M.B. Shah, President—It is the case of the complainant that ICICI Bank (hereinafter referred to as the Bank) had adopted unfair trade practice by alluring the complainants to take loan at a fixed rate of interest varying between 6.25% to 6.40% by pledging Kissan Vikas Patras (KVPs for short) and when the complainants were trapped in, the bank demanded increased rate of interest on the loan amount given to the complainants and also unjustifiably deducted Processing Fee to the tune of Rs. 6,69,465/-.

2. The complainants, in their complaint, have alleged that relying upon discussions held with the concerned Bank officials over a period of three months as also relying upon the terms and conditions of the proposed KVP scheme contained in the written communications, each of the eight complainants who are family members, proceeded to invest Rs. 20 lakh (margin money of 10%) in the scheme. As against such investment, the Bank granted a loan of Rs. 1.80 crore to each of the complainants enabling each one of them to purchase KVPs (through the Bank) worth Rs. 2 crore which was then pledged as security with the Bank. Thus, the complainants were assured returns from the KVP at an interest r