Private bank bonds

You can submit your grievances to bankers ombudsmen. 

thank you sir

You are one amongst many who fall for such allurements.

The fact remains: The job in a bank be it a private bank e.g; M/s ICICI Bank or a Nationalized bank, Co-OP bank, Gramin bank etc…………………is properly advertised and a candidate has to clear an exam based on few basic abilities and the syllabus is not ‘Rocket Science’…………………………..

Even a candidate that has secured as low as say……………………..55% marks in basic qualification can appear for exam.

There are coaching centers that provide coaching fro a few thousand rupees. There are candidates that clear the exam without any coaching too!

The question arises ‘What extra ordinary is offered by M/s ICICI bank that allured you’?

You are paying the fee: for the programme that others who clear a competitive exam don’t have to pay.

You are drawing some payment that is low as stated by you compared to others who do the same work. Others may be doing work for official work hours of 8hrs/day, and you may be working for extended hours without any OT. Others may e members of Bank Employees unions while you may not be………………………….hence without being defended by unions.

You have to undergo mandatory ‘Probationary Period’ like anyone else.

What have you gained?

On the top of it you have signed agreements, submitted your original certificates as ‘Collateral’, offered your father as Guarantor and your father’s undated cheques as ‘Collateral’…………….

Hence in addition to you, your father is also prone to litigation and consequences of litigation!

There might be some sureties as well.

You have availed PL (in place of Education Loan)!

Whereas you could have easily availed Educational Loan from any other bank providing better terms and less severe implications.

The purpose is that: One should always do the home work properly before signing on the dotted line

e.g:

 inquiring about employer, work culture, Hr practices, consumer/customer complaints, ranking, experience of persons that have worked with it, reputation in the market………………………………..

the agreements, appointment letter that one has to sign and its implications, its legal force etc…..

One should consult a labor consultant/service lawyer before signing on the dotted line.

The Bank has already got what it wanted: A bonded employee and employee at low compensation………………………….

Training Cum Placement Programme: You may check if it is under Apprenticeship Act or under Managements Standing Orders. It might have been stated in offer/appointment letter issued to you! What is your status during the programme: Trainee or what?

Bond: The Bond is drafted in lieu of what consideration by bank e.g; some Training provided by bank that would add to some extra ordinary skills/qualification to you, some expenses incurred by bank on you, some extra ordinary favor……………………  Have you been provided copy of the document you have signed for it?

Class Room Training; who is paying for it? How much is paid by bank for it? What is the total cost of it? Are you being paid any stipend for it? Is it being subjected to tax treatment? Have you been provided copy of the document you have signed for it? What is your status in this Training; Student or Trainee? Is it an approved training/academic course that any other Bank shall accept as preferred qualification for recruitment? Have you checked on it? Or only M/s ICICI Bank has given acceptance for this programme? Who provides this training: employees of M/s ICICI Bank or M/s Manipal Univ.  

Internship; Who has arranged for it? Who shall pay any compensation for it? Is it a stipend and is it being subjected to tax treatment? Have you been provided copy of the document you have signed for it?

Original Educational Testimonials: Was it stated in any of the advertisement/communication before enrolling for the programme that candidate shall have to keep these with bank and for how long and what for the bank need to hold/retain the documents? Your declaration that you are keeping the documents on your own is taken willfully to keep the M/s ICICI Bank out of purview of some punishment! However still bank can’t hold on to the documents indefinitely! Moreover the bank has already obtained guarantees and undated cheques for PL! Apparently bank is paying the fee directly to M/s Manipal Univ. Then why Bank needs to keep Original Testimonials as collateral!

Tuition Fees: Who pays it? The name tuition fee suggests that it is an academic programme! Let us assume a part of it is to be paid by student, even then a receipt of part payment should be provided to student! Have you ever asked for it from M/s Manipal Univ……………..or even M/s ICICI Bank?

Stamp Paper; It is franked. You have signed on the committement on your own by your free will. M/s ICICI Bank shall claim a legal injury on breach by you!  

PL;Do you have copies of all docs of PL e.g; letter of offer, copy of filled in loan application, copy of loan agreement, terms and conditions governing the  loan, other documents such as schedule of fees and charges, recipt and copy of undated cheques, Banks are required to give authenticated copies of documents executed by you free of charge. (cf. para 8.11.1 of Code of bank’s Commitment to Customers)

Salary: Are you enrolled for their whole show on Salary? If yes are you being provided with salary slip? Have you demanded it on record? How the consideration/compensation/stipend whatever it is: being disbursed to you : in cash, by cheque, in bank a/c? The printed slip that accompanies shall clarify that what exactly it is!

Is there any clause on Liquidated damages in case of Breach by you and also by M/s ICICI Bank? If yes that is the max. amount to be paid, nothing more than that! More so liquidated damages are not necessarily to be paid on demand, these may have to be proved!  

Have you ever raised any demand or can you prove that you are under Bond hence being paid less for same job/work as done by others.

Such agreements are crafted by Law Firms that are paid handsome amounts and personnel on company’s rolls shall guard it jealously! They would be rather guarding and defending their jobs as if they loose BONDED personnel like this they shall loose their job. Hence expect a fight on it. They won’t agree for any negotiation.

You may start by asking for to return your ‘Original Certificates’ in same crisp condition as they were collected from you ; unsoiled, un mutilated……………by redg. Post at once……………..!

First of all you may show the job/course advt. by M/s ICICI Bank, M/s Manipal Univ  and prospectus of M/s M/s Manipal Univ , job/course application by you and  proof of any fee paid by you for job application, interview call letter, admission call, fee paid by you, selection letter, admission letter, amounts paid by you for loan, BOND, all communications, course curriculum, (compare it with other coaching Instts across the country), etc……………………….to a competent and experienced lawyer handling such cases…………………………….give inputs in person, understand the merits and let your lawyer now structure all communications to be sent by you………………

If you decide to agitate don’t forget to include the names of immediate superiors and MD,CEO of M/s ICICI Bank amongst list of notices!

The court of law has held that: Original Testimonials can’t e held……………

Madras High Court

Dr.S.Rajesh vs The State Of Tamil Nadu

 https://indiankanoon.org/doc/1028571/?type=print

If you wish you can certainly negotiate however let it be under expert guidance of your lawyer. Rather let your lawyer negotiate. Lawyers are skilled in it. It is one of the possibilities that your lawyer may succeed without need to litigate.

Your effort may help many fellow countrymen too!

If BO can intervene then there is nothing wrong in approaching it.

You may find the attachments and discussion in other threads as useful e.g:

https://www.lawyersclubindia.com/forum/Help-Service-bond-causing-unemployment--85093.asp#.UjbNaNKAqWM

Discussion > Labour & Service Law > Help! Service bond causing unemployment!

WHERE ARE FACTS.

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