ICICI Bank Service Team says
30-Sep-2008 at 2:57 pm

1. September 30, 2008

   Dear Sir/ Madam,

   We greatly value your relationship with us. In the context of the developments in the international financial markets, we thought it pertinent to bring to you our perspective of the prevailing situation.

   We would like to bring to your attention that the Indian banking system is well regulated and significantly insulated from global developments. This is because it is mandatory for all Indian Scheduled Commercial Banks to retain 34% of the deposit base in the form of Government Securities (SLR) and cash with RBI (CRR). Besides, sound policies of RBI have ensured prudent credit practices in the Indian Banking system.

   ICICI Bank is already compliant with the BASLE II requirement in respect of risk management practices and capital adequacy. At 13.4%, ICICI Bank has one of the highest capital adequacy ratios in the Indian banking industry. Last year, ICICI Bank raised Rs. 20,000 crores (US $ 5 billion) of equity capital, which almost doubled our equity capital base. We have a net worth of over Rs. 47,000 crores (US$ 10 billion), again one of the highest in the banking industry in India We have consolidated total assets of over Rs. 4,84,000 crores (over US $ 105 billion), which is diversified across a wide range of asset classes across retail, wholesale and rural banking.

   ICICI Bank is amongst the most profitable banks in India. In FY 08, ICICI Bank made a profit of Rs. 4,158 crores (US$ 900 million).

   ICICI Bank has the highest credit ratings in the Indian financial sector. We have AAA ratings for our instruments, such as senior bonds, subordinated bonds, and deposits. We have the highest foreign currency bond ratings assigned to any Indian bank from Moodys and S&P.

   We continue to invest in growth, indicating our confidence in the opportunities in the Indian market. In 07-08, ICICI Bank added 650 new branches, taking the total strength to over 1400 branches.

   We thank you for reposing trust in us over the years. We look forward to setting new benchmarks in service levels in India and to create a bank that you will continue to be proud of.

   As a testimony to the above, please find below the clarification given by Reserve Bank of India.

   Date : 30 Sep 2008
   RBI Statement on ICICI Bank’s Financial Position
   There are reports in some sections of the media that based on rumours regarding the financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in some locations.

   It is clarified that the ICICI Bank has sufficient liquidity, including in its current account with the Reserve Bank of India, to meet the requirements of its depositors. The Reserve Bank of India is monitoring the developments and has arranged to provide adequate cash to ICICI Bank to meet the demands of its customers at its branches/ ATMs.

   The ICICI Bank and its subsidiary banks abroad are well capitalised.

   Alpana Killawala
   Chief General Manager

   Press Release : 2008-2009/412

   Sincerely,

   Uma Lakhani
   Office of Head Service Quality
   ICICI Bank Ltd.

Sree says
08-Aug-2008 at 8:25 pm

2. The worst bank in the history of Mankind is ICICI.

   I pray god to enable the provision of suing the bank in US courts. Now they have US branches. Since they always almost certainly commit serious mistakes to the disadvantage of customers, it is very easy to make money out of their blunders through US courts. One way it is better for us when they commit mistakes.

   Everone please keep record of all communication. The bank will go bankrupt in months the moment it comes under the perview of US courts.

ICICI Bank Service Team says
07-Aug-2008 at 11:16 am

3. Dear Customers (Anup and Neil),

   Please write to us at headservicequality@icicibank.com with account number and contact details. Please use subject line as ” Comments from Site”.

   Sincerely,

   Uma Lakhani
   Office of Head Service Quality
   ICICI Bank.

Neil says
06-Aug-2008 at 11:19 pm

4. ICICI Bank Negligence.

   Hi,

   Guys, we all know that the ICICI Bank is one of the best banks in the country. But how many of us know that many people are suffering because of ICICI Bank negligence.

   Please read it carefully and stop banking with ICICI Bank.

   • XXX tried to open a DMAT A/C with ICICI Bank.
   • ICICI Bank says – it normally takes 15 days to open a DMAT A/C.
   • For XXX it took around 40 days with many calls to the bank.
   • Account opened at last but the welcome kit did not reach to XXX. Only he got few passwords by normal post.
   • One day XXX is in office and gets a call from the ICICI Bank currier guy to receive some kit.
   • No way can XXX come back to home to receive it. So the Kit goes back to Bank.
   • XXX goes to nearest ICICI Bank, which is far away from XXX’s home to get the welcome kit.
   • But the kit is not the DMAT kit but the Savings A/C kit which XXX had to open along with the DMAT.
   • Still no trace of DMAT A/C. The passwords XXX got long back is with XXX and for more than 15 days and feared expired because of no implementation.
   • Finally after many long phone calls and many requests, ICICI Bank sends 3 booklets kind of thing with DMAT A/C printed on it.
   • XXX tries to open the DMAT A/C but since the passwords were not used for more than 15 days they were inactive by then.
   • XXX again calls ICICI Bank to send a new set of passwords.
   • Password reach to XXX, all good.
   • XXX deposits 5000/- to ICICI Savings for DMAT trading.
   • XXX now happily tries to open DMAT and tries to trade.
   • Alas!! No success, DMAT A/C says PAN details not available with local ICICI Bank and XXX cannot do trading.
   • XXX cannot stand with this. Already ICICI Bank deducted some amount form XXX savings for some strange reasons.
   • XXX issues an ICICI check for Rs. 2000/- in favor of a Credit card, let’s use 5000/- to pay the credit card bills.
   • The check is cleared.
   • The remaining amount should be 3000/-.
   • XXX issues another ICICI bank check for another Credit Card. This time, lets pay the remaining full amount left (3000/-) in ICICI Bank, to the credit card.
   • The check got bounced.
   • Credit Card Company calls XXX and informs the check bounce.
   • XXX calls ICICI bank and finds out that ICICI bank, without informing XXX, has blocked some amount from the remaining (3000/-) for the DMAT account, the DMAT, that never worked at all.
   • XXX starts fighting with ICICI Bank.
   • After almost 4 to 5 months, XXX gets an answer from ICICI bank that the amount blocking has done by XXX himself. XXX is surprised, the DMAT that never worked, how and why XXX would block some amount and let the check bounce.
   • Since there is a check bounce reflecting in the credit Card statement XXX is now in a problem. XXX cannot use this statement for any loan or any other credit card for 6 months form now, because the banks have started calling other banks to know if there is any delay in payment before issuing any Credit card or loan.
   • ICICI Bank is blaming XXX for all the problems.

   You may understand this story or may not. But keep away from banking with ICICI Bank.

   Please forward this mail to all Indians and as many people as possible. Let them know just because some negligence how people suffer. It is our money which bank use to make money but never hesitates to blame us if things are not straight.

Anup says
06-Aug-2008 at 4:09 pm

5. I agree.. it is the worst bank ever.

   My recent experience in the list of bad experiences with ICICI is their bill pay service which I agreed to use out of my stupidity.

   ICICI had informed that I would get bill notifications and that the bills would not get paid until I approved payment.

   Despite that ICICI kept payingthe bills without my approval, this happened despite me having set an autopay rule to pay the bills only if they were below Re.1/-

   The best part is that ICICI kept paying the bills even though I removed the biller itself.

   And yes, I also did contact the so called customer “care”.

   Hail ICICI!!

ICICI Bank Service Team says
25-Jul-2008 at 7:39 pm

6. Dear Customer (Indian),

   Please write to us at headservicequality@icicibank.com with account and contact details. Please use subject line as ” Comments from Site”.

   Sincerely,

   Rakesh Sah
   Office of Head Service Quality
   ICICI Bank

Indian says
25-Jul-2008 at 6:27 pm

7. Now where do I start, lets see…
   It took 3 months to open my account in UK, made several calls to who have to be the most ineffeciant call centre centric service people in the world. Traditionally I am used to bank with likes of HSBC, Citi hence 4 months down the line I still cant grasp how this bank works.
   Internet banking website - what can you say, guys get some decent programmers and build a decent internet banking system atleast provide 5% of what HSBC online banking gives its customers. Add some stability to your systems. I have banked with HSBC for 10 years and never had timeout

   I recide in UK, and have experienced eastern europen customer support service but believe me ICICI customer support (most inefficient …)
   Internet banking tells phone customer services to request a debit card, customer service tells me send email from internet banking-I was in this loop for 3 weeks-finally giveup.

   Keep your life simple do NOT bank with ICICI

Chidambaram says
15-Jul-2008 at 10:11 am

8. Hi all,

   I’ll share my experience with ICICI Money2india. I have never seen such a worst website. Very rarely I and my colleagues(50 ppl) are able to complete the fund transfer with out getting the error ‘Page cannot be displayed’. I was following up with customer care for 3 months and fed up, bcoz every time someone, who is new will reply with meaning less answers and every time there is a claim they have resolved the issue. But nothing had changed…. For this deep shit service they started charging Rs.25/transfer.
   So I and colleagues decided to switch to Remit2India, which is working well.

   Regards,
   Chid

Sayuj says
24-Jun-2008 at 1:28 pm

9. Do agree with the fact that icici bank has retrogressed in quality of service. Initially it was one of the best and provided many services which other banks failed to provide. Now the situation has changed. Now that the bank is in a safe zone and has a strong customer base, it is with contempt that it treats its customers. its like, this is what we give u, i u want take it or leave it.
   Most of the agents are dumb ass holes who are incompetent. Once i had an issue at a branch in Hyderabad when i went to apply for a credit card. they not only refused to accept my application but also said that my company is black listed. it was like getting slapped on the face.
   i tried to find the reason behind this black listing, and even went to the manager of the branch, who turned out to be a bigger asshole and f****** bastard.
   on another occassion i went to the branch to get a statement printout. the agent was not at the counter, so i gave the request at the next counter. this one was over smart, when i asked about the agent at 1st counter, this fellow said,, “insaan hai sir, khaana peena to chahiye na sir..” ok then the customers are animals or what… all he needed to say was “the agent is on break, if u need the print out immediately please wait until he returns” that was all that was required. the bank is full of idiots like these.
   now i am scared of making a complaint because even god would not know when these fools will come and beat me up. or goof up on my accounts…. these ppl have access to every confidential piece of info….

ICICI Bank Service Team says
11-Jun-2008 at 10:31 am

10. Dear Customer,

    Please write to us regarding your concerns at headservicequality@icicibank.com with account number and contact details. Please use subject line as ” Comments from Site”.

    Thank you.

    Sincerely,

    Harshil Mehta
    Head Service Quality and Nodal Officer

a customer says
10-Jun-2008 at 12:38 pm

11. @@@@@@@@@@@@@@@@ ********************* bank icici worst dealing for them customer r beggers.Dont deal with

a customer says
10-Jun-2008 at 12:33 pm

12. How idiot i am to took an current account in ICICI BANK Palairivattam.I submitted a cheque 1 and a half month but not yet credited .Even they are not able to find the status of cheque.And the worst dealing i never experienced before in life.If any wishes to open an account in icici better to b commit suicide .

a customer says
10-Jun-2008 at 12:22 pm

13. YES!!!! ICICI - The Worst Bank Ever…
    ICICI - THE WORST BANK EVER!!! 200% CORRECT…
    especially Palarivattom, Cochin branch!!!

sach says
25-May-2008 at 10:57 pm

14. ICICI direct trading site stops when ur scrip starts falling and starts again after bottom reached or when in profit they dont allow u to sell and allow u to sell only when scrip falls and u go into a loss customer support sucks they just reply we apologize and this wont happen again but the same thing has been going on for last 3 years is it possible IcicI is making money by such methods or any of thier employees as such a site only stops when u start goin into loss cannot happen every week for 3 years Since ICICI Isa big org How Can I seek compensation They have have destroyed my portfolioICICI direct trading site stops when ur scrip starts falling and starts again after bottom reached or when in profit they dont allow u to sell and allow u to sell only when scrip falls and u go into a loss customer support sucks they just reply we apologize and this wont happen again but the same thing has been going on for last 3 years is it possible IcicI is making money by such methods or any of thier employees as such a site only stops when u start goin into loss cannot happen every week for 3 years Since ICICI Isa big org How Can I seek compensation They have have destroyed my portfolio

Robin says
13-May-2008 at 12:24 pm

15. One of the worst bank in india specially for credit cards….

ICICI Bank Service Team says
28-Feb-2008 at 2:03 pm

16. Dear Customer(Nivedita),

    We request you to write to us at headservicequality@icicibank.com with account details.

    Thank you.

    Sincerely,

    Harshil Mehta
    Head Service Quality and Nodal Officer

nivedita says
28-Feb-2008 at 4:31 am

17. I too had similar experience. I had kept money in FCNR account. FCNR matured but amount was not re-invested and was lying idle for more than a month. On enquiry, I was informed that I have to top up amount as per new govt rules, alternatively aount can be deposited in my savings a/c. I was supposed to receive 500 pounds (principal) and interest on maturity. What was deposited was 400 pounds. It is 4 months since the event and the bank is still investigating….

bond says
09-Feb-2008 at 1:17 pm

18. Harish V Nair , Hindustan Times
    New Delhi, February 09, 2008
    First Published: 00:29 IST(9/2/2008)
    Last Updated: 00:31 IST(9/2/2008)
    Banks can’t deny loans on basis of jobThe TOP consumer court in Delhi on Friday slammed banks for denying services like loans and credit cards to people of select professions, like lawyers and journalists.

    The Delhi State Consumer Disputes Redressal Commission gave the order in a case of a lawyer who had complained that a bank had rejected her application for a credit card because of her profession. It imposed a fine of Rs 10 lakh on ICICI Bank for “defaming and demeaning the legal profession” by rejecting Nivedita Sharma’s application, citing she had a “negative profile”.

    The court said lawyers and journalists are often denied loan facilities by banks. “The apparent reason is that lawyers and journalists do not take illegal or arbitrary acts of banks lying down and challenge them in courts. Banks know they cannot play games with them,” a bench headed by Justice JD Kapoor said.

    There are more than 45,000 lawyers and 5,000 journalists in Delhi.

    “Such a policy reflects the mindset of banks as private officials, peons, clerks and even vegetable vendors are extended loans but not advocates or journalists with sound financial standing,” the court said. “It is an act of corporate authoritarianism.”

    The court said such discrimination should be stopped at once. The only criteria should be fulfillment of RBI guidelines and financial standing and creditworthiness of a person, it said.

    It rejected ICICI’s claim that it had the discretion to choose customers.

    An ICICI spokesperson said they would appeal against the order. The bank admitted that the lawyer’s documents were returned with a note, “negative profile”, but it was not an “attempt to undermine her position”.

    http://www.hindustantimes.com/StoryPage/Print.aspx?Id=868907b0-f60c-4738-9c4d-4964ec7f7aba
    © Copyright 2007 Hindustan Times

Ivan says
08-Feb-2008 at 11:08 pm

19. Dear Balakrishna,

    I have gone through this and believe me your ordeal will not end it will be there till u go back to india forever and then spend about 3months daily to stand in queue at ICICI bank maybe than you can clear the whole issue.
    Infact did anyone realise that the ICICI bank is now so much aware of their stinking customer support quality that they are faster responding to this site then their customers.
    If ever they had any wish in heart to take care of the customers then they should be aware that they can contact their customer grievances immediately by running the details on the customer in the central computer database which can give them all the details and not a single customer requires to go to the ICICI bank and request help, please note the bank is fully computerised (I have specialisation in computers and the computer banking hence i can say this with authority) the details of the customers are not in paper files anymore, so the Quality dept and others donot need to show a cosmetic touch by saying pls contact us and we will address ur problem,it is only to fool the people.

ICICI Bank Service Team says
08-Feb-2008 at 5:52 pm

20. Dear Mr Balkrishna,

    In order for us to help you with your specific issue, we would need details. We urge you to write to us at headservicequality@icicibank.com

    Thank you.

    Sincerely,

    Harshil Mehta
    Head Service Quality and Nodal Officer

Balakrishna says
08-Feb-2008 at 4:35 pm

21. Dear Sir,

    I had an NRE a/c with ICICI bank Thane Branch and a saving account for my Wife.When I opened the account it was agreed that my wife need not maintain required minimum balance cos I had an NRE a/c. However the bank use to charge for minimum balance when the balance went low.No problem I did not say anything as I was abroad.I was transferred to Egypt and it was inconvnient for remittance from EGYPT so I was forced to close my account but still my wife had an account.
    In my next visit I personally with my wife went to the bank to close the account of my wife.

    As I use to deal with the NRE manager I just went to say Hi and she agreed to accept the letter for closer of saving account of my wife.I also gave the reason on the letter that my wife will accompany me abroad.

    I came to India on Emergancy visit to get my wife operated.
    It was surprising to see that the account was not closed we got a statment showing a debit balance of around Rs.8000.00+

    I visited the bank with the statment, the Branch Manager asked me to get the acknowledgment letter which was more then 2 years old where can I find this chit of paper?.I tried to explain him but it was useless.
    I made acomplaint to ICICI bank H.O and they send my a SMS stating ‘SR6781760:Thank you for the feed back. We have taken up the matter with the concerened departent.We regret for the inconvenince caused.
    I got an immediate call form the ICICI bank officer and he asked me to submit the closer letter once again which I did.The letter was simply rejected stating that they will not entertain this letter How come?.
    Any way I asked them to accept the letter and put their comments which is normal.Just Imagin the BRANCH manager even doesn’t know such simply thing how to deal with the CUSTOMER.He wa just refusing to accept the request- these are HIGHLY PROFESSIONAL MANAGER WORKING FOR HIGHLY PROFESSIONAL BANL ICICI.

    How come the account was kept open so long. Is there any internal or statutary AUDIT Department in ICICI?
    If these is the case with me I don’t know howmany such accounts are in ICICI and the bank will be showing wrong asset value.

    IT is Really SERIOUS.

bond says
03-Feb-2008 at 7:35 pm

22. I work at Corporation Bank, a nationalized bank. I have been reading such articles about ICICI Bank for a very long time. I ve seen that they charge exorbitant amounts for non maintainance of minimum balance, for using atm for more than a certain number of times in a month, for cash withdrawal, and for other equally strange reasons. For EG; ive heard that they charge about Rs.750/- as minimum balance charges. Our bank charges about Rs. 23/- for a quarter for not maintaining an average minimum bal of Rs.500/- I imagine that they dont need to give service. They get enormous profits just out of having accounts with them( so they can withdraw the amounts at their leisure under the guise of various charges - to be shown as fantastic profits later on in the balance sheets) This is a letter to all those out there. Switch to Nationalized banks. I personally work in Corporation Bank. Like all other banks, we have staff shortage & people do have to wait in queus some time. But the thing is the nationalized bank is not allowed to make any difference in treatment to a rich man or a poor one. So, in some main centres, our bank has opened a few Branches specifically for top end customers. To cater to the need of the top cream. This is not an ad to say switch to my Bank. Its better or something like that. The thing is ive been working with them for about 8 years now. Ive personally seen the staff trying genuinely to help the customers out ( I could be mistaken. This has been my personal experience. ) My advice: Try out the nationalized banks for a change. YOu may be pleasantly surprised.

    Comment by ashwin — February 2, 2008

bond says
03-Feb-2008 at 7:35 pm

23. DECIDED CONSIUMER CASE:

    FInally, ICICI Bank has lost out in a Delhi District Consumer Forum in a Car Loan matter… as Bank tried to cheat the customer ,Mr Sushil Kumar Sharma, by charging 2 extra installlments of around Rs 4,500 each, which are liable to be paid back with interest from Feb 2002 and a compensation of Rs 10,000 + Litigation Cost Rs 2,000… i.e. total amolunt of Rs 27,000 - 28,000 (approx)

    If you have ICICI Loan in any form… please go through the papers again… !!!

    Comment by Ankur Raheja — February 3, 2008 #

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