HSBC slapped with fine of Rs 5.5 lakh for unfair trade practice

 

A consumer forum here has imposed a fine of Rs 5.5 lakh on banking major Hongkong and Shanghai Banking Corporation (HSBC) Ltd for unfair trade practice of keeping its customer’s already settled loan account outstanding and charging interest from him.

The New Delhi District Consumer Disputes Redressal Forum pulled up the bank saying that HSBC’s act 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.

“In our considered view, opposite party (HSBC) has not only been motivated for its commercial gains, but also by a malafide malicious mind to settle scores of litigation in labour court over his challenge of termination,” a bench presided by C.K Chaturvedi said.

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