Legal Question in Employment Law in India

Hello, I am an employee of ICICI bank from past 14 months which includes 9 months of training (as Probationary officer). While joining ICICI bank I was asked to put signature on the loan agreement which states that the training cost is Rs 3 lakhs and i would need to serve 5 years (excluding training + 3 months internship) and failure to do so, i would have to pay the loan amount.

My class 10th,12th and college (original)degrees are with them. I do not like the work and do not foresee this as my career. I desperately want to quit this job but could not afford the loan amount.

Can someone guide me if I can leave this job without paying any loan amount and get duplicate certificates, will I enforce myself into some kind of trouble?

I have not received any Loan Documents/Certificates or Repayment Schedule from ICICI Bank yet Rs 5000 gets deducted from my salary every month. Upto what extent can ICICI Bank go to take their loan amount back (if its legal)

I await reply. Someone please help !!!


Asked on 10/13/12, 10:29 am

3 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

see a lawyer along with all the relevant documents.

read more on indian laws on my website www.karvai.in.

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Answered on 10/14/12, 5:26 am
Fca Prashant Chavan Expert Edge LLP

14.10.2012

Dear Sir / Madam,

Let us work out a cost-benefit analysis presuming your monthly gross salary is Rs. 25,000/-

ICICI has paid you a total gross salary of Rs. 3,50,000/- retaining Rs. 70,000/- towards loan deduction during your 9 months training period. The total net salary you have earned during these 9 months service tenure is Rs. 2,80,000/- less misc. statutory deductions like PF, Profession Tax & Income Tax at Source.

I consider any employment Offer Letter or Appointment Letter making it binding on an employee to compulsorily serve for more than a year from the date of appointment to be draconian, null and void ab initio. So you now have two options :

1) Issue a mail to your boss expressing your frustration in your present job profile, and request for a transfer to work in a Department that will enhance your skill sets within the next 15 days, failing which you will quit at the end of your internship, and specifically request your superiors to discontinue the loan agreement and terminate your services;

2) Start applying for jobs either in the same banking industry or any industry of your choice and should you get selected immediately, tell your new prospective employers that you will join them on the condition that they will have to pay you the remaining internship notice period salary; which you in turn will pay to ICICI and settle the matter.

In either options, the HR Department is legally bound to return all your original mark sheets back to you.

Regards,

Fca Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 10/14/12, 7:44 am
Rajiv Chandhok Ph: +919810050896 https://www.linkedin.com/in/rajiv-chandok-0827b733/

Legally you might not be able to quit without payment, but there are other ways, please feel free to contact the undersigned.

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Answered on 10/15/12, 1:46 am


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