ICICI Bank 2008 Annual Report Download - page 118

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35. Penalties/fines imposed by RBI and other regulatory bodies
There were no penalties imposed by RBI during the year ended March 31, 2008 (March 31, 2007: Rs. Nil).
Securities and Futures Commission (SFC), Hong Kong had charged the Bank with carrying on the business of dealing in
securities in Hong Kong without having a license to do so. Pursuant to the charges preferred vide issue of summons on
March 30, 2007 and the submissions of SFC and the Bank, the Eastern Magistrate’s Court, Hong Kong, on April 10, 2007,
fined the Bank a sum of HKD 40,000 (Rs. 0.2 million) and required the Bank to reimburse investigation costs to SFC.
36. Premium amortisation
As per general clarification from RBI dated July 11, 2007 on circular DBOD.BP.BC.87/21.04.141/2006-07 dated April 20, 2007,
the Bank has deducted the amortisation of premium on government securities from “Income on investment” in Schedule
13, which was earlier included in “Profit/(Loss) on revaluation of investments (net)” in Schedule 14.
37. Small and micro industries
Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October 2, 2006,
certain disclosures are required to be made relating to Micro, Small and Medium enterprises. There have been no reported
cases of delays in payments to micro and small enterprises or of interest payments due to delays in such payments.
38. Farm loan waiver
The Union Finance Minister, in his budget proposal for Financial Year 2008-09, announced a debt relief scheme for farmers,
which would cover agricultural loans disbursed by scheduled commercial banks, regional rural banks and co-operative
credit institutions up to March 31, 2007, overdue as on December 31, 2007 and which remained unpaid upto February 28,
2008. The Bank has not considered any expected receipts and has retained provisions on all eligible loans as per its current
provisioning norms, pending the quantification and acceptance of its claims as per guidelines of the debt relief scheme.
39. Disclosure of complaints
The movement of the outstanding numbers of complaints is given below:
Particulars Year ended
March 31, 20081
Year ended
March 31, 2007
a) No. of complaints pending at the beginning of the year ............................ 579 777
b) No. of complaints received during the year ............................................... 185,431 35,462
c) No. of complaints redressed during the year ............................................. 184,147 35,660
d) No. of complaints pending at the end of the year ...................................... 1,863 579
1. Includes,
a) complaints received via customer service touch points (phone banking) with effect from October 1, 2007,
b) complaints received through e-mail with effect from April 1, 2007.
c) The number of complaints are not comparable with the previous year due to the implementation of the above complaint tracking
mechanism during the year.
The details of awards during the year is given below:
Particulars Year ended
March 31, 2008
Year ended
March 31, 2007
a) No. of unimplemented awards at the beginning of the year ..................... 410
b) No. of awards passed by the Banking Ombudsmen during the year ........ 77
c) No. of awards implemented during the year .............................................. 63
d) No. of unimplemented awards at the end of the year ............................... 14
1. The 4 awards pending as on March 31, 2007, had become null and void, as customers did not accept them.
40. Change in estimate in the retail agriculture loan portfolios provisioning
During the year, the Bank has changed its basis of estimating provisions in respect of certain retail agriculture loan portfolios.
The impact of the change on the profit after tax for the year ended March 31, 2008 is not significant.
schedules
forming part of the Accounts (Contd.)
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