among the first to test the waters of private banking, ICICI has grown indescreptely, albeit without making much noise. Customers, have grown to like and accept the concept of private banking. ICICI again had to deal with other new entries like HDFC, UTI, but managed to survive the competition war, with other banks making inroads with similar set of services.
The same could be said of public behemoths like SBI, SBH...
with the curcial IPO of ICICI being awaited, the next 5-10 years will set the playing field ablaze.
finally, to say the least, much ado is being made of everything to do with banking, against the indian tradition associated with banking. The deeds and acheivement are there for everyone to notice, why the unncessary media hoopla? grow over it!!!
ICICI Bank cheats its customers like anything. Next in this order is CITIBANK. All these corporate banks will try to get more and more customers and then they will impose charges like anything. All these charges won't be mentioned at the initial time. I HAVE TAKEN PERSONAL LOANS FROM ICICI, IDBI AND ABN AMRO. PLEASE DO NOT TAKE ANY PERSONAL LOAN FROM ICICI BANK. THEY CHARGE 5% ON THE OUSTANDING PRINCIPLE, IF WE HAVE TO REPAY. NO PARTIAL REPAYMENTS ARE ALLOWED. BUT IN IDBI ITS 3% REPAYMENT CHARGES ONLY. IN ABN AMRO ITS 5% AND THEY ALLOW TO REPAY 25% OF OUSTANDING PRINCIPLE WITHOUT ANY CHARGES IN A CALANDER YEAR. SO SEE THE DIFFERENCE AMONG THESE THREE BANKS. RBI AND GOVT IS NOT AT ALL BOTHERED ABOUT SUCH THINGS. RBI SHOULD FRAME PROPER RULES THAT SHOULD BE FOLLOWED BY ALL THE BANKS. THEY CHEAT CUSTOMERS BY GIVING OFFERS. THESE BANKS ARE CHARGING UPTO 36% ON PERSONAL LOANS. ANY BANK CAN EARN MONEY BY CHEATING ITS CUSTOMERS. THATS WHAT ICICI AND CITI BANK ARE DOING.
RE:MORE CHARGES
by Math on Jun 11, 2007 07:48 PM Permalink
When you took the loan I'm sure the rules and charges for all banks are written in clear english.
You seem to be a Personal Loans regular. If you were smart enough, you would have looked at the PrePayment (not repayment) charges, if you intended to prepay.
No bank forces you to take their product! The choice is yours I think!
RE:MORE CHARGES
by U get what U deserve on Jun 11, 2007 11:44 AM Permalink
nothing comes for free my dear friend. one has to pay for the services the bank is providing.... if any hidden charges are levied, then thats bad....
I have account both in icici bank and a nationalised bank. In the latter i have to behave as tough i am dealing with god. If i ask for any clarification they only respond with head shake or hand sigh showing me another counter to go to for clarification.(from there to another soon...) Atleast in icici people talk so what if their services come at a cost the altleast treat their customers with some dignity. More over they are not charging exorbitantly, but the penalties are strict and i dont blame them for that.
ICICI was supposed to be a Development financial institution. Look what Mr.Kamath has turned it into and is getting credit for. During the recession in 1997 times while lending to industry was becoming difficult he chose the easy route, consumer finance.
Any achievement liquidating/ sidelining the CORE OBJECTIVE is not achievement at all.
This is like a test player getting fame by playing club games.
To continue with what I've said, they've increased the customer based disproportionately to their capabilities to handle them or service them, thereby leading to a whole lot of situations where they are so taken in to sort out their own internal issues to bother about customers. Either curb the expansion, or ensure you have a staff base enough to service the people with the right attitude. Else, there's no point just opening branches with a whole bunch of arrogant fools who don't know the ABC of banking.
Whatever Mr. Kamath has built, he surely hasn't built trustworthiness and goodwill. I, for one, have stopped banking with this organisation. They are but a gang of plunderers. And every person that I've met has had a sorry tale to share about this bank. They've grown above the customers to care for them. It's sheer arrogance that is prevalent in this bank.
RE:ICICI
by Valerie Fernandes on Jun 12, 2007 11:55 AM Permalink
I agree with you 100%. There is no doubt that ICICI headed by Mr Kamat are cheats. They robbed my sister of her original home documents, never bothered to reply to upteen number of correspondence address to Kamat himself, when the matter came up in Court they had the cheek to deny having recd the documents .... I understand there have lost around 20 sets of customers' original property documents submitted at "Ashiyana" Thane and are plain cheating the customers to continue to pay EMIs without hope of receiving the original documents at the end of the day. When you stop paying EMI they take you to Court u/s 138 and when you challenge them they do not file their affidavit even months after their suing you. They just harras the customers. I would advise anyone not to trust their life's investment in this Bank. Sooner or later the truth will come out and this Bank is sure to fall big time. To elaborate more on the "Aashiyana" issue this was ICICI Home Loan Office at Thane run by their two DSAs who fell out and in the bargain genuine customers are put thru harrassment, which the Bank now totally fights shy off every having had such an Office.
Its good to see that an Indian bank taken very fast track for growth. But if you visit any branch of ICICI Bank, usually customer fighting with the staff for petty issues... like uninformed heavy RCA and QAB deductions from the accounts... Long Qs... Worst effected people are whose income is less than Rs. 5000 - 10000... Quaterly they have to shell out Rs. 900 approx. for not maintaining the Quaterly Average Balance (QAB)... More over if an entry is wrongly placed in and account then it takes days to get it rectified... Thus Indicating Superficial growth... People who have migrated to ICICI Bank are going back to Nationalised bank...
ICICI Bank may be the best inside India but for me (as an NRI) their service stinks. So far, my wife has submitted papers 3 times to get my name added to her account and on each occassion, they have lost the paper. I have almost spent over $50 to get the status about our application and every time you call the toll free number, the response is some kind of B.S. ICICI needs to improve their customer service if they want to keep their exisiting NRI customers. One has to experience their terrible service in order to compare it. We have been waiting since Feb 17th to get my name added. I believe it's time to explore some other banks. I do not know what others have experienced with ICICI. But for us, the service sucks.
RE:ICICI Service not only Sucks but it Stinks
by sushil Gupta on Jun 11, 2007 09:45 AM Permalink
Yes, it is true, icici have very poor customer service. But why we are still icici's customer, think about that!
RE:ICICI Service not only Sucks but it Stinks
by Valerie Fernandes on Jun 12, 2007 11:59 AM Permalink
I agree with you 100% ICICI does not only such it stinks and this applies to us inside India too. I have not had to opportunity to log on to Google, but there is no doubt that ICICI headed by Mr Kamat are cheats. They robbed my sister of her original home documents, never bothered to reply to upteen number of correspondence address to Kamat himself, when the matter came up in Court they had the cheek to deny having recd the documents .... I understand there have lost around 20 sets of customers' original property documents submitted at "Ashiyana" Thane and are plain cheating the customers to continue to pay EMIs without hope of receiving the original documents at the end of the day. When you stop paying EMI they take you to Court u/s 138 and when you challenge them they do not file their affidavit even months after their suing you. They just harras the customers. I would advise anyone not to trust their life's investment in this Bank. Sooner or later the truth will come out and this Bank is sure to fall big time.
RE:RE:K.V Kamath
by RAGHU RAMAN on Jun 11, 2007 10:26 AM Permalink
I am one of the Housing Loan beneficiary from ICICI and it took one month to get my loan approval letter from ICICI though all my papers 100% correct. And then they took one month each for the 3 instalments to disburse the entire loan amount. I had to interact with Mr. Anand / Mr. Venkatesh and Charan - three fools who does not know ABCD about banking and even basic things like requirement for Proof of residence, GPF etc.At the counters the people who are working are all fresh graduates who does not know anyting about banking. Added to this then comes their charges for any service that we request. ICICI is simply earning millions from the humble home loan beneficiaries like us with a income of just Rs.20000 per month. It is nothing but cheating people like us.
RE:K.V Kamath
by Valerie Fernandes on Jun 12, 2007 12:02 PM Permalink
I agree with you 100%. There is no doubt that ICICI headed by Mr Kamat are cheats. They robbed my sister of her original home documents, never bothered to reply to upteen number of correspondence address to Kamat himself, when the matter came up in Court they had the cheek to deny having recd the documents .... I understand there have lost around 20 sets of customers' original property documents submitted at "Ashiyana" Thane and are plain cheating the customers to continue to pay EMIs without hope of receiving the original documents at the end of the day. When you stop paying EMI they take you to Court u/s 138 and when you challenge them they do not file their affidavit even months after their suing you. They just harras the customers. I would advise anyone not to trust their life's investment in this Bank. Sooner or later the truth will come out and this Bank is sure to fall big time. We had the misfortune of interacting with one fool or should I say smart alex named Agam Bhatnagar who boasts the Bank is resting on his shoulders and if he say they didnt receive the documents means they didnt.
RE:Damned guy can create a new bank...
by Drshital shetti on Jun 11, 2007 04:06 PM Permalink
yes and when you withdraw money with ATM from 2000 ATMS in india how can they maintain do you know ATM costs 10 to 15 lakhs YOU ARE IDIOT who dose not know simple things STOP CRIBBING
RE:Damned guy can create a new bank...
by Ananda K on Jun 11, 2007 04:42 PM Permalink
When a person does the same on an ATM, a brach which is supposed to do the transaction can be saved. I think Shetty should think before making such comments.
Earlier Citibank used to charge 50 or 100 Rs for every transaction at the bank to encourage people to use ATM's
