Using one's kyc for an unknown loan

Stephen Marks (Querist) 12 September 2023 This query is : Resolved
Respected Experts,
My brother bought a phone by EMI on 2019 thru a private bank. 3 years later when we approached our own bank for a housing loan we found that the above said private bank has used his KYC adding him as co applicatant to some unkown person for a business loan, and its reflecting in my brothers CIBIL. When we approached the private bank they are saying it was a mistake. Till today they have not removed nor issued NOC. How to handle this.?

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A person's KYC details were used by a private bank to add them as a co-applicant for an unknown business loan in 2019, negatively impacting their CIBIL score. The bank admitted it was a mistake but has yet to rectify the situation or issue an NOC. Expert advice suggests reporting the issue to the Ombudsman, issuing a legal notice, and potentially pursuing action through the consumer redressal commission. Filing an FIR with the police and lodging a complaint with the RBI are also recommended due to potential fraud and unfair banking practices.

kavksatyanarayana (Expert) 12 September 2023
Report to ombudsman.

T. Kalaiselvan, Advocate (Expert) 13 September 2023
If the bank is not entertaining your complaint or sitting idle over the issue you first issue a legal notice to the bank and then you can drag the bank to the consumer distress redressal commission for relief, remedy and compensation for this act of causing mental agony

Sudhir Kumar, Advocate (Expert) 14 September 2023
This seems to be a case of fraud approach police.

unfair banking practice complaint to RBI.

P. Venu (Expert) 30 September 2023
Facts posted suggest a crime as well a misbehaviour. FIR needs to be filed. So also, the matter needs to be brought on record with all the concerned authorities, RBI included.

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