Suppression materials by sbi (01363) baranch
SAMIYAPPAN(KABILAN)
(Querist) 21 October 2016
This query is : Resolved
Respected sir,
i have been cheated by SBI Regarding educational loan interest subsidy announced by government of india.as per( www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf)
HERE I ATTACHED MY QUERY please read it and help me.
thanking you
My profile
B.Samiyappan.
30/109 nethaji street,thuvakudimalai
Education loan account no: 10891710895. (From 2005 sep to april 2009)
BRANCH NAME SBI HEAVY ELECTRICALS KAILASAPURAM(01363)
TRICHY-620022.
Email id : bsamiyappan@gmail.com
Contact no: 8608477548
.
Respected sir
BRIEF INTRODUCTION ABOUT ME:
I had taken educational loan from September 2005 to april 2009, RS 148350/- ONLY. for BE MECHANICAL 4 YEARS COURSE BRANCH NAME SBI HEAVY ELECTRICALS KAILASAPURAM(01363) TRICHY-620014.
1) I am economically weaker section ,and also from first graduate in my family and also from SCHEDULED CASTE category .and annual income below RS1,12,000/-
2) Here I enclosed my loan account statement .but in my account statement no information regarding interest subsidy as per ( www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf) government order .
3) My branch SBI(01363) doing all kind of suppression of materials activity. In 2014 I asked details for interest subsidy but they did not responsed simply told no subsidy. at the time I had mind depression. This comes under violation of customer service policy. (28/9/2016) Now only I know I am eligible for interest subsidy through( www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf)
and ( http://www.eltf.in) .most of my friends in other bank got subsidy ,I have proof but SBI only lie telling.
3) I know it is banks duty to send subsidy claim documents to nodal bank(CANARA BANK),but my bank SBI HEAVY ELECTRICALS KAILASAPURAM(01363),failed to do duty, and they not given any information and communication to me with reference to (www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf) this order.
4) I have paid Approximately RS 1,60,000/- without any interest subsidy . but still my loan not closed properly .
5) SBI They are telling my loan sold to RELIANCE ARC and we don’t give any information.
5) Regarding this I written letter and emailed to SBI BRANCH MANAGER AND CUSTOMER CARE,SBI CHAIRMAN, and directly approached branch manager, no use.
6) I received letter from RELIANCE ARC (here enclosed) ,in that letter they mentioned RS 1,11,951 /- I have to pay.
I am not agree with this amount, 0n 28/9/2106 I suspected some illegal activities going in my loan account so I asked my account statement from (2005- September to till date),the manager at the time given my account statement fully in my hand ,then I showed reliance arc letter then asked details to SBI BRANCH manager, He asked to return give last page of account statement ,and immediately he did tear it. If you see the time, page design of account statement you also find this is edited forged account statement and forbidden some informations. SBI manager not willing to issue real account statement, and again I asked why sir you given statement last 2 pages in A4 sheet and altered ,but he not willing to give in A3 sheet .he told that if I give every thing transparently then I (manager) will be in trouble.
7)I have proof for everything, this kind of harassment done by SBI (01363).
8)here I listed how many times I communicated with branch manager for ACCOUNT statement.
1) On 28/9/2016 direct visit to sbi branch (01363)
2) On 30/09/2016 by email to sbi.01363@sbi.co.in
3) on 03/10/2016 by email sbi.01363@sbi.co.in. and ONLINE complaint ticket no: SR136326219850 (03/10/2016).
4) 07/10/2016 direct visit to branch manager SBI(01363)
5) 14/10/2016 direct visit to branch manager SBI(01363)
6) 15/10/2016 direct visit to branch manager SBI(01363)
7) 17/10/2016 direct visit to branch manager SBI(01363)
8) On 14/10/2016 by email sbi.01363@sbi.co.in. And ONLINE complaint ticket no:SR136326377112 (14/10/2016).
MY QUESTIONS:
WHY SBI(01363) BARANCH MANAGER VIOLATES SBI CUSTOMER RIGHTS POLICY?
How can an SCHEDULED CASTE and first graduate of family and ECONOMICALLY weaker section students like me ,come forward in india due to lot of clandestine deal between the SBI Managements and Reliance ARC.
1) How Can I get interest subsidy as per government order (www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf)?.Because my bank not given any information about interest subsidy upto till date.
2) How can I appeal and get justice for interest subsidy, and negligence of duty done by SBI BRANCH (01363) .
3) How to I close through proper channel.
4) How to I know my loan account balance, SBI told any information you ask RELAIANCE ARC.
5) Other banks like indian over seas bank, deba bank etc, given interest subsidy as per government order.(www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf), i have proof in other bank educational loan borrowers availed interest subsidy upto 31.3.2009 and outstanding as on 31.12.2013.even though NPS accounts also eligible for interest subsidy. SBI comes under IBA( INDIAN BANKING ASSOCIATION) ,other banks follows interest subsidy and gives subsidy upto 31.3.2009 and outstanding as on 31.12.2013. why SBI FAILED to give subsidy?
6) Now I am asking without considering interest subsidy, how SBI can tell we sold EDUCATIONAL LOANS to RELIANCE ARC.in case subsidy received my loan it never comes under NPA.
7) SBI sold educational loan with 55 % discount of out standing balance, only remaining 45% amount paid by RELIANCE ARC, IN this 45% amount reliance arc got additional relaxation, that is only 15% of remaining 45% amount paid by RELIANCE ARC immediately ,and remaining 85% amount of 45% can be paid in 15 YEARS DURATION, for example a person has RS 100,000/- outstanding balance in educational loan, IF SBI sold to reliance ARC ,RELIANCE ARC PAY ONLY RS 15,000/-immediately. Then the remaining RS 30,000 /- may be paid in 15 YEARS in instalment.
8) Everybody knows the agreement made between SBI and RELIANCE ARC, in case as per your agreement with RELIANCE ARC, how can RELIANCE ARC ask very huge amount. this is violation of RBI rules.
9) If SBI GIVEN The above Relaxation to EDUCATIONAL LOAN BORROWERS every educational loan can be easily repaid by EDUCATIONAL LOAN BORROWERS.
10) What is my loan account outstanding balance before selling to RELIANCE ARC,? and what amount SBI sold to reliance arc?
11) From SBI branch Manager no answer to all above questions? Instead of answering to my questions they given MIND DEPRESSIONS only,
12) You SBI asking KYC (KNOW YOUR CUSTOMER),in the same way I am asking I want to know about my account transactions and unhidden account statement.
13) Whether SBI(01363) BRANCH manager can ready to certify ,that you(SAMIYAPPPAN B) account no :10891710895 is not eligible for interest subsidy as per government order (www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf) in certified documents or not?
14) SBI(01363) BRANCH manager can ready to certify that closing balance ,and what amount I have to pay ?
CLARIFICATION QUESTIONS IN MY ACCOUNT STATEMENT : .
1)what is mean by unrealised Intt reve in account statement.
2) what is mean by unrealised Intt reco in account statement.
3) what is mean by “ACC INT ADJ TO TR TO” in account statement.
4) what is mean by “ACC INT ADJ TO RA” in account statement.
5) what is mean by “REPAYMENT BY A/C TRC ” in account statement.
6) what is mean by “Sale to ARC cash C” in account statement.
7) what is mean by “Sale to ARC SR Com” in account statement.
8) what is mean by “ CHAIRMAN / 1A /EC /15-1 ” in account statement.
9) what is mean by “FROM IBGL 2399776 ” in account statement.
10) what is mean by “CR LOAN ACC WRITE OF TRANFER FROM 316726 ” in account statement.
Thanking you
Devajyoti Barman
(Expert) 21 October 2016
Such long query is difficult to advise.
Anyway you can seek remdye from consumer forum if there is any deficiency of service from bank.
Kumar Doab
(Expert) 21 October 2016
If all representation made by you have failed to get you the desired/justified information and relief then either escalate to Chairman or handover to your own able counsel specializing in banking/consumer matters.
Rajendra K Goyal
(Expert) 21 October 2016
You should discuss with local lawyer and file consumer complaint if you feel there was deficiency of service.
Rajendra K Goyal
(Expert) 21 October 2016
Author please confirm:
Whether course / institute was approved under the scheme.
Whether you fulfilled the income criteria of the scheme.
Whether you availed any loan amount after 01.04.2009 (You availed between 2005 to april 2009), hence not entitled under the scheme). Subsidy is available for loan disbursed after 01.04.2009.
Whether you submitted the economically weaker section certificate in time?
Whether you paid interest in loan account in time?
Rajendra K Goyal
(Expert) 21 October 2016
You said:
Here I enclosed my loan account statement .but in my account statement no information regarding interest subsidy as per ( www.canarabank.com/Upload/English/ content/NEW%20CSIS.pdf) government order
Reply:
As mentioned by you , loan was availed before 2009, you does not seem to fulfill eligibility. Please visit:
http://www.canarabank.com/english/scripts/InterestSubsidyEducationalLoans.aspx
You said:
most of my friends in other bank got subsidy ,I have proof but SBI only lie telling.
Reply:
Please analyze in detail their entitlement and whether they fulfilled eligibility criteria.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
RELIANCE ARC (here enclosed) ,in that letter they mentioned RS 1,11,951 /- I have to pay.
Reply:
No enclosure possible in the section.
They must have claimed outstanding amount. You have not mentioned how much have you paid through regular installments.
It seems the loan was NPA and Bank sold it for recovery to RELIANCE ARC.
It was your moral / legal duty to pay back loan in time as agreed by you in agreement for which you seem to have failed miserably.
Any subsidy, if eligible and received by Bank would have been credited / paid to you if your loan account is closed.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
I asked why sir you given statement last 2 pages in A4 sheet and altered ,but he not willing to give in A3 sheet .he told that if I give every thing transparently then I (manager) will be in trouble.
Reply:
Have you asked for statement in writing? You have not paid loan in time, you were not with clean hands.
SBI is now in CBS, you can have got statement from other Branch.
You said:
I have proof for everything, this kind of harassment done by SBI (01363).
8)here I listed how many times I communicated with branch manager for ACCOUNT statement.
Reply:
No list found.
Really it is bad on part of Bank if it did not give you account statement. Have you applied in writing?
You should have asked for loan passbook and get it completed time to time.
However, Bank charges service charges if statement asked again (₹100/- + ST with latest balance plus ₹ 25/- per page for previous entries. Min- ₹100/-+ST Max-No limit at present).
Had you deposited the required fees before taking statement?
Rajendra K Goyal
(Expert) 21 October 2016
You said:
WHY SBI(01363) BARANCH MANAGER VIOLATES SBI CUSTOMER RIGHTS POLICY?
Reply:
You can write to Chairman of the Bank, to Banking ombudsman, file complaint with consumer forum if have events of deficiency in service.
You said:
How can an SCHEDULED CASTE and first graduate of family and ECONOMICALLY weaker section students like me ,come forward in india due to lot of clandestine deal between the SBI Managements and Reliance ARC.
Reply:
Bank sanctioned and disbursed loan and hoped to be paid back in time. It seems it was not done hence loan was sold to recovery company Reliance ARC.
Before blaming others, one should be with clean hands.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
1) How Can I get interest subsidy as per government order (www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf)?.Because my bank not given any information about interest subsidy upto till date.
Reply:
If you are entitled, You should have taken up with the Bank and get the claim forwarded.
Presently your account is NPA, Bank cannot debit interest till it is actually realized on NPA account. If any interest was debited after 01.04.2009, you can take up with Bank, if account was NPA before this date, Bank seem to have no authority to forward claim as it has debited no interest.
You said:
2)How can I appeal and get justice for interest subsidy, and negligence of duty done by SBI BRANCH (01363) .
Reply:
Read the scheme and if any procedure exist for late claim of subsidy, you can proceed.
Generally budget allocation for a period expires after financial year.
If mistake is on part of Bank, it has to pay subsidy from its pocket, if court orders so.
Kumar Doab
(Expert) 21 October 2016
Hope you can read between the lines:
"If mistake is on part of Bank, it has to pay subsidy from its pocket, if court orders so."
"Bank sanctioned and disbursed loan and hoped to be paid back in time. It seems it was not done hence loan was sold to recovery company Reliance ARC.
Before blaming others, one should be with clean hands."
Rest if you are still finding it difficult to understand consult your able counsel specializing in banking/consumer matters.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
3) How to I close through proper channel.
Reply:
You can close account by paying outstanding.
First clear your liability, claim subsidy later through consumer forum, if eligible bank has to pay.
You said:
4) How to I know my loan account balance, SBI told any information you ask RELAIANCE ARC.
Reply:
It seems the loan account has been sold to RELAIANCE ARC for recovery, total record may have been transferred to them, contact them.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
5) Other banks like indian over seas bank, deba bank etc, given interest subsidy as per government order.(www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf), i have proof in other bank educational loan borrowers availed interest subsidy upto 31.3.2009 and outstanding as on 31.12.2013.even though NPS accounts also eligible for interest subsidy. SBI comes under IBA( INDIAN BANKING ASSOCIATION) ,other banks follows interest subsidy and gives subsidy upto 31.3.2009 and outstanding as on 31.12.2013. why SBI FAILED to give subsidy?
Reply:
Please inform whether any interest was debited by SBI in your loan account after 01.04.2009? It seems it was NPA before that date.
You said:
6) Now I am asking without considering interest subsidy, how SBI can tell we sold EDUCATIONAL LOANS to RELIANCE ARC.in case subsidy received my loan it never comes under NPA.
Reply:
It is Government guidelines / policy, Bank cannot keep NPA account for long, it effect its balance sheet, hence sold account for recovery as per Banking procedure. RBI / Government / Court can change the policy, can approach.
loan was taken in 2005, it must have been paid back fully till 2012, interest can be paid during studies. Your claim that loan was not NPA does not seem to be correct. Please go through RBI guidelines on asset classification.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
7) SBI sold educational loan with 55 % discount of out standing balance, only remaining 45% amount paid by RELIANCE ARC, IN this 45% amount reliance arc got additional relaxation, that is only 15% of remaining 45% amount paid by RELIANCE ARC immediately ,and remaining 85% amount of 45% can be paid in 15 YEARS DURATION, for example a person has RS 100,000/- outstanding balance in educational loan, IF SBI sold to reliance ARC ,RELIANCE ARC PAY ONLY RS 15,000/-immediately. Then the remaining RS 30,000 /- may be paid in 15 YEARS in instalment.
Reply:
Account not having good chances of recovery, Bank has to sacrifice. rather to bear fully, something is better. Legal process of recovery is very costly, lengthy and with uncertain chances of recovery.
You said:
8) Everybody knows the agreement made between SBI and RELIANCE ARC, in case as per your agreement with RELIANCE ARC, how can RELIANCE ARC ask very huge amount. this is violation of RBI rules.
Reply:
They have purchased the loan account, have right to recover as per law, if found illegal can challenge their demand in court. RELIANCE ARC is not supposed to work for free, it is with profit moto.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
9) If SBI GIVEN The above Relaxation to EDUCATIONAL LOAN BORROWERS every educational loan can be easily repaid by EDUCATIONAL LOAN BORROWERS.
Reply:
Practically as per my knowledge, Bank has been offering time to time through one time settlement schemes a lot of concessions, response was very poor.
Have you ever offered to Bank any such proposal in writing?
You said:
10) What is my loan account outstanding balance before selling to RELIANCE ARC,? and what amount SBI sold to reliance arc?
Reply:
Not a legal query. Can use RTI. However the interest must have not been debited from date of NPA.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
11) From SBI branch Manager no answer to all above questions? Instead of answering to my questions they given MIND DEPRESSIONS only,
Reply:
You said: Your loan account was NPA, there was no reason the Manager should lay red carpet for you.
You said:
12) SBI asking KYC (KNOW YOUR CUSTOMER),in the same way I am asking I want to know about my account transactions and unhidden account statement.
Reply:
KYC is RBI directive, Bank has to ask.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
13) Whether SBI(01363) BRANCH manager can ready to certify ,that you(SAMIYAPPPAN B) account no :10891710895 is not eligible for interest subsidy as per government order (www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf) in certified documents or not?
Reply:
Ask from Bank. Though Bank may not be having record can approach RELAIANCE ARC. after selling of the account, Bank may not have concern with the borrower.
You said:
14) SBI(01363) BRANCH manager can ready to certify that closing balance ,and what amount I have to pay ?
Reply:
Replied as above.
Rajendra K Goyal
(Expert) 21 October 2016
You said:
1)what is mean by unrealised Intt reve in account statement.
Reply:
Academic query, no reply
You said:
2) what is mean by unrealised Intt reco in account statement.
Reply: :
Academic query, no reply
You said:
3) what is mean by “ACC INT ADJ TO TR TO” in account statement.
4) what is mean by “ACC INT ADJ TO RA” in account statement.
5) what is mean by “REPAYMENT BY A/C TRC ” in account statement.
6) what is mean by “Sale to ARC cash C” in account statement.
7) what is mean by “Sale to ARC SR Com” in account statement.
8) what is mean by “ CHAIRMAN / 1A /EC /15-1 ” in account statement.
9) what is mean by “FROM IBGL 2399776 ” in account statement.
10) what is mean by “CR LOAN ACC WRITE OF TRANFER FROM 316726 ” in account statement.
Reply:
Academic query, no reply
Kumar Doab
(Expert) 21 October 2016
Now after such illustration what you need to do is ::: to Act:::
to either prove deficiency of the bank
or accept your default/delinquency and pay.
Prefer to consult your able counsel.
Kumar Doab
(Expert) 21 October 2016
Thanks Mr. Goyal.
H.M.Patnaik
(Expert) 22 October 2016
Mr. Goyal has answered each point with his proficiency in banking matters and patience.Hope, the querist is now in a position to understand the issue and for further assistance get in touch with a banking law expert locally.
Rajendra K Goyal
(Expert) 22 October 2016
From the query, one can get the influence:
1. The loan was not repaid it turned NPA.
2. No loan installment was released after 1.04.2009 for which subsidy was entitled i.e. the interest subsidy was to be paid only on interest paid for loan installments released after 01.04.2009 which was nil in this case. Hence he was not entitled for subsidy, from the query it appears, he knew the fact but do not want to understand.
3. The terminology used after the point no. 14 shows that the author received the statement. Did not want to pay for another copy hence was denied.
4. As the Bank was unable to recover outstanding, it sold the loan account to Reliance ARC, which pressurized the author for recovery and he want to get shelter of law to get way out to escape paying Bank loan.
5. It seems degree was complete in 2009, he must have got job within a year, but did not care to clear loan. Now trying to find out fault with the Bank and recovery company when pressurized.
If employed, author is advised to pay back Bank loan and try to improve CRICIL scores.
SAMIYAPPAN(KABILAN)
(Querist) 24 October 2016
YOU SAID:
Have you asked for statement in writing? You have not paid loan in time, you were not with clean hands.
REPLY:
YES I WRITTEN LETTER BY HAND,AND EMAILED TO BRANCH MANAGER,NODAL OFFICERS ,CHAIRMAN,CUSTOMER CARE.
I THINK YOU NOT UNDERSTOOD THIS MATTER ANY WAY THANK YOU FOR YOUR COMMENTS,
GIVE HAND WASH SOLUTION
Guest
(Expert) 24 October 2016
Better Fix an Appointment with top Officials of the Bank and Meet them.Explain all your Difficulties Undergone and Plead for One Time settlement Waiving off the Maximum Interest.If it is Agreeable for you take a Consent Letter from them and close it Off.Other wise go for Legal Remedies and Make the Payments In Court.Consult your Advocate.Normally Branch Managers do Not Have such Powers and you should Meet the Chairman's Office Or atleast the GM's Office.
Rajendra K Goyal
(Expert) 24 October 2016
Author,
It may be correct, I did not supported your views, it does not mean I did not understood. You want that I should support your views.
We can suggest steps, not authority to take steps against any official who did not responded.
On other hand you also have not understood your responsibility to pay back loan in time when you were employed, as per your written agreement with the Bank.
Rajendra K Goyal
(Expert) 24 October 2016
Expert N.J.S.Rajkumar alias narasimha ji,
From the facts it is clear that SBI has sold the loan for recovery to Reliance ARC at agreed price, SBI has no role now for settlement.
Now the settlement has to be arrived at with Reliance ARC.
Guest
(Expert) 24 October 2016
Regarding Reliance ARC they Pay only 50% of the pending Actual Principal Loan Amount to take up the loans and they try all sort of methods to Recover the Full amount along with Full Interest.The Collection People were so Cruel that they Took away the Certificates of an Innocent Student who was a Borrower and the Boy had committed Suicide.Whether they could give the Life back if the Money Is settled.Dear Author be bold and Face them.Make the Payments thro Court with the help of Advocate.RBI had already given guidance that Collection Agents should Not Visit before Or after Prescribed Time and the Collection Agents should Inform Concerned Police Station before any Visits and there should be only a Dignified conversation which is Never Followed.File a Suit and make the Payments in Court.Consult A Local Good senior Advocate.
Guest
(Expert) 24 October 2016
Dear Author,You could also collect the Details of above suicide case mentioned by me as well as the Letter of ELTF to govt regarding the same From Google WebSite by just mentioning and enclose it in the Petition to be filed in Court.Discuss with your Advocate.Pay Only thro Court and File the Case at the Earliest Instead of wasting Time.
Guest
(Expert) 24 October 2016
Even in the above Suicide Case the Lender was SBI which had transferred it to Reliance.
SAMIYAPPAN(KABILAN)
(Querist) 24 October 2016
PLEASE READ THIS POST
THEN YOU tell the answer for my previous post named:
Suppression materials by sbi (01363) branch:.
THIS IS TAKENT FROM(WEB SITE)
www.canarabank.com/Upload/English/content/NEW%20CSIS.pdf
Guidelines for providing relief on interest outstanding component as on 31.12.13 for all Educational Loans sanctioned/availed up to 313.2009 & outstanding as on 31.12.2013.
This is with reference to the announcement made by Finance Minister in Para 64 of the Budget Speech 2014-15 in which, in order to provide relief to students who were sanctioned/disbursed educational loans up to 31.03.2009 and outstanding as on 31.12.2013, the Central Government will take over the liability for outstanding interest as on 31.12.2013 and the borrower will have to pay the interest for the period after 01.01.2014.
2. INTRODUCTION
The Government of India in the Budget of 2009-10, had introduced the Central Scheme for Interest Subsidy (CSIS) in respect of education Loans disbursed after 01.04.2009.
under which Government took over the burden of interest for the duration of the period of study plus one year or six months after getting the employment, whichever is earlier.
In continuation, this scheme is prepared to provide benefit to those students who have taken education loan up to 31.3.2009 which is outstanding as on 31.12.2013 to the extent of interest component.
3. OBJECTIVE OF THE SCHEME
The Government of India will take over the entire liability of the interest outstanding as on 31.12.2013 for all education loans sanctioned up to 31.3.2009 and which are outstanding as on 31.12.2013, by students belonging to Economically Weaker Sections from scheduled banks/RRBs for pursuing any of the approved courses of studies in technical and professional streams from recognized institutions in India.
Government of India will take over the liability for outstanding interest as on 31.12.2013, but the borrower would have to pay interest for the period after 01.01.2014
APPLICABILITY OF THE SCHEME:
The Scheme will be adopted by all scheduled Banks/RRBs and would be applicable only for students from Economically Weaker Sections who have taken education loan up to 31.3.2009 and outstanding as on 31.12.2013 and were pursuing studies in recogniied Technical/Professional Courses in India.
RRBs should submit their claim directly to Canara Bank, the nodal bank and not to route it through the sponsor bank.
4. BENEFITS AVAILABLE UNDER THE PRESENT SCHEME:
For those educational loans sanctioned/availed up to 31.03.2009 and outstanding as on 31.12.2013, the interest component as outstanding on 31.12.2013 will be eligible for relief under this Scheme.
It means that only the interest component of those education loans which were availed up to 31.03.2009 and are outstanding as on 31.12.2013 shall be adjusted under the Scheme. Principal amount (ie original loan amount + interest capitalized at the start of repayment) shall continue to be as it is and no kind of adjustment shall be done against the principal amount.
For cases which are NPAs & outstanding as on 31.12.2013, the interest during the moratorium period (the capitalized interest) OR the interest outstanding as on 31.12.2013, whichever is less, will be eligible for relief.
5. INCOME LIMIT /PROOF OF INCOME:
The benefits of the scheme would be applicable to those students belonging to economically weaker sections, with an annual gross parental/family income upper limit of Rs 4.5 lacs per year (from all sources) as on date/at the time of availing loan, if available, from the appropriate authorities.
The responsibility of producing an income certificate lies with the student/parents claiming relief under the scheme. Income proof, in the form of Income Certificate Issuing Authorities (ICIA) as designated by the respective State Governments under the existing CSIS shall be required from the students. The present scheme is intended to cater to the needs of students belonging to economically weaker sections, with prescribed upper parental gross income limit of the family from all sources, which is based on economic index and not on social background. The scheme is independent of any other schemes which may cater to EWS.
7. COMPETENT AUTHORITY:
The Advisory issued by the Ministry of HRD, Government of India to all the State Governments requesting them to designate an appropriate authority or authorities who are competent to issue income certificates, based on economic index and not social background for the purpose of CSIS scheme shall hold good for this scheme also .
8. OTHER TERMS AND CONDITIONS:
The interest subsidy under the scheme shall be available to the eligible students only once, either for the first under-graduate degree or the post graduate degrees/ diplomas in India and for integrated courses (graduate + post graduate) courses, provided no subsidy has been claimed under the existing CSIS after 01.04.2009. If any student borrower has claimed subsidy for post graduate course after 01.04.2009 then he is not eligible under this scheme.
Interest Subsidy under this Scheme shall not be available for those students who had discontinued the course midstream, or who were expelled from the Institutions on disciplinary or academic grounds. However, the interest subsidy will be available only if the discontinuation was due to medical grounds for which necessary documentation to the satisfaction of the Head of educational institution will have to be given.
9. LIST OF ELIGIBLE COURSES:
A list of Technical/Professional courses which was brought out by the Ministry of Human Resource Development in consultation with the concerned Ministries/Departments and the Indian Banks' Association and publicized from time to time for CSIS Scheme, shall be applicable under this scheme. As regards list of accredited universities/institutions and recognized professional courses, UGC and AICTE have displayed the names of such institutions and courses in their websites, which may be accessed for verification purposes.
In case of doubt, Banks may approach UGC/AICTE and other councils for clarification, for which UGC/AICTE and other councils would be requested to create Cells and identify Nodal officerswhom banks can approach for relevant information.
10. NODAL BANK:
The nodal Bank for the scheme is Canara Bank.
11. MONITORING/SUBMISSIONS OF CLAIMS
The interest relief so arrived as per Para 5 will be uploaded by the Banks in the CSIS portal already under operation by Canara Bank.
A monitoring mechanism shall be evolved by Canara Bank i.e. the Nodal Bank to monitor the progress being made under this scheme & timely submission of interest outstanding as on 31.12.2013 of loans availed up to 31.3.2009 by all participating Banks.
12. ADDITIONAL INFORMATION:
The interest subsidy is only for interest debited on account of fees paid, and not on any other debits such as insurance premium etc. If similar scheme is implemented by any state government, then claim should be made either to Central or state Government and not to both i.e the benefit of outstanding interest wavier can be claimed only once.
All other operational details as applicable for CSIS scheme shall be applied for this scheme unless otherwise specifically stated. Each Bank should contact all eligible beneficiaries under this scheme immediately and obtain the requisite documents from them( affidavit as stipulated under CSIS including a certificate that the beneficiary has not claimed interest subsidy under CSIS after 01.04.2009 & income certificate) and get the interest outstanding settled by submitting the claims to the Nodal bank.
The entire exercise for all eligible outstanding cases shall be completed by 30th June, 2014.
13. DISBURSEMENT OF INTEREST SUBSIDY CLAIMS
The disbursement of interest subsidy claims under this scheme to the Banks shall be on a one time basis for all outstanding cases.
14. AUDIT
Statutory Audit of the Accounts coinciding with the Annual Statutory Audit of the Bank should be conducted immediately at the end of first quarter of 2014-15 and should be finalized in the half yearly accounts statements of each Bank.
Guest
(Expert) 24 October 2016
Very Fine This is to be Discussed by Your good Self with the concerned Bank/Agent with the help of your advocate.The suicide of the above mentioned student was in 2016 only.Better whether you seek a Remedy Or just want me to say You are right.
Kumar Doab
(Expert) 24 October 2016
The information posted by Mr. N.J.S.Rajkumar is perturbing.
Leading public Sector bank M/s SBI which received so much support from government at the cost of tax payers and public money is resorting to such actions.
M/s SBI has issued internal circulars to its staff education them on how to handle such matters when customers and their companions come to visit bank/bankers.
In another case a Senior Doctor ENT Specialist in a Government hospital having salary a/c in SBI was issued SBI Credit Card since the branch/BM had targets to achieve.
It was schemed and ensured that bills are not delivered and sky high charges of all kinds are insured.
Subsequently doctor had to approach DCDRF and State Medical Association and Indian Medical Association and appraise them how even doctors are not spared by bankers in M/s SBI, and in a rush to please their masters the bankers won't mind stooping down to such low levels.
Kumar Doab
(Expert) 24 October 2016
Earlier it was banks like M/s ICICI Bank, M/s HDFC bank etc and borrowers that committed suicide. Now M/s SBI is also joining the bandwagon.
Incidentally Chennai; Tamilnadu is hub of Recovery/Collection activities as almost all Banks/lenders etc have their agents/agencies/cells etc at Chennai; Tamilnadu.
M/s ICICI Bank on its volition agreed to pay a compensation to borrowers that committed suicide.
It seems that now it is the turn of others to cough up compensations.
http://www.business-standard.com/article/economy-policy/icici-compensates-families-of-loan-defaulters-107092801112_1.html
ICICI compensates families of loan defaulters
BS Reporter | Mumbai September 28, 2007 Last Updated at 00:00 IST
In the first-ever case of its kind, ICICI Bank has compensated the families of its two borrowers who allegedly died due to harassment by the bank's recovery agents.
The bank has paid Rs 10 lakh in the form of fixed deposit to the family of Prakash Sarvankar from Andheri here who committed suicide after being publicly humiliated by the agents for recovery of a personal loan.
The family of Yadaiah, a resident of Hyderabad, who died of a heart attack while he was made to sit in a branch of the bank for recovery of a Rs 15,000 loan, has been paid around Rs 3 lakh.
Kumar Doab
(Expert) 24 October 2016
The RBI guidelines and Supreme Court of India Judgments can be downloaded from old and illustrated threads at:
http://www.lawyersclubindia.com/search_results_custom.asp?dir=forum&q=harassment+by+icici+bank+recovery+agents&B1=GO#.VnQiNV5-jMo
e.g:
http://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp
Kumar Doab
(Expert) 24 October 2016
The plight of student that committed suicide as posted by Mr. N.J.S.Rajkumar and ELTF can be accessed at:
http://www.eltf.in/
info@eltf.in and action2020eltf@gmail.com
Judgments:
Madras High Court rules: Banks can't insist on minimum 60% marks to extend educational loans
10:47 AM Judgeme
Banks can't deny loan due to low marks: Madras High Court
http://www.thehindu.com/news/cities/chennai/the-bad-side-of-education-loans/article8757857.ece
http://www.livemint.com/Money/xpfjhKlbaGgrUSWRklksYM/SBI-puts-up-66-loan-accounts-for-sale-to-ARCs.html
http://www.thehindubusinessline.com/money-and-banking/studyloan-defaulters-get-harsh-life-lesson-from-arc/article8752595.ece
http://www.thehindubusinessline.com/money-and-banking/student-loan-npas-parents-to-take-on-recovery-firm/article8093112.ece
Kumar Doab
(Expert) 24 October 2016
Supreme Court of India
Icici Bank vs Shanti Devi Sharma & Ors
https://indiankanoon.org/doc/1515197/
2. This appeal is directed against the order dated 13th July, 2006 passed by the High Court of Delhi in Writ Petition (Criminal) No. 576 of 2006 and order dated 11th August, 2006
passed in Crl. M. A. Nos. 8093-94/2006 in W.P. (Crl.) No. 576 of 2006.
3. The question that arises in this case in narrow compass: Should part of the impugned judgment be expunged so that it may not adversely influence on an ongoing criminal investigation? The respondent filed a criminal writ petition number 576 of 2006 with the Delhi High Court. Vide this writ petition, the respondents sought a writ of mandamus that would direct the Commissioner of Police to take action against the appellant bank. Respondent no.1 alleged that her son committed suicide as a result of the manner in which the bank's recovery agents had repossessed her son's motorcycle. In the first information report (F.I.R.) dated 29.11.2005, the respondent alleged that on 16th October, 2005 at about 1.00 p.m., two recovery agents (referred to as "goons") forcibly entered her son's bedroom and started harassing and humiliating him for the loan payments that were overdue on his two wheeler and on his personal loan.
4. Complaints received by Reserve Bank
regarding violation of the above guidelines and adoption of abusive practices followed by banks' recovery agents would be viewed seriously.
14. We deem it appropriate to remind the banks and other financial institutions that we live in a civilized country and are governed by the rule of law.
15. Looking to the gravity of the above allegations, we expect that the matter will be investigated as expeditiously as possible and, in any event, it must be concluded within a period of three months and, thereafter, the concerned Deputy Commissioner of Police is directed to submit the report of the investigation in the
High Court.
16. In the facts and circumstances of this case we direct the appellant to pay costs of this litigation to the respondents which is quantified as Rs.25000/-. The costs be paid within three weeks. We direct that the matter be listed before the High Court after the report of the Deputy Commissioner of Police is filed.
Kumar Doab
(Expert) 24 October 2016
Publication: The Times Of India Mumbai; Date: Sep 28, 2007; Section: Front Page; Page: 1
ICICI Bank pays Rs 15.5L to kin of borrower who ended life
TIMES NEWS NETWORK
Mumbai: A little more than a week after Andheri resident Prakash Sarvankar committed suicide following harassment by loan recovery agents appointed by ICICI Bank, his family has received an ex gratia payment of Rs 15.50 lakh from the bank. This includes a fixed
deposit of about Rs 10 lakh which will be maintained with ICICI Bank at 9.5% interest per annum for about five years. This will ensure a monthly payout of about Rs 8,000 for the family.
“The money will not get my husband back, but it will help secure my kids’ future,’’ his widow Priyanka said. “I want to thank the media for following up the issue. No borrower should ever suffer the way we have. Recovery agents had threatened to seal our house if my husband didn’t pay up, and they humiliated him in public.’’
The ex gratia payment was made in direct consultation with Sarvankar’s family
City police commissioner D N Jadhav on Thursday held a meeting with over 50 bank officials and discussed the issue of recovering loan dues and the alleged harassment of bank customers.
Kumar Doab
(Expert) 24 October 2016
The query and thread may kindly addressed from fresh perspective.
SBI/Reliance ARC are responsible for the death by suicide of a student, as per above mentioned publications.
Kumar Doab
(Expert) 24 October 2016
Locals and Local measures can be effective.
Form Associations/unions/societies/NGO's/Forums/groups etc etc........
Instruct the bank/bankers in the locality that any one.................. means....................anyone from Bank or its associates.................shall have to submit an application by letter thru Redg. Post seeking appointment and explaining intent and attach I.Card of the person that want to visit the customer/citizens.
The visit can only be subject to written consent and grant of appointment.
Anyone not following shall be taken to task and handed over to police/magistrate on Duty, after media show with full publication.
The Bank/banker/etc etc shall be permanently blacklisted and can carry their belongings on their heads and get out.
The unity shall fetch results.
We have let all banks/bankers be aware of our decisions in our places.
We are liberated from nuisance littered by banks, bankers , anyone,anybody.
H.M.Patnaik
(Expert) 24 October 2016
The public sector banks have adopted recovery methods followed by Pvt. sector banks in view of the rising pressure on them to handle NPA demon.
In the instant case,the Govt. have to decide and notify in principle whether certain categories of advancing activity by PSU banks be treated to be part of social welfare measure of the Govt.and in case of default in payment or non- settlement each case has to be followed up after understanding the present financial position and circumstance leading to such default. Each and every such can not treated off hand as a case of deliberate default.
Kumar Doab
(Expert) 24 October 2016
Agreed with Mr. H.M.Patnaik. ;;; ' Each and every such can not treated off hand as a case of deliberate default.'
Banks and lenders are into lending.They earn from lending.
It is their business.
The borrower should pay.
In Independent India; Republic of India; banks were nationalized to liberate the citizens from clutches of Sahookar ( Moneylender) and his lathait ( Musclemen).
The Central Bank and regulator i.e; Reserve Bank of India has been accused time and again to be soft while dealing for banks.
The courts of law have time and again pressed to remain within the ambit of law of the land.
However banks and bankers have let loose its so called agents i.e. Collection/Recovery personnel/agents/associates/accomplice that have remained musclemen on citizens that are bank's own customers.
The banks and bankers have framed incentive policies for its agents on collections/recoveries and have shielded its officials from wrath of law.
That is the catch.
M/s ICICI Bank after having been made to pay compensations has decided to record the calls of its collection/recovery agents. Read at the link posted in previous posts.
The question arises why now?
Why not earlier?
Was it earlier not required or warranted?
The catch is that bank and bankers let things happen till caught on wrong foot.
The bank and banker and its CEO/MD must not be taken out of ambit of implications.
Rajendra K Goyal
(Expert) 24 October 2016
Whether the author was / not in a position to pay back?
If in position, morally and legally he should clear his loan and claim subsidy if deserve.
Consumer forum can force Bank to give subsidy from its account if he deserved.
Guest
(Expert) 24 October 2016
Dear Mr.R.K.Goyal Since you had addressed Me a Reply I Prefer to Address you the Same.Could you Please Explain How a Consumer Forum Could Force or how the Consumer Forum is involved here Please.Better Please Reply.
Guest
(Expert) 24 October 2016
Dear Mr.Rajendra .K.Goyal Please Avoid Comments with out Legal Justifications.
Rajendra K Goyal
(Expert) 24 October 2016
Not claiming / paying subsidy in deserving case is deficiency of service on the part of the Bank for which one can get relief from consumer forum.
If the time of claim from government agency has lapsed, Bank has to pay it from its own revenue / own account, beneficiary should not suffer.
Rajendra K Goyal
(Expert) 24 October 2016
No intention / reason / habit / need to comment, it was just to clear the fact that now full documents / loan are with ARC and Bank is not involved.
Kumar Doab
(Expert) 24 October 2016
The author may certainly spend some quality time with a very able counsel specializing in banking/consumer matters and proceed further.
In this thread it could not be concluded that if the Bank and banker indeed committed lapse, deficiency.
The bank and banker can not escape by saying/writing/claiming that it has sold the debt.
It is custodian of all record including all communique by its employees even if by e-mails.
M/s SBI is also under purview of RTI,DCDRF,BO,RBI and courts of law.
If it defaulted it may better undo the errors and also the borrower should visit with open mind.
If still the deficiencies are not removed upto satisfaction of borrower then courts and state is Parent to the Nation and citizens can approach them.
Guest
(Expert) 24 October 2016
As the Loan had been Transferred to Reliance Group Only the Court could fetch the appropriate remedy Please and Not The Consumer Forums.
SAMIYAPPAN(KABILAN)
(Querist) 25 October 2016
To:
Expert : N.J.S.Rajkumar alias narasimha .
SIR THANK YOU VERY MUCH FOR YOUR VALUABLE GUIDELINES.REGARDING MY POST.
Kumar Doab
(Expert) 25 October 2016
It is indeed good to see that some authors do come back to thank the contributors/Experts.
It certainly does motivate to expert to help at such noble platforms like LCI.
SAMIYAPPAN(KABILAN)
(Querist) 25 October 2016
Respected lawyer club experts,
I have some clarification on TIME BARRED DEBT please read this post and give your valuable comments.
Thanking you.
1) What is mean by time barred debt?
2)how to conform the debt is time barred debt?
For example
In an loan account the LAST TRANSACTION (REPAYMENT ) MADE BY LOAN BORROWER SIDE was on 13/06/2013, after this date borrower not paid any amount.
AND
ON 29/12/2015 , RS 28,000 /- was credited in borrower loan account (borrower DID NOT PAY THIS AMOUNT) and Then that loan account was WRITE OFF on 29/12/2015, then that LOAN ACCOUNT closing balance is ZERO. As on 29/12/2015 & till date.
3)Now till date(25/10/2016) whether that loan account comes under TIME BARRED DEBT or NOT?
4)how to consider starting date for TIME BARRED DEBT, whether from last REPAYMENT transaction made by LOAN BORROWER SIDE,( OR ) any last amount credited in loan account ,suppose the last credit
Amount not paid by borrower?
adv.bharat @ PUNE
(Expert) 25 October 2016
Time bared debt means it must be paid in time.
Loan document have details about it.
Kumar Doab
(Expert) 25 October 2016
'Write off'/Written Off shall continue to trouble your credit score and worthiness.
