We took a loan of Rs. 5,00,000/- from ICICI Bank in the year 2003 on a floating rate basis. The bank promised that the interest rates are on floating basis and can be increased on its own discretion on the basis of movement of ICICI Bank BPLR (Bank prime lending rates). They fixed the interest rates as BPLR-2.00%. It is observed that they have been quick to increase the rates of interests quite often than not. However they have failed to reduce the rates of interest. You can imagine the high rates charged by the ICICI bank that the current fixed rates of interest for the new customers is less than the floating rates being charged by the old customers (Mostly the fixed rates of interest is higher than the floating rates of interest)

For attracting new customers they offer the new customers at a lower rate of interest by not decreasing the BPLR, but they offer new customers BPLR – 3% or like. Clearly this is the way they are cheating the old customers, since the new customers are precious, and for old customers they have been bound because of the some smart planning to cheat old customers. In case the old customers decides to prepay or takeover the loan they have also put a substantial prepayment penalty clause, In addition to mortgage hassels etc. This clearly is a fraudulent work by the ICICI Bank.



Whereas I don’t want to isolate ICICI bank for such fraudulent practices. The same is being adopted by almost all the Private sector Banks. there are endless number of customers, who have been cheated like thius



Further, The Reserve Bank of India has also failed to act or to to provide relief to the consumers. The private sector banks are out with a clear cut intent to defraud its existing customers and it seems that the Reserve bank of India, has preferred ignoring the deeds of these banks.



Ms. dalal, Would request you to take up this issue at your level.