Rohit Arora????的动态

?? CCI closes case against Indian Bank ??? 1?? ?????????? ?? The informant had two Fixed Deposit Accounts with Indian Bank for a period of one year, on which interest accrued on a monthly and quarterly basis, respectively. Due to changes in RBI’s policy, banks other than Indian Bank were offering higher interest rates, pursuant to which the informant decided to withdraw two FDs from the Indian bank with the objective of opening Fixed Deposit accounts with another bank. The Indian Bank imposed penalties of ?27,951/- and ?22,500/-, respectively, on the principal amounts of the two accounts on 21.12.2022. ??? In similar circumstances, the Indian Overseas Bank did not impose any penalty on the informant for the premature withdrawal of the FD account. 2?? ???????????????????? ?? It was alleged that the practice of imposing penalties on the informant by Indian Bank was unfair and discriminatory. Indian Bank misused its position in the market to obtain money from the informant in violation of Section 4 of the Competition Act, which prohibits the abuse of a dominant position. 3?? ???????????????? ???? ?????? ???????????????????? ?? The Commission observed that there were several players operating in the market for the provision of term deposit services in India, which included public sector banks, private sector banks, post offices, and other non-banking financial companies. Also, the informant did not provide any evidence of Indian Bank being in a dominant position. In the absence of the dominance of Indian Bank, there was no occasion to examine the allegation of abusive conduct against Indian Bank under the provisions of the Act. Resultantly, the case was closed. ????" #competitionlaw #banks #finacialservices