BY SPDED POST


12th November, 2008


From


SHIV KUMAR GUPTA

GHANDHI DHAM

HOUSE NO 154-F, NEAR BUS STAND

JAGADHRI-135003

PHONE NOS:01732-314095

MOBILE NO 09810467564


To


The Governor ,

Reserve Bank of India ,

Central Office Building,

Shahid Bhagar Singh Road,

Mumbai -400001


THE BANKING OMBUDSMAN,

Jeevan Bharti Building Tower no 1

7TH FLOOR 124

CANNAUGHT Circus ,

NEW DELHI-110001


THE Chairman, &

Director –General [ Investigation & Registration}

MRTPC

Bikaner House , Sahajahan Road

New delhi-110001


Subject: Formal Notice before filing the Public Interest Litigation [PLI] in the HON’BLE Supreme Court of India UNDER ARTICLE 32 OF THE CONSTITUTION OF INDIA ON 12.0-1.2009 DUE TO THE FAILURE OF ALL OF ABOVE IN THE DISCHARGE OF ENTRUSTED DUTIES OF PUBLIC INTERESTS UNDER THE ESTABLISHED/ INFORCED LAWS/REGULATIONS PERTAINING TO BANKING SECTOR OF THE LAND/COUNTRY MADE BY THE LEGISLATURE RESULTING IN THE GROSS FINANCIAL HARDSHIP TO THE NUMBERS OF USER OF HOME LOAN AND OTHER SERVICES FROM PRIVATE BANKERS DICTATING THEIR OWN ONE SIDED STANDARDS TERMS AND CONDITIONS .


Dear Sirs,


Being the law student of the CCS university, Meerut [UP] I have compelling reasons to file a PLI as stated above on 12.01.2009 on account of failure and non development of proper mechanism having with proper check and balances in the banking system to safeguard the interests of general public availing home loan and other banking services of the private bankers i.e. ICICI BANK & HDFC BANK . I have made a deep study and worked on whole existing banking system based on my own case of home loan from ICICI BANK and came to know of the factual position that true spirit of Government priority policy in the public interest for fulfillment of dreams of own house, has come to very serious setbacks only due to the liberal controlling policy of RBI and poor control of MRTPC over the private bankers in controlling interest rate regime/terms and conditions disfavoring the general public applicable to have their own house . All have to accept the discriminatory one side standard terms and conditions of bankers without having any other alternative recourse.


Since these types of bankers have made all their one side entire standard legally worded and formatted documents and these are get signed from each and every one before the disbursement resulting in slave like positions as of old age Shaukars’ system. From here itself starts the mental agony and torture to all of them.


Presently some of basic flaws in the uncontrolled/unrestricted banking system in home loan sector as well as in other loans also have following major disparities/flaws .


Disparity in interest rates and terms and conditions between public sector and private sector banks.



Man to man Discriminatory policies in loans only to lure new customers and then compelling them to have higher rate of interests at the sole disposal of bankers.



Non transparency in the system as to interest rate regime of private bankers as compared with public sector banks .



Absence of required control and check and balances in the system making rooms for the discriminatory loan regime in the country.


Take the live example of my own case apart from numbers of financially effected laks of people of the country for their unheard / unresolved matters are being shown on various websites of consumer welfares. These not to be detailed here itself but will be made the part of PLI .


I have taken home loan vide loan account number LBYGR00000641411 from the ICICI bank in November 2003 on floating interest rate of 7.5 % having 168 EMI of 4816 [ Total liability of Rs. 809088] Out of it I have paid 57 nos of EMI so far till November 2008 for Rs.282060 .

But unfortunately due to uncontrolled and discriminatory style of this banker I have the total balance liability of Rs. 909980/- consisting 230 EMI of Rs.5260/- . All this is really old age shaukari system .


For the last more then one year I am taking up my own case with ICICI BANK , RBI & MRTPC but it came to conclusion that due to the open un-controlled regime and non fulfillment of statutory duties by the RBI and MRTPC such bankers are at full liberty to operate the old age shaukari system in the country having man to man one sided their own discriminatory non transparent policies and systems.


I have booked my complaint with THE OFFICE OF THE BANKING OMBUDSMAN OF RBI in New Delhi vide offically registered complaint number :200708007328 ON 29.04.2008 but till date no action response took place at all.


Similarlry I have made application for investigation and compensation of RS.1000000/- to the Director –General –MRTPC on 27.02.2008 but till date no response or action intimated to me.


Now I am enclosing herewith annexure ‘A’ having total pages for your kind information that ICICI bank has finally given in replies dated 03.11.2008 and 10.11.2008 his version against my similar notice to ICICI BANK before PLI on 20.10.2008 . ICICI version is totally unacceptable and is effecting similarly to numbers of user of their services


Thus now I put this notice to all of above before PLI that why I should not file it on 12.01.2009 in the HON’BLE Supreme Court of India to impose a fine of Rs.100 crores on ICICI BANK which to be deposited in the Consumer Welfare fund of Government of INDIA and give the direction to State to appoint the high powered Judicial Commission headed by the sitting Judge of Supreme Court Of India having financial experts from SEBI . ICAI, ICWAI and ICSI to investigate the flaws in the whole system.


Thanking you,


Yours faitfully,


[SHIV KUMAR GUPTA]

GHANDHI DHAM

HOUSE NO 154-F, NEAR BUS STAND

JAGADHRI-135003

PHONE NOS:01732-314095

MOBILE NO 09810467564


Enclosed annexure ‘A’


Cc to


The Chairman-cum –Managing Director,

ICICI BANK

LAND MARK RACE COURSE CIRCLE,

VADODARA-390007

INDIA

for information and to pursue the matter with the board of directors of ICICI BANK .

CC TO PRESS /MEDIA

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