ANANTH SHENOY writes: On Friday, April 20, I went to ICICI Bank and was shocked to see a notice on the glass door that read: “Today no banking transactions, Only Gold Coin Sale (Akshaya Thrithiya).”
Amused, I checked with an official, who confirmed it.
Though Akshaya Trithiya is an age-old ritual and an occasion to buy gold (don’t know whether platinum is a good investment), it’s only a few years ago that some smart jeweller turned into a high-profit business proposition.
With banks and non-banking institutions like Reliance Money also taking it up, genuine banking customers have to give way to gold shoppers. Should we be surprised if, in future, ICICI puts up a notice that says: “Today no banking transactions, only Fish sales”?
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What is the primary purpose of a bank? And who is its primary customer: an account holder with her varied needs or a shopper looking to making a killing through the rest of the year by buying a spot of gold?
Can banks become “shops” as and when they please, selling gold, mutual funds, insurance, and any other “product” where there is money to be made? Can they close “shop” as and when they please? Would we so quietly walk away if a public sector bank had said “No Transactions Today”?
This is funny. Wonder whats next up with ICICI – maybe fish sales as you pointed out. Wonder if they can decide on “No Transaction Today” on any day without any notice to the customers?
Haven’t been an ICICI customer, and have heard enough tales from friends to stay away from them. But sadly, on my way to be an ICICI customer (can’t help it – my salary account is to be with ICICI). Now this does not make me feel any better about the bank.
But seriously, if they want to sell gold they should open an ICICI *gold* branch or something and not put the *ordinary* customers to hardships. That said, I don’t think customer convenience is something they care about though :(
Very funny though poeple accept it without any conflict. Strange!, Akshay tritiya is bogus, as when you have money you can buy glod you don’t have to look for a day and time to do so.
sorry. i did check later to find that that day was a bank holiday and only ICICI was open for Fish… oops… Gold sales. But I do stand by my opinion that they need to stick to their core services
Doesn’t surprise. ICICI bank is the bank that I have heard most compliants about….I am not sure what RBI is doing? Recently, Finance minister has asked PSU banks not to lend more than 10 or 20L housing loans, and people now need to go to private banks only….irrespective of the rate of interest and service they get…given you can’t find a decent apartment (2 bedroom) for 25L in 20Kms around bangalore…..wonder what finance minister, RBI and private banks together upto?
Horrible bank. I have a loan with them and the payments went up because of the recent interest rate increase. They dutifully told me that I have been falling short of my monthly payments. BUT, I cannot increase my payments until they tell me to do so as that will attract a penalty! Of course, there is no way I can reach anyone on their call center. No one at any branch will answer any question that can be dealt with on the phone. Writing a letter to them has elicited no response. It has been more than a month and I am still waiting. Such a stunt in a country where there were laws to protect the consumer would result in the bank being told to stop operations until an investigation was held. I myself work in banking and have never seen it so bad.
For all their ills, the nationalised banks did provide a level of decent service to the people. I will take the SBMs and the Syndicate Banks any day.
This is the biggest scam launched by Shettru and Marwari people .
I had never heard/seen anything while growing up even like 10years back .
Jana maraLo Jaathre maraLo .
if ICICI bank has put such a notice then customer could have fought instead of going back home meekly . There is no such thing akshaya whatever allowed by reserve bank .
Please write to reserve bank and complain regarding this notice by bank .
We are underestimating ICICI bank capabilities. This is year the bank was closed for transaction to sell the coins. Next yr. their goons will stay
inside the bank and force all its customers having bank balance to buy
a coil with out fail. wait for the announcement on the screen and RBI will play the host
for the function.
Denial of services to a customer giving the excuse of ‘gold sales’ amounts to deficiency in service under the Consumer Protection Act. Ananth Shenoy should file a complaint before the District Forum, Mysore, seeking compensation. The very same bank had employed some goons for recovery of loans. The Supreme Court has passed strictures against the bank recently.
“2007 SCCL.COM 204(Case No: Civil Appeal No. 267 of 2007)
Manager, ICICI Bank Ltd. Appellant versus Prakash Kaur and Ors. Respondents
Date of Decision(mm/dd/yy): 2/26/2007.
Judge(s): Hon’ble Mr. Justice Dr. A.R. Lakshmanan and Hon’ble Mr. Justice Altamas Kabir.
Subject Index: Bank recovery — all are governed by a rule of law in the country. The recovery of loans or seizure of vehicles could be done only through legal means. The Banks cannot employ goondas to take possession by force — appreciate the procedure adopted by the Bank in removing the vehicle from the possession of the writ petitioner. The practice of hiring recovery agents, who are musclemen, is deprecated and needs to be discouraged. The Bank should resort to procedure recognized by law to take possession of vehicles in cases where the borrower may have committed default in payment of the installments instead of taking resort to strong arm tactics.”
GK3S
I share your concerns on ICICI–try sending them an email through NRI services stub on their portal. They usually reply within 48 hours. They come across as a bank of sharp practices:)
DB,
I haven’t tried to send them an email. But I have done that with Citibank India and those are a bunch of prize morons. Wonder where they find those specimens that run these new fangled banks.
GK3S
ICICI folks are pretty good with emails…try them…you will be glad you did! Beware ICICI portal logs you out if you craft a long letter using their forms–i write my letter first and paste it onto the ICICI form. Surprisingly they are good with emails.
I haven’t used Citibank, though.
Hello,
April 20th was an official bank HOLIDAY declared by RBI due to “Basava Jayanthi”.
See this link here:
http://www.rbi.org.in/scripts/HolidayMatrixDisplay.aspx
So what is the problem if they provide an ADDITIONAL service ie, sellin Gold coins on that day??
This was all started by World Gold Council not any smart jeweller. In Karnataka it is known as Akshaya Tadige. It is an auspicious day where you generally drop in to the temple, but now it is turned in to a money spinner. Jewellers are laughing their way to the bank.
Seema – I do not have much experience with ICICI bank – so the comments from all may be right. However, you have no idea about Akshaya Thrithiya and you have no right to say bogus about this auspicious day. That was a AHANKARA statement. May God Lakshmi take care of you, your thoughts and toungue.
Ellarigu Shukha Shanti Nemmadi tarali- Akshaya Tadige.