A few weeks back before I went to a short 2 week trip to US, I provided an ICICI 'bank official' at my office with a lead by filling a ICICI lead form(paper) for opening an ICICI direct depository and share trading account. The form mentioned the date and time which ICICI should call me. I was surprised when I got a call on correct date and time when I came back. The person who called me asked if I had wanted an ICICI 'share trading' account and if he can come down and have me fill up the form. Sweet!! I thought, these guys are methodological. Now once I came into the reception area of the office sure I found this person. He hands me over an indiainfoline.com depository/share trading account form and ... I am like what the **** is that.
Agent: Sir we have a tie-up with ICICI
Myself: Maybe, your depository allows linkup with an ICICI bank account for direct funds transfer which definitely doesn't constitute an exclusive tie-up for providing depository services to ICICI customers. Moreover I had asked an ICICI bank officer to send someone over for opening a ICICIdirect depository/trading account.
Agent: Sir our transaction costs are lower.
Myself: Its a question of ethics, you guys are un-ethical, can I speak to your manager.
Agent: Calls up the 'manager' on his cellphone
Myself to 'manager': Which company do you work for
'manager': Sir I work for indiainfoline.com ,
Myself: Ah! so how come you are able to obtain an ICICI bank's lead ??
'manager': Sir our trading account is cheaper ...
Myself: Yes but it is un-ethical and I shall complain to ICICI bank about how their leads are getting leaked.
......
A few minutes later I try the customer support numbers mentioned on ICICI bank's website and sure enough I am un-able to get through to a live human in any reasonable amount of time. So ICICI bank is blind and deaf in realtime which is the difference between a customer being defrauded and being able to obtain authentic information in good time.
Now I don't really know or care if ICICI bank is promoting indiainfoline.com instead of their own icicidirect service even to customers who specifically asked to buy it or it is their DSA( Direct Sales Agency) in Bangalore which decided that they get higher margins by selling ICICI customer information to direct competitors. Now all that remains to be done is that my ICICI bank account needs to closed and this recommendation for my friends(and readers of this blog) on perils of dealing with financial institutions that are ethically challenged or blind/deaf/un-reachable to their customers. I am not claiming that indiainfoline.com has a company policy of being un-ethical, maybe they just happened to hire an ethically challenged sales agent/sales agency.
Update: After several weeks of trying to get an account from error-ridden DSA's of reliancemoney, sharekhan, religare etc. I eventually settled for opening an icicidirect account and retaining icici bank account. Welcome to the world of 'real' choices that India provides.
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