I had yesterday sold some shares thru ICICI Direct on the NSE and as per the stated policy of this Organization I should have got an immediate credit of the amount for trading in my trading account with them. When I tried to trade with this amount this morning my LIMIt was shown as Nil.
I then rang up the customer service Division who very casually informed me after making me wait for more than five minutes that due to closure of the bank today i.e. 30th September, 2008 , the amount of the sold shares could not be used by me.
It is really baffing how this Organization continues to survive with this sort of service. If the bank is closed today my account for trading should have been credited yesterday after closure of the market. The market is open today but I cannot trade , thanks to the very callous attitude of icici bank. If the Bank was going to deviate from its stated policy then it should have informed the customers well in advance rather then making us suffer financially like this.
Two days out of the five trading days during the week the icici direct trading site does not work smoothly. Even today it is working at a snail’s pace. Despite repeated complaints made nobody at icici direct bothers to rectify this problem and one continues to receive stereotype replies to each and every compalint made. I am not surprised at the losses that this bank is making due to its international operations. There appears to be no management functioning in this bank. It is either virtually nonexistent or completely ignorant of what is happening to its various services. This apathy of the bank officials is going to cost them dearly in the near future.