ICICI Bank's Rs 10K-cr bad loans under lens

Hi, 

We are sorry to hear how you feel. Please write to us at care@icicibank.com with your contact details. We will contact you and work to address your issues. 

Regards, 
ICICI Customer Service Team.

As a responsible Finance-professional, despite openions in favour or against, I may not indulge in naked mud throwing against an Institution without taking their view ponts in consideration. This Bank in question have obtained licence from RBI and our central bank has not cancelled their licence as yet.Media, in India, is never trust worthy and have been often seen to be run with motives behind. Participants here may take further pains to go in-depth of the 'issue'and report us the bare facts.
The affected loanee members, if any,  may form a joint forum and engage legal practiceoners to mitigate their grievances or go to Banking Ombadsman ( C/o RBI of the State ) with formal complaints. And what else in a civil society ?
Equally we must remeber that there are good/bad Promoters and  Builders and a Bank may not be blamed for their mis-deeds. Finally, if the recession has affted the Globe, may we individuals remain isolated here in India ?

The information should be true to an extent since the same happened with HDFC a couple of years back wherein the bank had funded twice for the same project which resulted in a CBI enquiry. Though ICICI bank is not that customer friendly or transparent in its practices it can be contributed more the phenomenal growth they pursued over the last 05-10 years. Their technology adoption to provide better services has been good .. but end of the day people managing it have probably misused it for their personal gains - not forgetting the fact that I too had a pretty bad experience with the Bank

ICICI - the worst bank i have ever seen, Executives are opening new a/c of existing customers without notice to customer by getting their documents from ICICI store, just to meet their targets and get promotions, what a gr8 idea excellent employees. I have 2 current a/c in ICICI on same firm name I too dint know till seventh months.
Gr8 going ICICI... 

I just want to share my querry that in this bad period of recession,as most are aware and affected badly with it,how a service holder(especially who lost his service in this bad period,where many big companies has sacked lakhs of people)will arrange EMI for bank(alongwith the house rent where he lives as present).
Its my humble request to all of you honourable fellows that please see the matter and try to rectify it . As many young service holders are getting affected with this situation.
Thanks Mr Ramakrishna for your kind concern.

We have to get the opiniun or the personal experiences from as many people as possible so that the bad or good experiences will be noticed by ICICI bank and they can rectify the defaults as early as possible so that the damages to the bank is as minimum as possible.

Sunday Economic Times carried a baseless article on September 13, 2009 suggesting that the Institute of Chartered Accountants of India (ICAI) has asked the Reserve Bank of India to re-audit sale of loans by ICICI Bank to Asset Reconstruction Company (India) Limited (ARCIL).
1. ICAI has immediately denied the above. ICAI has clarified that the statements attributed to it are “totally incorrect, wrong and completely baseless and as such the same is denied. We also would like to clarify that ICAI has not asked for any central bank audit of assets sold to ARCIL”. ICAI has written to the newspaper and placed its statement on its website www.icai.org.
2. The article is grossly inaccurate. The article mentions sale of home loans of Rs. 10,000 crore to ARCIL. The fact is that aggregate sales of home loans by the Bank to ARCIL since inception are less than Rs. 1,500 crore.
3. The article seeks to magnify a Rs. 1 crore fraud committed on the Bank into a major issue. In 5 loan accounts amounting to less than Rs. 1 crore, the borrowers had obtained loans on the basis of forged documents. This fraud was detected by the Bank itself as part of its regular monitoring. A police complaint has been filed and the fraud has also been reported to RBI. 
The news item appears to be a deliberate and malicious plant aimed at damaging the Bank’s reputation. 

Hi,
I work in Bangalore and have purchased a property (which is not mine till date) by taking loan from ICICI bank. The response from the bank is very bad. I have met the top management and they smartly ignored the issue saying that the regulatory body does not allow them to do certain things. Ultimately, middle class ppl like us are at mercy of builder or bank. I have been following up with ICICI since April and asking them to defer my loan till my flat is handed over, but, nobody seems to care. What is the harm if the bank can defer my EMI till possession? Once, I get the possession, I will give the accumulated amt in lump sum ! Moreover, a suite also have been filed against the builder 3 months ago and still the outcome is ZERO. So, bank is squeezzing out the EMI without being considerate at all. From their side they just want money and are not ready to provide any solution also. 
It just gives a clear picture that when we talk about LEADERSHIP, it is lacking. After all these bitter experiences, I can only say that LEADERSHIP means DELEGATION of work and ZERO RESPONSIBILITY !

dear friends , i have posted some of the link from net for your consumption , it seems every body got problem with evrybody, in this case all the banks on the earth .....

i am sending link of interesting site which could be forum for complain against the bank .....

also you will find almost all the banks are there as a culprit , however no of complain clearly reflect -client base of the bank , so bigger the client base more the no of complain

http://www.consumercourt.in/archive/index.php/f-96.html

dear beena ji , best solution for you is to send a legal notice to builder , every builder has a clause for delay in construction and take appropriate action-start with notice to builder.

regarding loan from icici i failed to understand -what icici has to do with builder - delaying the project , your loan from the bank and constructio of the flat are two separate things.

Banks in their capacity only look at the customer profile first - whether to give loan or not , than they check on the property whether its doable or not than they give loan - so in your case property title(land) would be dispute free - that you can be sure . Bank is not capable to see what abuilder can do or might do in future thats your risk .

If ICICI has sold the property to you than you might blame ICICI also - but again builder liquidity  position  in future no one can predict.

there has been delay on most of the project which i was following in banglore - there has been delay of almost 1-2 year , some of my client also got stuck due to delay -but there is no question of worry there as builder better.

If you still have some issues with the bank or its employee- there are way to do it - you can mail me - , regarding this particular project i will find out the details and let you know .

you can send ur mail to me on prabhat.shcil@gmail.com

I agree with Prabhat's Comments

Once I was coming up the Lift collecting my mail when a a fellow Flat mate saw I was carrying an ICICI credit card statement and he inquired "how do you deal with these people, I had all sorts of problem with them and I stopped dealing with them". Another place I heard someone advising someone else to never deal with them. 
As a matter of fact I have their credit card for the past 5 years and I have no problem as such.

Mr Prabhat you may be right that ICICI has contributed 1/3rd of India's GDP,it may be the storngest bank.I am not blaming its growth,but its true that in Bangalore ICICI has joined hands with promoter and landlord of ITTINA ABHA,Its a fact and more than 150 families are fighting for their home which was to be delivered by 2006 only.The bank passes loan within three hours after confirmation from both the parties without checking any papers.
 You can confirm this incidence of Bangalore.If you need I can give you details of all parties who are now trapped badly .If bank was really concerned with the fact than this would not happened.Please guide us in this matter .I will be highly obliged of you.Thanks.

How many times we are carried away emotionally and turned out to be foool in doing so . Its the same type of sentiment people reflect when investing and blame stock market .

1. First of all news reported in economic times has been a serious case of misreporting by a leading news paper- which should be deplored . Media in India wanted to become opinion maker while doing unresponsible reporting .......

2.When whole world and biggest of the bank have almost collapsed , you people are talking about ICICI ......  which has the healthiest balance sheet highest capital adequacy ratio.( should oi name them start with Lehman ..RBS, FORTIS , CITI... in USA till now --almost 90 bank have become bankrupt this year and 100 more are there .

3. Indian by habit are becoming a part of corruption - they take loan and dont want to repay ..... so what you should expect from a bank - to offer you more loan and shut down business or recover the loan ?

4. Indian legal system hitherto was not friendly to the instiotution lending and every body knows how many years cases can go on and on in indian court - so if bank becomes proactive why to blame bank ... why not the individual who is defaulting ..?

5.Tell me which bank is most friendly to customer is it SBI , PNBs or other nationalised bank .... or CITI or other MNCs whoes balance sheet and reputation has become questionable .... and cater to only very small segment of people.

6. just put the name of bank +complaint and google you will find thousands of customer abusing every bank in india ....... so be rational 

7. Its true ICICI IS biggest and most competitive bank in india .... so these sponsored and motivated news item only wanted to hurt the sentiment against the bank....

8 and at the last if you have problems ... how many of you have gone to RBI Ombudsman to complain ....

9. Do you know today ICICI contribute to almost 1/3 to India GDP .

10. Regarding builders in india do you know 99% builder in india are corru[pt and run with black money of politician and mafias - so would you stop doing business in Real estate .?

Please wake up and check what is the reality .....

Thank You very much jyoti...
Yes, it is a very important issue..Such behaviour of the banks may ruin any person's life..Such malfunctions were not expected by the people...
I dont have any experience with the bank and i m not its customer too, but what i feel is that, govt. should interfere in such matters where banks are misguiding the people...It may affect the liquidity position to some extent...But the majority of the worst part will be on its customers and public which will lead to a very bad name for the bank...
The bank should be brought forward in public to answer this question....

I really don't like to deal with this bank, because a bad experience with this bank in my past...
There are very good and genuine banks available in market..Infact not only in home loans, people face problem in each and every service of ICICI bank offers..

ICICI bank has undergone a shift  from banking to a marketing institution. This is visible across all functions - credit cards, personal & housing loans etc. So much so that even the ICICI DSA's operate on target number basis ( targets) without focussing on quality of the deal.

I am associated with the banking industry for the past four decades in various capacities.  But at no time have i seen so much villification against a Bank as ICICI Bank has been facing for the past few years. This Bank has been facing structured and intentional maligning exercises periodically.  I don't say that the Bank is an angel.  But so many untruths are uttered against this Bank.  

ICICI is ruining itself.Its brand communication is getting ruined by itself!! Indeed, it  has never been customer friendly at all. It should be brought under regulatory scanner. Nice article Beena madam, really very informative. Thanks for sharing...

Finally, its happening!! ICICI Bamk is indeed ruining its own brand communication!! Hum hai .... is a BIG NAAA...... Thanks for the referral Beena. It is indeed a matter for concern. Just hope that the fraudsters are brought to kustice and the people suffering get what they deserve... their own home!!

yyA very true.. this seems to to one more scam.. needs proper regulatory check..
thanks for discussing Beena mam..

Its true ICICI has not been acustomer friendly at all.T least from my experience.they also employ Anti social elements to chase loan defaulters.The bank charges you if you sneeze inside their premises,such is the adminstrative charges of the bank.
The service when you enter the bank is also somewhat rude(in Mysore).

The whole bank needs to be brought under reglatory scanner