ICICI Bank — Customer's money held up by bank

Address:

South Delhi, Delhi

We have a current account (proprietor) with ICICI BANK (Kalkaji branch) in the name of 'ANANYA B&B'. (Account No.[protected].
On 11th Oct 2012, an online bank transfer of amount 282 Euros was made from Spain to our account. On 13th Oct 2012, when I went to the bank branch and on enquiring, I was confirmed that the transaction had come and it will be credited to my account once I confirm the Purpose code.
On 15th Oct 2012, I received an email with the list of Purpose codes and I confirmed the Purpose code for the transfer on the same day.
When the transfer money did not arrive to my account by 20th Oct 2012, I again went to the bank. They said that the transfer details did not mention the account name. As advised by the bank employee, I wrote a letter confirming the transaction and specifying that the account name was 'ANANYA B&B'. After 2 days, the bank then asked me to submit the same letter on our company letter-head. This was then submitted on 26th Oct 2012. It’s been almost a week since then, but still the amount has not been credited to my account. I am ringing up the bank every day and all they have is some excuse. Now they say that it is awaiting approval from some bank employee.

The bank is harassing the customer and earning interest on the money for almost a month now. Moreover, the bank even doesn't bother to inform the customer regarding the status of the transaction. If I had not enquired regarding the transaction, the ICICI bank would have simply consumed the money without the customer not even being aware of the same.

The bank has to blame the customer for not using the beneficiary account name while making the transfer. If it was so, then why did the bank accept the money from the Payment Initiator (Debtor) at the first place? An ICICI account number is a unique number and Account Name can easily confirmed. Even after the beneficiary account customer has confirmed the transaction, why is the bank holding up the money?