It is pertinent to raise some tangible and pertinent questions to the bank.
--If the customer is extorted to pay disputed amounts and later on investigations the disputed amounts are deleted from the bill, then shall the bank pay same interest, finance charges, to the customer as it charges from the customer? What interest bank has agreed to pay in its policy? Does bank convey such policy to the customer?
--Shall the bank refund the extorted amounts to customer if it is not able to complete and conclude investigation? Does the bank agree to provide documentary evidence to customer regarding the investigation?
In your case bank has reversed all amounts disputed by you and hence has to reverse all consequential amounts e.g. interest, late payment, finance charge, taxes etc. bank has to supply a notice to the customer before reporting the details of the customer to credit bureaus and credit rating agencies. Did bank supply any notice to you?
From publications and posts some of which are available at LCI also it can be noted that it is a set precedence and strategy of the bank to report the genuine customer to the credit rating agencies including CIBIL and then coerce an force the customer to pay the charges to remove the name from CIBIL.
Customer can obtain credit report from the bank by paying a fee which can not be more than Rs.50/-. In your case you can demand credit report from the bank maintained with:
· CIBIL – Credit Information Bureau (India) Limited (www.cibil.com)
· Experian - Experian Credit Information Company of India Private Limited (www.experian.in)
· Equifax - Equifax Credit Information Services Private Limited (www.equifax.com)
· Master Card negative list ( earlier Satyam)
even without charges along with copy of the all communications sent by the bank to these agencies while asking to include your name in the list of defaulters and to the bank concluded its investigation and reversed the charges, and finally to record the reversal as “written off “status. Bank should have updated the status as “wrongly reported’ and bear the onus and consequences on it.
Bank shall not supply these communications easily (email/letter/fax) etc and you may to obtain a court order.
You may on your own send an email to CIBIL to correct the status by attaching the investigation report supplied to you by the bank with a copy to the Chairman of the bank, and demand reply from bank.
You may apply resources to educate the bank customers who are in your circle and let them take their decision to continue or sever their relationship with the bank.
You may announce to the bank that you shall be constrained to go public with your complaint, and approach institutions of print and electronic media, police, courts of law, Govt. regulator. Ministry, ministers, NGO’s, social and public forums etc at their cost and consequences if bank fails to comply to instructions and provide relief say in next 7 days, and you shall collect the charges of seeking all charges for legal advice, and legal actions, you may have to take.
If the bank fails to comply you may approach a competent and experienced lawyer and proceed under expert advice e of your lawyer.
You can see the decided consumer cases against this bank, at various sites and at CONFONET, and take a stand that this bank is habitual offender.