Education loan issue
Krishna kes
(Querist) 20 February 2015
This query is : Resolved
I am Anup Krishna taken education loan of amount 120000 from PNB. The duration of education was 2006 to 2010. Due to the recession in the market I did not paid the amount to the bank but paid sum amount. since 2013 I had started paying every month to the bank sum of rs 5000 monthly. But dated 18/2/15 suddenly bank took all the money from my bank account without informing me that 5000 is not sufficient as I have to pay 1 lacks at a time. I have sent a mail to the higher authority regarding this matter and called the branch manager to know why without informing me she took all the money from my account, she told me she is the owner of the bank and can do anything she want also she got annoyed to me because I had sent a mail to the higher authority what all happened with me.
Also she told that she will sent a legal notice to me stating the same. I would like to know my loan account was active and every month I am paying the amount to the bank then why the bank has taken all the money from account without informing me. I am staying away from my hometown and planned a operation in the coming week. Would be thankful to the concern person to tell me, is there any issue if i have asked the bank regarding the behavior and sudden bankruptcy which bank has done to me.
Regards,
Anup krishna
venkatesh Rao
(Expert) 20 February 2015
Of course, the bank has got the right of appropriation. This clause would have been included in your loan agreement. Yet, the bank could not do so unless they issue a notice to you to pay the dues; failing which they will exercise their right of appropriation. If we accept your plea at its face value, you may take action against the banker. Pl. consult an advocate.
Krishna kes
(Querist) 20 February 2015
Dear Mr. Venkatesh, thanks for your reply, here I would like to mention that my loan account is not dead as every month I am paying 5000 Rs to the bank, Instead of hijacking all my money at least the concern person should have informed me that there is a need to increase the amount or I have to pay the total amount in one go or the amount which I am paying to the bank is not as per the requirement. My intention is still to pay the loan which bank has given me but at the same time there is a way of raising a issue rather than giving a person heart attack, last month itself my parents visited the bank and met the concern person regarding the status but there was no suggestion nor any update that I need to double the amount. When I asked the branch manager why she took all the money she replied that she is the owner of the bank and can do anything she want. Instead of saying it was a mistake she was showing she is more than Indian constitution and she has given me a loan from her own person account. The concerned person should have informed me to come and meet me personally as there is some issue with the ledger loan account. When my brother visited the bank and asked why they have taken all the money from my account the bank employers were laughing as if they have won world cup. I will raise voice not for all the money which the bank took from my account, I will raise my voice why the bank manager did not even bother to spend only 1 rs to call me or send me a mail through internet which is free provided by PNB. I will pay the whole amount in one go to the bank keeping in mind whether I have to sell myself for that but at the same time I would be needing the apology letter from the branch manager else I will keep on looking for help from banking ombudsman(Reserve bank of India) That This is not the correct way of giving heart attack or nervous breakdown.
Rajendra K Goyal
(Expert) 23 February 2015
You have taken the education loan in 2006 and should have liquidated the same as agreed by you in various agreements in 2- 3 years or as agreed, which you have not done. You fixed your own installments and payment terms without consulting the Bank.
As per RBI guidelines the Banks consider non performing asset (NPA) account or regular account and live or dead account phenomenon is not considered as per your version.
It was your equal duty to ask from Bank which amount need to be paid to turn the NPA account to regular. Any NPA account badly effect the profitability and working of the Bank and the career of the Manager.
Legally and contractually Bank has right to appropriate its outstanding from your deposit account.
If you had the capacity to pay you should have done so voluntarily without any step from the Bank.
Any legal action from you may not fetch you the desired results.
T. Kalaiselvan, Advocate
(Expert) 04 March 2015
I agree with the views of expert Mr. Rajendra K Goyal on the subject issue.
