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Remedy if bank made fixed deposit from loan without knowledge
06-Nov-2023 (In Banking / Finance Law)
I have taken cash credit loan from a schedule bank, from my loan account the bank has cut 3% shares and also without our knowledge they had made fixed deposit. when I ask about it they told it is our bank policy. I taken 1300000 cash credit loan from schedule bank out of which they cut 39000 Rs loan holder shares and 10000 Rs shares for guarantor. also made 75000 Rs fixed deposit for 4 years without our knowledge. When asked the question about the fixed deposit from the loan amount they told that it is bank policy. Is there any policy the bank can make fixed deposit from the loan amount and how much percentage the bank can cut the share. Kindly provide some legal advice and guidance so that I can reverse FD amount in to loan
there is no such mandatory guidelines prescribed by RBI. You can ask the Bank to provide copy of the policy they are referring. And whether the Bank has informed you about any such policy before granting loan or any such terms have been mentioned in your loan agreement or loan sanction letter? If not, then you can take action against the Bank and ask them to give you the loan amount as was granted.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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