MRTPC issues notices to ICICI, Citibank

MRTPC issues notices to ICICI, Citibank
PTI
Comment E-mail Print Share
First Published: Tue, May 22 2007. 08 44 PM IST
Updated: Tue, May 22 2007. 08 44 PM IST
New Delhi: The Monopolies and Restrictive Trade Practice Commission on 22 May issued enquiry notices to leading private lenders ICICI Bank, Citibank and HSBC on complaints regarding violation of norms in their credit cards business.
An MRTPC Bench comprising Justice O P Dwivedi and M M K Sardana issued the Notice of Enquiry (NOE) and directed the banks to file their replies in four weeks.
The notices followed the report of the Director General of Investigations and Registrations (DGIR), the investigative arm of the Commission, which had recommended action against these banks for making false promises to customers and violating RBI guidelines.
However, when contacted, an HSBC spokesperson said: ”We have not yet received any notice from MRTPC. If we do, we will certainly examine it and respond to their query.”
The spokesperson said the bank was conscious of the need to maintain transparency in business dealings and endeavoured to offer the highest levels of customer service possible.
HSBC complies with requisite rules and regulations in conducting its business, the spokesperson said in a statement.
ICICI Bank refused to comment on the development, saying it was yet to receive the notice.
Citibank also said in a statement: ”As per our usual practice, we will cooperate with the relevant authorities as and when required to do so.”
”Citibank credit card business is conducted in accordance and is in full compliance with the laws and regulations of the country where we operate,” it said.
Comment E-mail Print Share
First Published: Tue, May 22 2007. 08 44 PM IST
More Topics: Money Matters | Personal Finance |