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Submit your complaint →A senior professional, M. S. K., has raised a serious complaint on Choice4Voice.com against ICICI Bank for allegedly withholding his money for more than a year. Despite repeated follow-ups, the issue remains unresolved. This article details the customer’s grievance, possible legal options, and how Choice4Voice.com can help victims of delayed refunds by financial institutions like ICICI Bank.
Complaint Summary
| Details | Information |
|---|---|
| Complainant Name | M. S. K. |
| Complaint Type | Non-refund / Withholding of Customer Funds |
| Company / Brand | ICICI Bank |
| Product / Service | Bank Account / Transaction Refund |
| Date of Incident | Ongoing (More than 1 year) |
| Issue Summary | ICICI Bank allegedly failed to refund customer’s money despite repeated requests and escalation. |
| Company’s Response | No satisfactory resolution received even after multiple follow-ups. |
| Desired Resolution | Immediate refund and formal explanation from ICICI Bank. |
Full Complaint Details
M. S. K., a senior Mainframe professional with over 18 years of experience, expressed deep frustration on LinkedIn over ICICI Bank’s prolonged delay in refunding his money, which has reportedly been pending for more than one year.
Despite several escalations and repeated follow-ups, the bank continues to “repeat the same story again and again,” as per his post. The complainant questioned the bank’s lack of urgency and empathy, rhetorically asking whether such a delay would occur if the money belonged to a Chief Minister or Prime Minister.
He further criticized ICICI Bank’s customer care for being unresponsive and indifferent, saying that customers are being forced to “beg in front of the bank” to get their rightful funds released.
The post also tagged major financial authorities like the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), and Indian Bank, urging intervention and accountability.
Legal Case Can Be Filed
Based on the described issue, the following legal cases may be applicable:
- Section 45Q of the Banking Regulation Act, 1949 – For failure to refund or credit legitimate customer funds.
- Consumer Protection Act, 2019 (Section 2(47)) – For deficiency in service and unfair trade practices.
- RBI Ombudsman Scheme, 2021 – For delays in payment, refund, or settlement by banks.
- Information Technology Act, 2000 – If the transaction was digital and involves system negligence.
- Indian Penal Code, Section 403 – For dishonest misappropriation of property if intentional withholding is proven.
How Choice4Voice.com Can Help
Choice4Voice.com stands with Indian consumers who face negligence or misconduct from banks, fintechs, and corporations.
Here’s how Choice4Voice.com can assist in cases like this:
- Complaint Verification: The complaint is validated for authenticity.
- Public Exposure: Verified cases are published on the website and LinkedIn to build public awareness.
- Company Accountability: Public visibility often pressures banks to respond faster.
- Legal Guidance: Choice4Voice.com guides complainants in filing cases with the RBI Ombudsman, Consumer Forum, or Banking Ombudsman.
- Continuous Tracking: Updates and responses are tracked until resolution.
Applicable Legal Authorities
| Authority / Platform | Purpose |
|---|---|
| RBI Ombudsman | For complaints regarding non-refund or delayed settlements by banks. |
| Consumer Forum (E-Daakhil Portal) | For compensation under the Consumer Protection Act. |
| NPCI (National Payments Corporation of India) | For issues related to UPI, IMPS, or payment failures. |
| Banking Lokpal Office | For formal escalation after unresolved customer complaints. |
| Ministry of Finance / Department of Financial Services | For policy-level reporting of repeated negligence. |
Step-by-Step Guide to File a Complaint Against ICICI Bank
1. Contact ICICI Bank Grievance Redressal
- Email: headservicequality@icicibank.com
- Subject: Refund Pending for Over a Year – Urgent Resolution Required
- Include your transaction details, screenshots, and any previous ticket numbers.
2. Escalate to the RBI Ombudsman
- Visit https://cms.rbi.org.in
- Choose “File a Complaint” → “Banking” → ICICI Bank.
- Mention the complaint reference number from ICICI.
3. File a Complaint with Consumer Forum
- Go to https://edaakhil.nic.in
- File under “Deficiency in Banking Services” citing Section 2(47) of the Consumer Protection Act.
4. Notify NPCI (If UPI or IMPS Transaction)
- Email: contact@npci.org.in
- Attach transaction proof and explain the refund delay.
Pre-Drafted Complaint Email Template
Subject: Request for Immediate Refund Pending for Over One Year
To: headservicequality@icicibank.com
Dear ICICI Bank Team,
I am writing to raise a formal complaint regarding a refund that has been pending for over a year. Despite multiple follow-ups, calls, and written escalations, I have not received my money back.
This constitutes deficiency in service and violates the RBI Ombudsman Scheme, 2021, which mandates timely settlement of legitimate customer claims. Kindly process the refund immediately or provide a written clarification with proof of action within 7 business days.
If unresolved, I will be compelled to escalate this to the RBI Ombudsman and the Consumer Forum for legal action.
Sincerely,
M. S. K.
About ICICI Bank
ICICI Bank Limited is one of India’s largest private sector banks, offering a wide range of banking products and financial services. It is regulated by the Reserve Bank of India (RBI) and is legally bound to maintain transparent, timely, and customer-centric banking practices. However, repeated public complaints about delayed refunds and unresponsive customer service have raised concerns about the bank’s internal grievance handling system.
Author
M. S. K. is a senior IT professional with over 18 years of experience in Mainframe technologies. Despite his professional background and patience, he has faced severe delays from ICICI Bank in recovering his rightful funds. His case represents the growing frustration among Indian banking customers seeking accountability from large financial institutions.
Q&A About ICICI Bank Refund & Delay Issues
Q1. What should I do if ICICI Bank delays my refund?
A: File a complaint with ICICI’s grievance cell, then escalate to the RBI Ombudsman if unresolved within 30 days.
Q2. What is the RBI Ombudsman Scheme 2021?
A: It allows customers to report banking delays, frauds, or service failures directly to the RBI.
Q3. How long should a refund take in Indian banks?
A: Normally 7–10 working days; any delay beyond 30 days is considered service deficiency.
Q4. Can I get compensation for refund delay?
A: Yes, under the Consumer Protection Act, 2019, for financial loss and mental harassment.
Q5. Can ICICI Bank hold my money without explanation?
A: No, banks must provide a written reason for any withheld funds.
Q6. What proof do I need to file a complaint?
A: Transaction receipt, account statement, and email/chat transcripts.
Q7. Does ICICI Bank have a grievance redressal officer?
A: Yes, you can contact headservicequality@icicibank.com.
Q8. How can I escalate a bank issue to RBI?
A: Visit cms.rbi.org.in and file a digital complaint.
Q9. Can I take ICICI Bank to consumer court?
A: Yes, under “deficiency in service” for delay or non-refund.
Q10. How long does the RBI Ombudsman take to respond?
A: Usually 30–60 days depending on the complexity of the case.
Q11. What if the refund involves UPI or IMPS?
A: Contact NPCI via email at contact@npci.org.in.
Q12. What penalty can RBI impose on banks for refund delay?
A: Monetary fines and public censure.
Q13. Can I tag RBI or NPCI on social media for visibility?
A: Yes, it often accelerates the response process.
Q14. Are delayed refunds common with ICICI Bank?
A: Several online complaints suggest recurring issues with delayed refunds and escalations.
Q15. Can I demand interest on my withheld amount?
A: Yes, as per consumer court orders in similar cases.
Q16. Can Choice4Voice.com file my case with RBI?
A: Choice4Voice.com can guide and assist in preparing and filing your case.
Q17. What happens if the bank closes the ticket without resolution?
A: You can reopen it through the RBI Ombudsman platform.
Q18. Is it free to file a case with RBI Ombudsman?
A: Yes, it’s completely free of charge.
Q19. Can banks be blacklisted for repeated negligence?
A: RBI can issue warnings or penalties against non-compliant banks.
Q20. Why do customers trust Choice4Voice.com?
A: Because it ensures verified complaints reach public attention and compels companies to act.
Published by:
Choice4Voice.com – India’s Trusted Consumer Complaint Platform
Empowering consumers to fight negligence, delay, and unfair trade practices.
