ICICI Bank gets MRTPC on credit card insurance

ICICI Bank, the country's biggest private sector lender, and its coverage arm ICICI Lombard, have got come up under the scanner of just trade patterns organic structure MRTPC for imposing "unfair and unjust" statuses on the coverage screen provided to the recognition card customers.

Admitting a study of its fact-finding unit of measurement Director General of Investigations and Registration (DGIR), the Monopolies and Restrictive Trade Practices Committee have issued 'notice of enquiry' against the two companies.

Both the companies have got been asked to register their answers within four weeks. The notice was issued on March 11. ICICI Bank, when contacted, denied receiving any such as notice.

"ICICI Depository Financial Institution is yet to have any notice and would answer appropriately when we acquire it," said an ICICI spokesperson.

In its probe report, DGIR said that certain footing and statuses concerning the coverage screen on recognition card game were not conveyed to the clients at the clip of issue, but only mentioned in the welcome kit booklet.

While noting that some statuses were "unfair and unfair to the consumers", DGIR said that clients were denied coverage claims on the land that card game were not used two modern times within 90 years from the accident day.

ICICI Depository Financial Institution had unveiled an offering to supply coverage screen to its recognition card clients and compensation in lawsuit of any mishap. Following ailments by a client about being denied coverage claims, the Committee had directed DGIR to examine into the matter.

"ICICI Depository Financial Institution did not inform the client about this pre-condition piece issuing the recognition card. The endorser came to cognize of the same lone when the card was delivered along with the welcome kit," said the report. "This shows the bank's insouciant approach," said DGIR in its report, while recommending suitable action against the 'unfair and unjust' terms.

"ICICI Depository Financial Institution and ICICI Langobard would have got misled many more than people while merchandising the recognition card and making tall claims regarding benefits, without telling the footing and statuses regarding usage.