'It happened due to a code mismatch'

It was later found out that ECS of over 7,000 customers had bounced.

"We are very happy that the ICICI Bank has decided to reverse the charges. However, it should ensure that in future we do not face any problem because of this incident," said Sunil Kumar, one of the Canara Bank customers who had been fined by ICICI.

Worries over: Sunil Kumar, one of the Canara Bank customers who had been fined by ICICI

Meanwhile, the Canara Bank too accepted that the problem had happened due to a technical glitch, a fact it had earlier denied. "It happened due to a code mismatch," said CG Nair, assistant general manager, Delhi Circle, Canara Bank.

What ICICI said
The ICICI Bank spokesperson further clarified that August 5 was a bank holiday in Delhi because of Raksha Bandhan. "August 6 and 7 were bank strike days all over the country and most public sector banks were not working. Hence, ECS mandates from August 5 to 7 were presented together on August 8 by ICICI Bank.

Subsequently, we received the bounce report from the clearing house. (This report, called R7, contains details of customers whose EMIs could not be honoured because of various reasons, the primary reason being exceeds arrangement / insufficient funds). As a result of this communication from the clearing bank, we levied bounce charges on the customers," the spokesperson said.

"ICICI Bank is India's largest private sector bank and carries a responsible image and follows due diligence," the spokesperson added.

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