Recovering six equated monthly instalments (EMIs) from a customer for a jewellery set worth Rs1,790, cost ICICI Bank Ltd Rs35,000, excluding an interest of 6%pa (per annum). In an order, the national consumer disputes redressal commission (NCDRC) directed ICICI Bank to pay Rs25,000 compensation and Rs10,000 litigation cost to a customer.
Nirmala Sitharaman today said the government has instructed both public and private banks that harsh steps should not be taken when it comes to the process of loan repayment and that they should handle such cases with humanity and sensitivity.
Since March 31, 2022, the PSBs market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion.
It s time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.