Banking issue
rajesh kaul
(Querist) 19 May 2017
This query is : Resolved
Dear Sir's
I settled my agriculture loan under OTS with bank and paid 100% OTS amount to bank.
The bank is not releasing my documents and not providing me NOC.
Can i file FIR against bank manager.
Regards
Rajesh
Guest
(Expert) 19 May 2017
Have you received any Letter from Bank Confirming the OTS amount Or the Discussions were only Orally.Contact a Local Good Senior Advocate with all the details
ADV-JEEVAN PATIL, MUMBAI
(Expert) 19 May 2017
Write a letter to bank. On reply if negative show it to lawyer n issue notice
Guest
(Expert) 19 May 2017
Agree with Adv.Nr.Jeevan Patil Mumbai
R.K Nanda
(Expert) 19 May 2017
u cannot file FIR against bank manager.
Kumar Doab
(Expert) 19 May 2017
Did you get letter from Bank for final amount/OTS, acknowledgment of final payment, Loan a/c statement.................
If all docs are in order then Bank should comply.
Guest
(Expert) 19 May 2017
Agree with Experts
Rajendra K Goyal
(Expert) 19 May 2017
Has the Bank offered OTS in writing specifying any condition of OTS?
If yes, whether OTS agreed amount was paid in time and no condition mentioned was violated ?
If so, take up with the head office of the Bank.
Guest
(Expert) 19 May 2017
Agree with Expert
rajesh kaul
(Querist) 19 May 2017
Yes bank issued OTS approval letter to me.
Now they are not releasing FDRs of my guarantor and same are not mentioned in OTS approval letter too.
They are not even releasing my property papers too.
All FDRs are in TAX saving ( 5 years) and as per my knowledge if i had OTS with bank and paid all dues then guarantors are discharged from their responsibilities.
Please suggest
rajesh kaul
(Querist) 19 May 2017
I issued a legal notice through lawyer to CMD, Zonal Manager and Br Manager but no one replied to that notice.
Should i go to Banking Ombudsman and file a complaint against bank.
Please suggest
rajesh kaul
(Querist) 19 May 2017
Please suggest further course of action
Guest
(Expert) 19 May 2017
Send a letter to them in way of RTI.Basing on their reply take action thro an efficient Advocate of your Place. Banking Ombudsman knows the loop holes favoring bank
Kumar Doab
(Expert) 19 May 2017
You have posted that:
"Yes bank issued OTS approval letter to me."
If CMD also has not acted then you may entrust the matter to your very able local counsel specializing in banking/consumer matters.
Guest
(Expert) 20 May 2017
Agree with Expert
Guest
(Expert) 20 May 2017
Agree with Experts
Rajendra K Goyal
(Expert) 20 May 2017
Why Bank is doing so?
Whether the Bank is PSU?
You have not confirmed whether you followed all conditions of OTS and money under OTS was deposited by you as per schedule / in time.
You can approach Banking ombudsman.
Filing civil suit is another option.
Guest
(Expert) 20 May 2017
Agree with Experts
Guest
(Expert) 20 May 2017
As per your profile, you are a Senior Manager of some company. By the way, on what ground and for what purpose you were allowed "AGRICULTURAL loan under OTS" by the bank?
Rajendra K Goyal
(Expert) 20 May 2017
When OTS letter was received and when the amount was paid?
whether the scheme was under RBI scheme or Bank scheme?
You have not replied:
whether you followed all conditions of OTS and money under OTS was deposited by you as per schedule / in time?
Also reply question from expert PS Dhingra:
on what ground and for what purpose you were allowed "AGRICULTURAL loan under OTS" by the bank?
Guest
(Expert) 21 May 2017
Reply to the Experts
Guest
(Expert) 21 May 2017
Agree with Experts
rajesh kaul
(Querist) 21 May 2017
Sir
This is a PSU bank and i got loan under govt sponsored Dairy Loan from the bank under agriculture priority sector state sponsored loan scheme from the bank.
I was pursuing with bank for OTS for last 2 years and even bank had filed a case of recovery in DRT too.
Lastly a meeting with ZM, DGM Loan Recuvery and Br Manager held and they approved my OTS at 19 Lac and asked me to file a fresh request with token money of 2 Lac, which i submitted and then they issued me a letter stating approval of my OTS forv Rs 19 Lac issued by br Manager of bank.
I deposited rest of money as per date specified.
After that i requested to release my documents in writing, but bank did not replied and after pursuing personally with bank for issuing me NOC and release of my mortgaged property papers and guarantor FDRs, branch manager verbally said that bank will take the FDR's lined by my guarantor whereas the same was not mentioned in OTS approval letter.
Then I represented my case to ZM also but no one replied to my representations and my personal visited.
Lastly ZM asked me to give in writing that my guarantor is ready to surrender FRDs to bank which i declined and asked bank to give me in writing that they want these FDRs over and above approved OTS sanctioned amount which i have not received till date.
Then i sent a legal notice through my lawyer to release the documents etc within 15 days, but still have not received any reply to that legal notice too and 15 days are exprired.
Please suggest the path forwarding
rajeev sharma
(Expert) 22 May 2017
Rajesh ji
in fact the bank is covering up some kind of procedural mistake. The bank should have en-cashed the FDR on the day of proceeding for recovery before DRT. It is a mistake on the part of bank but you are not concerned with that .The fact remains that bank entered into an OTS agreement with you and yoou completed your part of agreement by paying ots amount. The courts have laid down that an agreement of OTS supersede all previous agreements regarding loan.
1. Apply a bank statement of your account. this may be taken on line also.
2. Send a fresh notice to the bank.
3.Wait for a month if no reply is received file a complaint before Banking Ombudsman
3. If the application of bank is still pending before DRT make an application before DRT for directing the bank to release the document and FDR by placing OTS letter and proof of payment of OTS amount.
4. You may file a civil suit also seeking relief of release of title document and FDR but the will require paying court fee.
