Icici bank/loan against shares
Shares assigned as security for loan sold without information in 4 months

Dear sir

please note that icici bank mira road branch bombay where i had assigned shares as securityfor loan sold off the

shares without information to me when i had gone to ghaziabad on employment. what they have is proof of sending a telegram

which was received by some one in the building which i had vacated.

my address and phone no changed and the bank was informed by e mail which was never changed and by contact change form

of bank .the bank is not replying to several points raised by me and cut off receiving complaints by customercare id.

the banking ombudsman replied only after 6 1/2 months and 10 letters and dismissed the case without going through the reply filed by me. presently appeal is filed with deputy governor rbi and is pending.

loan was sanctioned with one year agreement, renewable. but bank collected 65% of loan in 4 months by selling off the shares.

apparently the rbi is allowing selling of shares when the price falls but the same banks do not give loan to buy back the shares. this is a very treacherous situation for people availing loan against shares.

loss created by bank is above 3 lakhs for a loan of 261000 within 4 months. what is the accountability of banks

thomas bombay

Company: Icici bank/loan against shares
Country: India

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