ICICI Bank fined for loan recovery lapse

ICICI Bank in India has been fined Rs 50 lakhs for employing 'goons' to recover loans.

Press Trust of India reports that the Delhi Consumer Commission fined one of India's leading banks, ICICI Bank Rs 50 lakhs for employing 'goons' to recover loans. The commission also deplored the intimidation tactics that ICICI's recovery agents were using on retail customers. In a recent case, some agents beat up a consumer mercilessly and snatched his car (against which there was the loan) away. The commission has issued notices to the Collection Manager ICICI and the CEO of the recovery agency.

Meanwhile, ICICI is said to have started a process to help prevent such incidents in the future.