Kaderesan Mariappan 13 March 2022

arbitration &conciliation act

sir/madam,most of the banks&nbfcs loan apps are cheating by not mentioning exact subscripttion amt&cancellation policy details in app info itself.they collect over interest morethan15%.they are misusing pan card etc,.they are threatening with arbitration & conciliation law.dhani card with credit&stores app is one of them.i also affected by that app.how to face them?how to prevent such companies?how to remove/make borrower favour amendment in that law?pl clarify me&such clients&for public also.thank u.....mk

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Quick Summary

This discussion addresses concerns about loan apps, particularly banks and NBFCs, allegedly deceiving customers by not clearly stating subscription fees and cancellation policies. The user highlights issues with excessive interest rates and misuse of personal information, with companies threatening legal action under the Arbitration & Conciliation Act. A suggestion is provided to file complaints with the Banking Ombudsman for redressal against deficient banking services.

2 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 14 March 2022

U can give complaint to banking ombudsmen.

Banking Ombudsman - Reserve Bank of India

https://bankingombudsman.rbi.org.in

The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017).

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Kaderesan Mariappan 15 March 2022

thank u sir