Loan recall notice

VISHAV SLATHIA (Querist) 12 December 2020 This query is : Resolved
I had taken a loan from a bank and all the EMI's were deducting from my account, but the bank has sent me the recall notice on the same date on which they had deducted the EMI, by which I have to face harassment for no reason. can the bank send me the recall notice for if I am timely paying all the EMI?

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Quick Summary

If you've received a loan recall notice from your bank even though you've been paying your EMIs on time, it's likely a clerical error on the bank's part. You should contact the bank directly with your statements and the notice to clarify the situation and request they withdraw the recall. If the bank doesn't resolve the issue amicably, you may consider escalating the complaint to the Ombudsman or a Consumer Forum.

kavksatyanarayana (Expert) 12 December 2020
While enclosing your bank statement and received notice/s, complain to the Ombudsman.

Advocate Bhartesh goyal (Expert) 13 December 2020
It's bank's gross mistake and negligent act while every EMI is being deposited in time.issue notice to bank and ask to withdraw recall notice and if bank does not comply with notice file complaint before Consumer Forum and claim compensation towards mental and physical agoney.

Dr J C Vashista (Expert) 13 December 2020
Settle the matter with Bank for clercial error, if so.

Rajendra K Goyal (Expert) 13 December 2020
Contact the Bank, deposit any overdue amount due to any past default / application of interest / expenses in the loan account. Bank would not proceed if the loan is regular.

R.K Nanda (Expert) 14 December 2020
Contact bank officials and ask them to withdraw said notice as you are paying EMI regularly and settle matter amicably.

Rajendra K Goyal (Expert) 14 December 2020
The matter can be resolved locally or by lodging complaint to their controller (Region office). No need to proceed legally at this stage.

Rajendra K Goyal (Expert) 14 December 2020
You have mentioned that you have been paying all EMIs. Please confirm whether the account is regular with the Bank. Whether all EMIs have been properly credited in your loan account.

Sometime due to change of rate of interest the EMI changes and if EMI paid at old rate the account become irregular.

Isaac Gabriel (Expert) 19 December 2020
Get statement of accounts and check up with the recoveries effectedThia will solve the matter.

K Rajasekharan (Expert) 19 December 2020
A bank loan recall notice means the bank drawing the attention of the borrower, based on the record of accounts they are keeping as on the day, to repay the entire or instalment of loan immediately.

It seems it is nothing but a legally valid act forming part of the principle of natural justice, with the sole intention to set things right.

The party receiving the notice is left with no option other than clarifying his stand to the bank stating how this notice is bad based on actual facts.

Such a notice cannot be a cause of a dispute and cause of action for filing a case.

If the bank sticks to the contents of the notice even after considering your reply it becomes a dispute and a cause of action for filing a case. Then even it is only an unproved allegation and nothing more. So it cannot be termed a matter of harassment.

Every BSNL subscriber might have received notice to pay monthly charges even after they might have paid the amount. This issue seems to be something similar to that.

When anybody takes a non-serious issue as a serious one and takes every such routine matter to the court it will clog further the already clogged judiciary with backlog of cases. If so, it will take away the mental peace of many people including the person filing a complaint.

The court is an institution of dispute resolution which does what the administrative agencies cannot do by their own means.

This matter is the one which the administrative authorities of the bank will have to sort out without the involvement of the court, as of now.

Message likes : 1 times

Rajendra K Goyal (Expert) 01 January 2021
Very well analyzed / explained by the expert K. Rajasekharan.

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