The New Delhi District Consumer Disputes Redressal Forum has imposed a fine of Rs5.5 lakh as compensation and cost of litigation for the harassment caused to Naduthodi Janardanan on Hong Kong and Shanghai Banking Corporation (HSBC) for keeping its customer’s already settled loan account outstanding and charging him interest. The order declared that HSBC was not only ‘motivated by commercial gains’, but also by a ‘malicious mind’ to ‘settle scores’ with the complainant, who was a former employee, for challenging his termination in a labour court. A bench, presided by CK Chaturvedi, said: “We are totally shocked at the behaviour of HSBC in its commercial dealings with a customer, who once happened to be its own employee. Such attempts in unfair trade practices should be dealt with iron hands… We hold it guilty of atrociously and maliciously deficient in services to complainant and tormenting the complainant for reasons foreign to commercial dealings.”
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
