New Delhi: ICICI Bank seems to hog the limelight in banking sector for all the wrong reasons. First, it was the atrocities committed by the bank's recovery agents, which led to a man's suicide and now for selling unsolicited insurance policy to customers, which has earned it the wrath of authorities.

Monopolies and Restrictive Trade Practices Commission (MRTPC), the anti-trust body of Government of India, has warned the ICICI Bank to refrain from selling unsolicited policies to its credit card holders.

A complaint was filed by Mr. Leeladhar Pant, an ICICI Bank customer, who was also a credit card holder from the same bank in this regard. Mr. Pant received a group death insurance policy from ICICI Bank for which he never applied. The bank further told him to shell out a sum of Rs 460 for the ICICI Lombard policy.

Repeated requests were made by Mr.Pant to remove this cover, since he never opted for it but the bank didn't listen and asked him to pay Rs. 13,000 for the said policy. Bank debited the amount from his account. With a little option left, Pant approached MRTPC requesting it to ask the bank to cancel the policy and refund the amount debited from his account.

Acting on the matter a MRTPC bench headed by Justice O.P. Dwivedi, passed a cease and desist order and classified the act by the bank as an unfair trade practice to promote its interests.

"The practice of issuing Lombard policy in the name of the complainant without his request or consent would clearly amount to adopting an unfair trade practice by the bank to promote its business. Accordingly, we direct the respondent to 'cease and desist' from adopting the same in future," it added.

An important organ of the Department of Company Affairs is the Monopolies and Restrictive Trade Practices Commission (MRTP Commission) a quasi-judicial body. The main function of the MRTP Commission is to enquire into and take appropriate action in respect of unfair trade practices and restrictive trade practices.

Complaints regarding monopolistic trade practice, unfair trade practice and restrictive trade practice can be made to the MRTP commission at the following address:

Director General (Investigation & Registration)
MRTPC
Bikaner House Baracks
Shahjahan Road
New Delhi 110011

Procedure of action on complaint:

• Inquiry may be initiated through a complaint by an individual or registered consumer organisation.
• Fact finding investigation is carried on by the Director General.
• If no prima facie case is made, the complaint is dismissed, else an order is passed to that effect.
• The commission may restrain the party concerned from carrying on the impugned trade practices by granting temporary injunction.
• Final order is passed. Compensation may be granted to the complainant.