Complaint Details

Status	:	Closed
Complaint No	:	0037355/2014
Category	:	Banking
Date	:	27-10-2014
Subject Line	:	Misusing RBI PLMA 2002
Complainant	:	R K Agarwal
Address	:	35 Ameeta, Nariman Point, Opp YBC Centre,
Complainee	:	Bank of Baroda
Address	:	Nariman Point,

Complaint Details
27th October,2014


Sub: Illegally frozen our SBA…7425. ECS rejected. RBI PMLA 2002 ACT misused. By Bank of Baroda- Nariman Point Branch.

“BANK OF BARODA” is following ICICI bank tactics upon his customers. Misusing RBI PMLA 2002 ACT. And thus consequently liable to be penalized for Rs. Fifty Lacs by the Consumer Court; under The Consumer Protection Act, 1986- the way ICICI was convicted in 2007.

As per your emailed reply dated 25/10/2014, you have tried to take the ruse/ shelter/ undue advantage/ misuse of RBI PMLA 2002 ACT to protect you from the offence u have committed and thus blackmailing us to bow down before your illegal tactics to satisfy your ulterior motive to grab bribe from us. It won’t work. U think we do not know the law? Have a look at the following.

RBI under its circular “RBI-DBOD NO AML.BC.58/14.01.001” under the head “KYC Guidelines- Anti Money Laundering Standard” have categorically pointed the following important conditions/ clauses/ points for the banks to strictly follow before blocking/closing any customer’s account, putting the customers at task.
(A) ….required as per the RISK categorization
(B) ….safeguards to avoid HARASSMENT of the customer
(C) ….after giving due NOTICE to the customer explaining the REASON for such a decision.
You have following none of these three major RBI guidelines.
(A) WHAT RISK/ILLEGAL TRANSACTIONS have you found with our account which made you take such a drastic step to block our account? NONE.
(B) What sufficient safety u have taken to see to avoid harassment to the customer? NONE.
(C) WHAT NOTICE OR INTIMATION with REASON u have served to us for blocking our a/c? NONE.

While taking to task the ICICI bank, THE DELHI CONSUMER COMMISSION vented its anger on the bank. In the significant judgment, the Commission deprecated the “audacity and impunity” of the ICICI bank. Holding the ICICI Bank guilty of “UNFAIR TRADE PRACTICE,” the Commission termed them boorish and slapped the whopping penalty of RUPEES FIFTY LACS deploring ICICI bank’s practice of intimidating consumers.

SO Mr Bank of Baroda. Remember the above significant PRECEDENCE of the court; whereas you too are following the dirty footprints of ICICI bank; using all the unfair trade practice/tactics upon us, misusing RBI PMLA 2002 ACT - which no court will tolerate. You have violated all the legal norms and thus guilty not only for DEFICIENCY and NEGLIGENCE but also criminal offence under IPC/CrPc of blocking our account without any notice; rejecting ECS payment of the Bombay Dyeing again without any intimation or notice and now blackmailing us thru such unfair trade practices refusing to unblock our illegally blocked account- which has been causing hell of the trauma, monetary loss and wastage of our valuable time; for which we would put the case before the Consumer Court for exemplary penal punishment and compensation for Rs. Fifty lacs from your bank; the way they have done with ICICI bank for all your above monopolized restricted practices, dictatorial terms, adamant policy and illegal acts you have done against us;. Wait and watch. – R K Agarwal

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