ICICI - come here and sue me - Initial Private Opinion

ICICI - come here and sue me

Sandeep Parekh - Sunday, July 12, 2009 5:25 PM

It seems ICICI Bank has sued a senior officer of HDFC Bank for saying that it tries hard to avoid recruiting ICICI employees because of its aggressive culture. I have written several posts about the crooked and hopeless culture of ICICI bank in the past - come here ICICI and sue me for stating the following:

a) for stealing my money (misappropriating if not stealing) and not returning it till I sued you in a consumer case after a year of follow up - after which you gave back the money with interest and agreed upon damages.

b) losing my Know Your Customer forms thrice - the first time in the Bombay floods for which you sent threatening letters instead of apologetic letters. The other two times, your call centre executives said they could not help me because their records clearly showed the documents were not on file.

c) for mis-selling ULIP products when I came to your Delhi head branch extension, fraudulently assuring me returns and misrepresenting the commissions.

I have blogged about these in the past. My distrust of their business ethics coupled with the financial crisis also meant that I withdrew my saving with the bank last year and moved to safe SBI Bank.

Come here ICICI and sue me.

 

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21 Comment

From ICICI Customer

July 13, 2009 10:09 AM
ICICI is the Worst indian bank ever to have dealt with.

From andrew

July 13, 2009 11:19 AM
ICICI is living proof of how business shouldn't be done. They treat their excel sheets with more respect than their customers.

From Ashish

July 13, 2009 11:22 AM
d) For over-aggressive sale of prudential insurance where bank managers verbally over-commit e) stupid staff f) moron staff

From manish

July 13, 2009 12:43 PM
I am so happy you shifted to SBI - they are just perfect for the likes of you!! After all, it is SBI which was the first in India to introduce every innovation in modern banking - ATMs, internet banking, debit cards, online share trading, mobile banking etc, wasnt it? and of course, their customer service has been legendary for decades! from "helpful" aunties at the cash counter to clerks who seem to have never heard of the concept of a lunch hour to branch managers who are always at their seat .. can any other bank really match this? Adjustable rate mortgages (ARM)are widely credited with having triggered the subprime crisis in the US. Not to be deterred by this minor inconvenience, SBI late last year introduced its own version of ARMs in india .. its teaser 8% rate housing loans, which they later extended to car loans as well. sheer brilliance! I can almost hear the foundations of the indian financial system strengthening! SBI's lowest in industry loan provisions adds to our overall comfort. In sep-Oct last year, when the faint-hearted were shifting money to public sector banks, SBI instead of capitalizing of this so-called "flight to quality" by lowering its deposit rates to near the govt administered rates, was ofering oe of the highest rates at 10.5-11%. This generousity and the subsequent fall in lending rates will do wonders for its NIMs for at least two years to come! Please continue your fearless writing .. trust me .. being sued should be the least of your worries!!

From raju

July 13, 2009 1:00 PM
Every bank has its goods and bads. Its better we do keep goods and let go the bads. www.google.com

From raju

July 13, 2009 1:01 PM
http://www.google.com

From Krish

July 14, 2009 9:02 AM
Great Reply Manish.... He needs it...

From ICE

July 14, 2009 9:49 AM
Ouch...that must hurt, Mr. Parekh!!! Manish, have a heart for the poor guy...despite them stealin his money & losing his form thrice and blah blah, he still had an account with them till last year...some expert this!!! I agree with you completely when you mention that being sued should be the last of his worries.. he might wanna think of an alternative career writing nursery rhymes, or scary fairy tales!!!

From Kesavan

July 14, 2009 4:31 PM
ICICI does not even provide toilet facility in their branches even if it is urgently required for elderly & sick. Ofcourse, no bank has exclusive facility. But generally other banks allow the customers to use their own facility on request. My opinion is ICICI is not a very bad bank. But , overall , it is not customer friendly. Exploiting their popularity and reach.

From Madhusudan

July 15, 2009 9:49 AM
I am a non resident indian in the U A E. I have an account with ICICI and can vouch the quality of service is very poor - one can say indiferrent.

From Nagappan

July 15, 2009 10:41 AM
They misplaced my documents ; they forgot to renew my OD facility for a couple of years - woke up late and came & asked me for my signatures with retrospective effect. Without any information or debit note, they debited my a/c towards the processing charges for the last few years without my permission. i struggled to sort this issue thro thier call centre which normally puts u on hold for hours together ! They do not have proper details about the debits arising in credit cards; if u wait to pay for want of details, they delay the info and charge penal ineterst , etc. non-stop nonsense!

From Manu

July 15, 2009 11:36 AM
Bravo Manish! Bank link ICICI need customers like you, who wants to be the first one to use ATM, internet banking, debit card, online share trading, mobile banking and what not. And not be bothered about the lost money in the accounts, misplaced documents, repetitive follow ups, misrepresentation / misselling. Yes, my friend, you rightly said that one should care for innovative produsts and so called best services (could be delt seperately) not even at the cost of money lost and inconvienence caused!!!

From | Balu |

July 21, 2009 6:09 PM
@Manish Your comment is hilarious. Speaking of banks, it depends on what a person is looking for. A safe place to keep money or an innovative bank. ICICI, yes, is innovative but they have ridiculous hidden charges. On the other hand SBI has the worst customer service, but you can be assured that the money will be there at the end of the day. At times of recession people are more concerned about their money, innovation comes second and if that innovation is at the expense of safety of deposits it's better not to keep money with them.

From Pratap

July 22, 2009 9:21 PM
Hello Mr. Parekh, At the outset, let me say that I do realize that this is not the appropriate place to post this query, but I am just taking a chance! Sir, I want to briefly understand how an international depository (like Euroclear etc.) actually functions. I read some reports online but I couldnt understand their function. For eg, when does its role comes into play? What is international securities? Sir, would be grateful if you could in brief terms throw some light on this. Warm Regards,

From Murugan

July 23, 2009 1:57 PM
Another ICICI personal experience. A friend of mine had an account with ICICI Bank which he used, he admitted, for "cash" transactions (i.e., unaccounted/black money transactions). He was stunned when he got a call from a relationship manager of the bank informing him that ICICI has entered into the property rental business where he could invest his unaccounted cash in properties and earn rentals! He was told that the property deals typically involved payments in cash as part of the cost but the rent would be on the whole cost. My shaken friend politely refused this proposal and over the next ew months quietly reduced his balance and finally closed the account. Another example of "can-do" innovative spirit?!

From krishna

July 28, 2009 5:54 AM
Well Manish, how much ever you want to praise ICICI bank, the fact remains that their quality of service lacks in certain key areas. I have worked in ICICI for 2 years and can tell you that while they are aggressive, good in introducing new stuff, they tend to neglect the end customer. Its like a sky rise building with a shaky foundation. I have had my own share of problems with ICICI(even when I was working with them) and many a times had to request senior people to intervene. I don’t want to contest who is good and who is bad, but yes ICICI needs to improve on certain key areas or will lose out if another aggressive competitor comes around. If you would have faced these problems you would understand Sandeep's frustration.

From ICICI Bank Customer Care

August 17, 2009 12:59 PM
Hi, We're really sorry to hear of your experiences. If you can send us your phone and email contact details at care@icicibank.com, we'll get our Customer Care team to call you and work to address your issues. Warm regards, ICICI Bank Customer Care

From dada

August 23, 2009 1:18 PM
ICICI IS HOPLESS

From hasan

August 30, 2009 12:12 AM
this is to address the claim that icici has hidden charges. every single bank (icici, hdfc and sbi) ive dealt with has some charge in some form or the other. the simplest solution is to ask. atleast the icici executive i spoke to was forthcoming with all the details. and to follow up a doubt, i called their customer care (i did have to wait a good 5 minutes, but i was killing time anyways) and that was promptly addressed too. i have yet to have a question satisfactorily answered by a teller/agent/executive/manager of sbi. the only reason i even maintained an account with them was for their vast atm network. but with the scrapping of the atm fee, that point is moot now. i guess only you can shape your own experience with your bank. i prod and ask (perhaps excessively) but atleast im happy that i am completely knowledgeable as to how my money is being spent.

From NC Sinha

September 2, 2009 7:51 AM
ICICI bank is not a bank, but a house of the mercenaries. If I had my say, I would not allow them to operate here.

From sash

September 3, 2009 9:38 PM
yes Krishna,I agree with you.Working in ICICI was a nightmare.I realised that company only cares about growing without caring about customer satisfaction and employee satisfaction.The way company is growing without caring for the customers neither the employee,m sure it will take a major hit .For ICICI only the numbers matter without caring about client.After leaving ICICI i have withdrawn all accounts of my family and friends to SBI.I suggest others to do the same.

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