Bank fined Rs 55 lakh for employing goons

A consumers' court has slapped a fine of Rs 55 lakh on ICICI Bank for violating its directions and Supreme Court warnings on employing private agents who forcibly recover loans, reports Bhadra Sinha.

A consumers' court has slapped a fine of Rs 55 lakh on ICICI Bank for violating its directions and Supreme Court warnings on employing private agents who forcibly recover loans.

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Holding the banks responsible for actions of their recovery agents, Justice JD Kapoor of the Delhi State Consumer Disputes Redressal Commission slammed ICICI for permitting the agents to behave like "robbers".

In his complaint, Tapan Bose had said the bank resorted to violent tactics to recover Rs 3.4 lakh car loan from him. He said he had not paid three installments. On January 8, loan recovery agents beat up his friend’s son with iron rods mistaking him to be the borrower.