05 Nov 07 ICICI Bank penalised for hiring goons as recovery agents

In a major dent to the brand image of ICICI Bank, the Delhi Consumer Commission fined ICICI Bank a whooping Rs. 50 lakh for using goons, in the guise of recovery agents for recovering loans. This comes on the heals of the Supreme court verdict which has held banks responsible for the acts of the recovery agents employed by them. The consumer commission acted on a complaint lodged by Tapan Bose who alleged that ICICI Bank’s recovery agents beat up his friend’s son with a Iron rod and forcibly took away his Car, which was bought through a loan taken from ICICI Bank.

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