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Cash credit interest and penalties.


17-Mar-2023 (In Recovery Law)
I and my brother had an individual buisness account in same bank.My brother have taken unsecured loan of 3lakhs from the bank before COVID.Due to COVID he suffered losses ,had to close his buisness an so bank put his account into NPANow bank has freeze my account which is having a balance more than 3lakhs and not allowing me to carrying out any transaction because other family member is defaulterMy identity is no where involved in securing the loan from bankWhether bank can do this and how can I resolve this.
Answers (2)

Answer #1
876 votes
Well, Bank cannot do this, considering, you have no involvement in the unsecured loan taken by your Brother. No Bank will opt for this option of freezing the Bank Account as it will negatively impact the business of person who has sought loan, then how will he able to repay?
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Advocate Pankaj Bajaj

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Answer #2
667 votes
No bank can take such steps against you . However, if your name is reflected in his loan in any capacity then the situation will be different. As per your information, if you are not involved in your brother 's loan account then you can take action against bank.
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Advocate Kiran Prakash Chandorkar

Adv. Kiran Prakash Chandorkar

LawRatoMumbai | 50+ Answers
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