Prakash Sarvankar resident of Mumbai who took a loan of Rs. 50,000 from Icici bank earlier this year and was unable to repay the installments on time due to failing health.
After his suicide & as cornered by the media and public outcry on the matter, ICICI bank announced a payment of Rs. 15.50 lakhs to the victim's family.
The payment would be made in the form of a fixed deposit worth Rs 10 lakh and an insurance policy worth Rs 5.5 lakh, totally amounting to Rs 15.5 lakhs," said an ICICI bank spokesperson.
Now RBI must stop banks from appointing recovery agents, so such incidents never happen again.