coprative banks fAULTY LOAN ?
bhupendra
(Querist) 06 January 2011
This query is : Resolved
if "X" is co-oprative Bank
and meanwhile bank grated a Salary Loan of Rs 200000/- To Person "A" who is temporary working with Bank with agreement of 6 month on salary of 2000/ per month .Without taking any Surety. The amount of Loan Cashed By Third person but "A" has not objection at that time and deposited installments Later on "A" was permanent in that bank.
Later on after laps of 2 year Bank taken surety against that loan what is legality.and now "A" is suspended by the bank illegally matter is pending before inquiry officer
Can There is any Remedy against the Bank in Reserve Bank OR OTHER COURT ?
I HAVE ALL DOCUMENTS FOR EVIDENCE ALONG WITH THAT PERSON
I heard Bank can not do same Because It is Violation of Guidelines Issued By Reserve Bank
PLEASE SUGGEST A REMEDY
Amit Minocha
(Expert) 06 January 2011
Why did the said surety agreed to give surety of repayment after two years ? If he has given surety of repayment after 2 yrs of loan, it hardly matters as it is a fresh agreement of surety of amount of repayment and he is bound by it under the law of Contract. he cannot escape his liability now.
M V Gupta
(Expert) 08 January 2011
The loan was granted in violation of the eligibility norms adopted by banks. The guide lines in respect of granting loans are issued from time to time by the National Bank for Agriculture and Rurtal devlopemnet (NABARD). A complaint may be lodged with NABARD, which may probe into the irregularity and take action against erring Officials. It is not illegal for the bank to obtain surety after two years of granting the loan. The Surety will be liable to repay the loan if the principal debtor fails to pay the instalments.
