Loans processed by the direct sales agents (dsa) of the banks

Kvijay12345 (Querist) 19 September 2016 This query is : Resolved
Around 2007-2008, there was a period when the multinational private Banks like ICICI Bank, HDFC Bank,CITI Bank etc. used to outsource the processing of the loan to their Direct Sales Agents (DSA),in which many cases of the manipulation of the documents ( directly without the Borrowers consent & knowledge), fraud and forgery came in to light. The DSAs appointed by these Banks have the contract with the banks and are not on their regular payroll & also are not their employees. My question is that in case of default are those loans processed by these DSAs for their respective Banks, tenable in the eyes of the Law and are such cases can be entertained in the courts of law including DRTs, as basically the borrowers sought the loans directly from the Banks in which Bank employees are supposed to process and sanction the loans?

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cherukuri prasad (Expert) 19 September 2016
All these loans are hit by law of limitation which is 3 years for money matters

Rajendra K Goyal (Expert) 20 September 2016
How are you concerned with the query?

In case of any intentional wrong identification by DSA they can be prosecuted if Bank lodge FIR.

Raj Kumar Makkad (Expert) 20 September 2016
You have not mentioned your relationship with the query hence no reply.

Rajendra K Goyal (Expert) 11 October 2016
The author failed to mention how he is concerned with the query.

Kvijay12345 (Querist) 16 October 2016
My friend is involved in one such matter where his loan was processed by the DSA appointed by the bank.

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