Apni Law Staff asked 2 years ago
In 2004, I took a home loan from ICICI Bank. Unfortunately, in 2006, the bank misplaced my post-dated cheque. This led to a distressing experience, with threats of legal action and relentless pressure. The bank’s actions caused significant mental, social, and financial stress. I presented my case before the District Consumer Forum in 2009, where the bank was held accountable. However, they seemed to hold a grudge and retaliated by raising my interest rate from 11.50% to 16.25%. Now, ICICI Bank is evading my requests for clarification under the Right to Information Act of 2005. They claim they are correct and the high interest rate is justified.
Best Answer
Apni Law Staff answered 2 years ago
Based on Indian law, the bank’s actions in raising your interest rate after a successful consumer complaint may be considered retaliatory and unjust. You can file a complaint with the Banking Ombudsman or the RBI, seeking redress for the arbitrary increase in interest and also utilize the Right to Information Act to seek clarification from the bank on the rationale for the rate hike.
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