Chandigarh: ICICI Bank has been asked by the District Consumer Dispute Redressal Forum to compensate one Ashok Khemka, resident of sector 19, Chandigarh for deficiency in service. The forum has directed ICICI Bank to pay a sum of Rs. 20,000 as compensation and Rs. 2,100 as the litigation cost to the complainant.

Ashok Khemka, a first account holder along with, Arun Kumar Gupta had a joint savings account with the ICICI Bank. He complained that the bank had transferred Rs. 10,000 from his account to a fixed deposit for a period of one year and later the money was not credited back with interest on the due date. In his complaint he also mentioned that quarterly statements were not issued to him regularly as per Reserve Bank of India (RBI) norms. ICICI Bank had transferred the amounts under its Quantum Optima Scheme.

ICICI Bank defended its acts by stating that the account holders never asked the money to be returned hence it was renewed under the quantum optima scheme with interest. The bank also claimed that it had issued quarterly statements under ordinary post but the complainants had never asked for account statements if they didn't receive it.

The forum however, ruled in favor of the complainant citing deficiency of the service as the reason. It also took note of the fact that the money was withdrawn from the complainant's account without any approval. Along with the order to pay compensation and cost of litigation, the forum has directed the bank to credit the fixed deposit amount with interest and provide quarterly statement of the account to the complainant.