I have been the recent victim of the online transfer facility with ICICI. I am sure most of the customer (including myself) are enjoying this option. But it is error pron, especially with ICICI-ICICI account transfers. All you need is the account number. It does not matter what is the account holder name (it won't verify mapping of account number to name even in the back ground) or branch (no IFSC code required). After entering the account number, it won't even show the account holder name (for confirmation that you are transferring to the right person). This opens space for human errors and there is a huge probability that we can transfer the money to the wrong account. If it happens by mistake, there is no way that one can get the money back. The process is very complicated and it needs written authorization from the person who received the funds by mistake. If the person is in Abroad (as in my experience) then it will be a night mare. If the person is not willing to revert the money (even for no reason or for any reason), then your money is gone. I am not sure whether you can take or how and on whom you can take any legal action. I demand ICICI to change the process to find out Human mistakes before even adding the payee in the interest of all of its customers. Some of the actions could be
1) Account number and name should match OR
2) If there is any legal problem in showing account holder name, the process should try to match the number and name in the back ground and Fail the transaction if they don't match OR
3) Insist on providing the branch name (or IFSC code) for adding the payee OR 4) Bring up the account name and show for confirmation after entering account number OR
5) Simplify the existing process to revert the funds after human mistake (accept e-mail authorization or Take evidence from Remarks given when the transfer initiated etc., )
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