Bad experience with both HDFC and ICICI

Both HDFC and ICICI groups are the new faces of new India in the financial and banking sector. They have played their role in making the life of lot of us in India and have forced nationalized banks also to change with the changing times.

I have my accounts in both of these banks and also subscribe to MutualFunds from the AMCs of both these conglomorates. However, I'm in the middle of a painful experience dealing with ICICI AMC and HDFC Bank.

It all started when I noticed that there was no auto debit for a SIP with ICICI AMC, from my designated ICICI Bank account, but it was interesting to see that the units were allocated. However, I figured out that the money instead was debited from my HDFC account instead. Thanks to this unwanted debit from my HDFC account, I had to request my father not to present a cheque that I had given him, as it would have bounced. I complained to both ICICI and HDFC. So far I've made and received about 20 calls and have sent and received about 30 emails. HDFC blames ICICI and vice-versa. ICICI has washed-off its hands by telling from next month the SIP would be debited from my ICICI bank itself. HDFC is still clueless as to how did it allow ICICI to take money from my account when there was no mandate for them to do so. They are not giving me details of higher level officials to escalate despite my repeated requests. It scares me to note that anyone can take money from your account and you don't even get a proper response. Atleast I'm happy that money went into my own Mutual Fund account and not to someone else's. Never thought these two corporates would be so casual.