Bank’s normal practice at end of FY creates chaos

With every passing day, the banking sector is losing its sheen around its customers. So tiny incidents seem to leave the customers puzzled. When an ICICI customer got a call from her branch asking to deposit some amount in her account, she was confused and related that incident quickly to all the scam and fraud in the banking sector.

“At the end of the financial year, banks call customers to deposit amounts to meet their target. It is a route activity of all banks and it has nothing to do with the ICICI-Videocon case,” said a person familiar with ICICI’s working. While going to print, ICICI bank had not replied to the queries sent to them.

This year, the bank has seen the famed Punjab National Bank- Nirav Modi case and now the Videocon-Chanda Kochhar controversy.

This phenomenon of asking for more deposits or to maintain balance in your account is not only related to ICICI bank but there are customers of other banks who are asked to deposit amount for some period of time and withdraw it after a few days. A Twitter user writes (in sync), “A lot of folks saying this is standard practice for PSU and private banks. This is the first I heard of it, and with the current PNB and ICICI headlines, something that does not inspire more trust in banking. Proceed with caution, I guess.”

Meanwhile, a person who is familiar with these type of calls, said, “Yes, most banks have such kind of arrangement."

BANKS CALL CUSTOMERS TO DEPOSIT AMOUNTS TO MEET THEIR TARGET