This is in respect with my termination from services which was done in the month of Feburary this year. I was designated as Assistant Manger-II in Retail Branch of Icici Bank
.
REASON FOR TERMINATION:-
There was a complaint received at M.D's office that Bikaner branch sales staff is mis-selling of Life Insurance Product by giving false promises of guaranteed returns on investment. According to them it was violation of the laid down process while sourcing Life Insurance i.e mis-selling of LI policy and mis-leading the customers by making false commitments, related of KYC norms. RCU had investigated the matter by approaching respective branch Sales Officer as prospective customer. During investigation this Sales Office had actually followed mis-selling practices and he was accused of following allegations:-
- False confirmation of guaranteed doubling of investment in 5 years was given to the prospective customer.
- Provided self printed fake brochures stating that returns will double in 5 years, mentioning your Mobile number on the brochure.
- On request of the customer, round seal acknowledgment of ICICI bank Ltd Bikaner was given on the brochure.
- He also introduced customer with the Branch Manager who also confirmed that the money will be double in 5 years.
- Later he sent the customer a text message on stating that it was the last day to avail the Life-Link Wealth SP policy and stated that the customer will be gifted a wrist watch if the customer applies on the same day.
Since I was working as Fee Manager & responsible for sales of Life Insurance & other financial products from branch. But entire branch including Branch Manager, Regional Manager and I were unaware of mis-selling practices of this accused Sales Officer.
During this investigation process I too had received one phone call from dummy customer planted by ICICI Bank Investigation Team. This dummy customer just asked me few details of above mentioned life insurance product and enquired about doubling of investment. I requested customer to meet me personally when I come back to branch or you give me your address details then I would ask our Financial Advisor from ICICI Prudential to get in touch with you.
But this team dragged me as well into this matter and accused me of following allegations:-
· Mobile number was mentioned on self-printed fake brochures provided to clients(written manually).
· False confirmation of guaranteed doubling of investment in 5 years was given.
We all three including Branch Manager who had given false confirmation to dummy client in person, received explanation mail from HR team. And terminated from services within the day of responding to these explanation mails without giving any opportunity of being heard.
In above episode I find myself to be completely innocent, having minimal involvement in the entire matter according to their investigation but they can't declare me guilty just on the basis of phone call.
Other Required Details:-
Duration of Service - 9 months
Status of Employment - Probation
Package - 6.5 lacs
Designation - Assistant Manager II
I had faced a lot because of this crisis, but with God Grace now I have got good opportunity to work with well known company without showing my work exp with I Bank.
But as per my profile this banking exp can be really essential for my career in long run which I would like to show on my resume. Besides I want this Bank to pay for its deeds which itself pressurize/torture/compell its entire staff to mis-sell products.
Please guide me !!
