Amount debited to loan account without prior consent

I am a share holder of a cooperative bank and had taken long term loan in 2014, recently in year 2017 bank introduced a loan protection policy by getting it passed in AGM 2017. Without any prior notice or consent from me they debited Rs. 1834 to my loan account which is now included in principle amount. I had raised my objection that how the bank can debit amount towards loan protection policy without my consent. The bank replied that as it was passed in AGM it is mandatory for all share holder who have taken loan. Can you PLEASE guide me in this mater.

Answers (1)

186 votes

Dear Client,

Send legal notice to the banker and ask for clarification. As the amount is very less, if would be advised, that you your self send the notice asking them the clarification and if still no satisfactory reply rcvd, you can approach Registrar of Co-operative court.

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