICICI Pru : full mail

3. Fake Mail from Gaurav Bose : page1, page2

4. Worst mail ever from Prakash Sikri : full mail

What to do when Banks force sell you ?

If you have been asked to buy a ULIP for any loan related process, use any of the method below to get back your money.

Option 1 :

Difficulty level : knowledge of blogging

Resolution Duration : 9+ months

Pain, mental trauma, stress and harassment : High

Step 1. Send ICICI a complaint mail with all the relevant docs photocopy (I maintained the correspondence on a blog which served dual purpose)

Step 2. Send a mail to all the three level of escalations mentioned at ICICI website - this is just a formality as u need to give a proof of ur complaint before sending a mail to Banking Ombudsman. dont expect anything from ICICI as it is a sheer waste of time but you have to do it.

Step 3. Now send a mail to ICICI ombudsman with all complaint letter attached. Make sure you provide the complaint in the desired format.

Step 4. Send a mail to ICICI Pru Bombay, thru post and online, the ICICI Pru is very fast in resolving any dispute.

Step 5. Keep sending stinker mails to ICICI, well they not budge but you will feel good and light.

Summary : Online blog will help u maintain the flow of sequence and the best part is that u will learn how to blog :-). Keep on following and one day someone will respond, in my case it took them 9+ months.....

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Option 2:

Difficulty level : very simple

Resolution Duration : 15 days to 1 month max

Pain, mental trauma, stress and harassment : NIL

Step 1. Go to the bank and agree to buy the ULIP in return of you loan related process.

Step 2. Give them ULIP premium cheque, get a photocopy of the ULIP docs/forms and the check.

Step 3. Take the visiting card of all the people who were involved in ur case (this is very important, if no visiting card atleast take their name, designation and mobile no.)

Step 4. After u have agreed to their demand of ULIP now make sure you get ur work done ASAP. Don't give them any time get ur work done at the earlier. Be firm and be rude.

Step 5. Wait for the ULIP welcome kit

Step 6. Once you recieve ur ULIP welcome kit, write a strong complaint letter to ICICI Pru telling them about the forced ULIP, the names of the people involved and your request of cancelling the ULIP. In all the insurance firms there is a freelook period of 15 days to 1 month during which u can refund the policy without providing any reason (but you must cite your reason in this case).

Step 7 : Make sure your complaint mail is very strong. ICICI don't respond to polite mails, they simply ignore them.

Step 8. Your ULIP money will be refunded.

Summary : This is a very simple way of getting ur work done smartly by complying to all the stupid rules set by ICICI or any other bank for that matters. Just agree to their demands and cancel the ULIP during the freelook period.

I will suggest you to choose the second way as it is simple and less time consuming, i wish i could have known this before.

Ohhh my gawd ...this force selling is happening everywhere ...

I came across this article of banks force selling their ULIPs to customers opting for loan or related products on www.jagoinvestor.com

Investors Beware.....it seems like a much bigger racket than i thought.....

Here is the article :

"Force Selling combined with other financial products"

Finally my queries are resolved, after 9+ months....

After my discussion with Bonny Thomas, Shakti Singh, Prateek Sharma and (I dont remember the name of the forth person), they were finally able to provide me a written explanation of all my queries.

Its so good to see people who are not directly involved taking a proactive stance and helping me out, where its sad to see ICICI as company fail to address customer complaints for 9+ months.

ICICI complaint cell is a big bluff and a waste of time.

Here is the list of questions for which I wanted an explanation, from the last 9+ months :

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Q1: The extra one month interest I paid because ICICI Pune Branch took 1 month for a process which ICICI Delhi Brach completed in 80minutes flat. I want the 1 month interest which I paid extra, back. Q2: Why there is a difference between the switch procedures at different ICICI branches. Delhi took 80 minutes and Pune took 1 month. Q3: Why my loan account number has been changed whereas ICICI Delhi branch kept it the same? I want it to change back to my previous account number. Q4: Why I have been asked to submit four blank checks with no date and amount and what is the status of these checks? Q5: Why Delhi branch never asked me these blank cheques. Q6: When my previous loan account is closed, why I have not been returned my previous blank checks which I have submitted at the time of opening the account? Q7: Why the disbursement amount is given to this new account number ( LBPUN 00000 91). Whose account now is this? (Attached) My Old Home loan No: LBPUN 00000 912xxx My New Home loan No : LBPUN 00000 175xxxx The disbursement amount went to LBPUN 00000 91 ?????? Q8: Why Gaurav Bose is sending fake ICICI letters with no references at all. I wonder if you have a record of all the letters I have received. Q9: Actions against Gaurav Bose and Prakash Sikri as they are taking people for c ride. If I would have had only Pune loan, I could have never known about this cheating ICICI Pune bank employees are doing. They must have duped many people with only Pune home loan. Q10: Why Gaurav is not accepting that he duped me? Why is he not taking the responsibility of his actions? Why is he getting shielded?

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Here is a copy of their official letter explaining all my queries. let me tell you that this is the first sensible official letter i have seen from ICICI in last nine months.

No responce so far, another reminder mail sent

Beware! Bank frauds are on the rise.

I strongly agree to this as i am a victim of such a fraud and its been 9+ months since i have been asking for an explanation. No response whatsoever, everyone is playing pingpong; just passing the ball.

Read the article in Economic Times
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Beware-Bank-frauds-are-on-the-rise/articleshow/5518728.cms

Another mails sent to Prateek Sharma

He want me to meet and settle this out whereas i believe he is shielding his employees. I fail to understand why they can't send me an explanation letter. Who will pay for my loss? Is this how they have grown so big?

I have expressed my inability to meet and mailed him back asking for a written explanation.

Mail recieved from Prateek Sharma

Complaint mail sen to Prateek Sharma, Regional Manager ICICI, Pune

Not sure if this is a Coincidence

News like the below one make me think hard about the nature of things to happen in India.

ICICI Bank's UK unit accused of acting against whistle blower

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/ICICI-Banks-UK-unit-accused-of-acting-against-whistle-blower/articleshow/5341784.cms

More Satyam-like cases simmering: Rohit Mahajan, KPMG executive

http://economictimes.indiatimes.com/opinion/interviews/More-Satyam-like-cases-simmering-Rohit-Mahajan-KPMG-executive/articleshow/5345907.cms

especially question like this are thought-provoking .....

Has there been any kind of shift in the way frauds are committed?

We are seeing more frauds now compared to 3-4 years ago and the nature of frauds is no more limited to scrap sales or cash being stolen. We are seeing a dynamic shift with respect to intellectual property, e-commerce and other IT-related frauds. It is not just the junior employees who are involved. The senior management seems to be encouraging it and there is more focus on bribery and corruption.

What I want from ICICI (Pune) home loan department

Complaint Status : Its been more than 6 months (9 may09 - till date) and I have sent letters to Customer Service Manager, Bank manager, Avijit Saha, ICICI Head Quality Service, Shiva Kumar, B Madhivanan, Banking Ombudsman but the situation is same. Everybody is playing ping pong and the corrupt officials Gaurav Bose and Prakash Sikri are still working freely.

Issue: ICICI Pune (Shivaji Nagar) Housing finance dept is misleading people who want to switch their housing loan from higher rate of interest to a lower (prevailing) rate of interest. They are forcing people to buy ULIP of 50K. They have forced me to buy one such ULIP policy of 40k in order to switch my home loan.

How do I know: I have two home loans from ICICI; one in Delhi and other in Pune. Since both my loans were on floating interest I decided to switch them to the current prevailing rate of interest. As I am in working in Pune I went to the Pune Branch first for my Pune Home loan switch and they told me about the compulsory ULIP policy of 50K for a loan switch. I had a big argument with the customer service rep and then the manager intervened and told me the same thing. Since the manager itself was telling me I had no choice but to buy the policy of 40k (the home loan guy reduced the amount).

After that I went to Delhi for my Delhi home loan switch and I got a shock of my life when ICICI, Delhi switched my loan in 2 hours flat without asking for any extra papers or ULIP policy purchase.

Same Process, but different ways: ICICI Delhi branch completed the whole process in 2 hrs flat and ICICI Pune branch took 1 month to do the same. ICICI Pune guys were more interested in getting the ULIP than switching my home loan. They infact changed my loan account number by closing the previous loan and issued me a new loan account number. It is surprising to see why ICICI bank has two different processes for the same home loan switch procedure. This shows that ICICI Pune branch is working on their whims and fancy and connive with the Insurance dept to help them meet their targets.

Losses I suffered: In converting my home loan switch from ICICI Pune, I have suffered the following losses because of Gaurav Bose and Prakash Sikri’s selfish motive.
~ Rs 40000 paid towards the ULIP and the ULIP is for 18 years so that means I will be paying 40K every year to ICICI
~ Extra one month interest paid on my housing loan. If ICICI Pune had switched my loan on the day I approached them, I would have saved one month interest.

ICICI Bank branch: 1194/8, RamaChandra Sabha Mandap, Ghole Road, Shivaji Nagar, Pune - 411005

Corrupt ICICI officials:
~ ICICI Bank home loan officer : Gaurav Bose, gaurav.bose@icicibank.com ,
+91 99237 50346
~ ICICI Prudential officer : Prakash Sikri, prakash.sikri@iciciprulife.com ,
+91 98817 34534

I need the following from ICICI bank :

~ The money I paid for ULIP i.e. Rs 40000 as I don’t want the UILP, it was forced to me. - Got the ULIP money back
~ The extra one month interest I paid because ICICI Pune Branch took 1 month for a process which ICICI Delhi Brach completed in 80minutes flat. I want the 1 month interest which I paid extra, back.
~ Why there is a difference between the switch procedures at different ICICI branches. Delhi took 80 minutes and Pune took 1 month.
~ Why my loan account number has been changed whereas ICICI Delhi branch kept it the same? I want it to change back to my previous account number.
~ Why I have been asked to submit four blank checks with no date and amount and what is the status of these checks?
~ Why Delhi branch never asked me these blank cheques.
~ When my previous loan account is closed, why I have not been returned my previous blank checks which I have submitted at the time of opening the account?
~ Why the disbursement amount is given to this new account number ( LBPUN 00000 91). Whose account is this?
My Old Home loan No: LBPUN 00000 912xxx
My New Home loan No : LBPUN 00000 175xxxx
The disbursement amount went to LBPUN 00000 91 ??????
~ Why Gaurav Bose is sending fake ICICI letters with no references at all. I wonder if ICICI has a record of all the letters I have received. (Attached)


~ Actions against Gaurav Bose and Prakash Sikri as they are taking people for c ride. If I would have had only Pune loan, I could have never known about this cheating ICICI Pune bank employees are doing. They must have duped many people with only Pune home loan.
~ Why Gaurav is not accepting that he duped me? Why is he not taking the responsibility of his actions? Why is he getting shielded?


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Sent another mail with few more queries about my blank cheques for new and old loan accounts

They closed my one loan account but what about my blank cheques?

Sent another mail to all asking why they are silent and Gaurav is doing whatever he feels like

He is just wasting my time. When ICICI pru has apologized and returned the money, why is he still adamant that he did not do anything?

Received another mail from Gaurav Bose

He thinks he is smart, he sent the same mail with some text changes.

This time he added date and RBI Ombudsman reference number but i still doubt the authenticity as i don't trust him. Once a thief will always be a thief.

Blasted him for sending a fake mail to me

Sheer misuse of power and the best part; his seniors are shielding him.

Received a fake and cunning letter with no date, and reference number whatsoever from Gaurav Bose

Fake mail with No Date and Reference number.

How can a self claimed Manager write sucha mail? He must had taken some letterheads and printed this crap letter on it. What a misuse of power.

a big disgrace and shame on Gaurav Bose

1 month passed........ No response ............. Got very frustrated and sent another mail to everyone

Sent a mail to Vinesh Nair, Regional Sales Manager (Pune)

Sent a mail asking for a formal copy of apology letter from ICICI Prudential through Post

Received an apology email from ICICI Prudential, received my 40K back

Mail sent to ICICI bank and Prudential, asking them for an apology and explanation letter

My response to ICICI representatives who visited the Blog

My response to ICICI HeadQualityService ROBOT

Email response from Headqualityservice asking me to contact Sachin as he has sent an apology letter

I wonder if it is some kind of joke going on at the complaint cell, i cant believe this is how ICICI complaint cell is working.

Recieved a comment on my blog entry from someone claims to be ICICI Customer care representative

Amazing Apololgy letter from ICICI Prudential - WOWOOWWO

This is the worst apology letter i have seen in my life and that too from a company like ICICI.

- where is the letterhead ?
- what is the meaning of "I" in the communication. is it from ICICI as a company or from an individual?
- If its from an individual than what is the meaning of the footer statement "This is a Computer generated letter does not require any signature"?
- why i have to bear the deductions charges, ICICI officials duped me with their unfair means and misused there powers?

I wonder where we are heading if this is how a reputed company like ICICI communicates.

Apology letter from Sachin (sachin.kotkar@iciciprulife.com) of ICICI Life insurance

attachment - apology letter

Replied to the mail from ICICI Pru updating them about the latest developments

Correspondence with ICICI Prudential Life Insurance Company complaint cell

Email response from Headqualityservice that they will revert back by 25 Aug

Complained filed with ICICI Prudential Life Insurance Company

Complaint filed with Banking Ombudsman

Copy of my complaint to Banking Ombudsman.

Email response from Head Quality Service that they will revert back by 19 August 09

Email response from Head Quality Service that they will revert back by 7 August 09

Head Quality Service asking me to refund the MF (ULIP) docs

My questions are :

1) How will the ICICI MF department know that they have to refund me the full value?

2) How will they know that i have been duped and they have to return the money with interest till date?

3) As per the ULIP terms, ULIP surrendered during the first year will attract some penalty? Who will tell them that this is a diff. case?

4) Why am I not receiving anything in writing from ICICI?

5) What about the other losses?

6) Why are they not acting on the request and sending me robotic replies again and again?

Step 6 : complaint to RBI Ombudsman

Email response from Head Quality Service that they will revert back by 3 August 09

Email response from Head Quality Service that they will revert back by 28 July 09

Email sent to Head quality Service about the latest developments

Email response from Head Quality Service that they will revert back by 22 July 09

Step 4 : Email sent to B. Madhivanan Senior General Manager, Service Quality

Email response from Head Quality Service that they will revert back by 17 July 09

Email response from Head Quality Service that they will revert back by 13 July 09

Email response from Head Quality Service that they will revert back by 7 July 09

Mail from customer care for verification

ICICI Customer Care asking me about my credential for verifications, I have provided the same
in my complaint but those so called process has to be followed to waste customer’s time... this is so weird

Email response from Head Quality Service that they will revert back by 1 July 09

Reminder mail sent to Mala Gupta

This is the reminder mail i sent to Mala Gupta, cc'd to customer care, head quality service and the two corrupt officials Gaurav Bose and Prakash Sikri