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Bank cheated me by renewing loan beyond my business capacity/situation
25-May-2023 (In Recovery Law)
My nationalized bank kept granting / renewing my CC loan limits, even after knowing the poor financial position of my business. Now I am asking the bank to reconcile the loans, as I had to bear excess finance cost because of the renewals. I kept servicing the account somehow, to keep it 'standard' asset, but eventually it has slipped into NPA status as I could not bear unfair finance costs anymore. The bank did not reduce my limit when my business started shrinking & went into losses. I feel the bank has done fraud on me, by not providing me correct banking services as per my business capacity and situation. Can an FIR be lodged against the erring bank officials for such an act ? If yes, how to proceed in the matter ? What other alternatives do I have ?
you need to lodge complaint first to the head office of your bank and to obdusman of your bank if they don't reply to you or don't give setisfectory answer,then you can approach to the obdusman of RBI.
Helpful?
Adv. Apurv Sharma
Noida | 50+ Answers
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The primary point of analysis here would be, whether you knew about the processes and amendments undertaken by the bank or not. What was your role in making them renew your CC limit.
In case you were kept in gray area and whether the bank played any role making your company NPA, you can lodge an FIR . You can challenge the process in court of law and even can ask to grant some reasonable time to payback or wave off the loan.
Helpful?
Adv. Arvind Tripathi
Allahabad | 25+ Answers
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