An open letter to the ICICI Bank:
-Bank’s Reply -
’ICICICARE=030-210-354’ Fund Transfer. Dated: 08/08/2008
Dear Mr. Thakur,
Kindly note that we have received the funds on August 04, 2008, but due to high volume we processed it on the next day. We regret the inconvenience caused to you.
Sincerely,
Vasavi M
Account Manager
ICICI Bank Limited
-My decision -
Sir/s,
Refer:’ICICICARE=030-210-354’ Fund Transfer. Dated: 09/08/2008
*The: Fact:
*I have read you reply so I wish you to kindly note that a compulsion(stated high volume) if violates a rule(RBI-NEFT) then that can not be considered acceptable(compensation wise) as normal. An apology though addresses a social or behavioural issue but no way has it compensated a financial loss or mental agony of the customer.
*Decision:
*Since violation of NEFT RULE can not be accepted from a licensed bank(who is empowered to charge a customer for rendering service), therefore a similar reward must be there payable to the customers if you violate or abuse such power.
The rule:
*PLEASE READ RBI’s NEFT FOLLOWING GUIDELINE CAREFULLY:
*"4.21 The beneficiary branches would make payment to the beneficiaries instantly on the same day by crediting the specified account of the beneficiary or otherwise placing funds at the disposal of the beneficiary."
Violation:
And you have violated above rule by acting after the mentioned time for executing NEFT.
Prevailing Practice:
Similarly. if your bank can not relieve this customer from any service or penal related charges due to his inability to make a credit card payment in time or cheque return charges or cash deposit fee or some other due to similar compulsion then how come it can be considered favourably that your delay in processing a request the next day(in fact next after the very next day)?
Advise:
You are therefore advised to compensate Rs. 500/-(tax exempted) by crediting his bank account concerned as award for his compensation or else be prepared to be forced realisation(debited/adjusted) from his liability to you, equivalent to said compensation amount from the repayable amounts to your bank out of settlement of any such of his liability to your bank in question.