Vasudeo Rajaram Patil (Director) 09 August 2014
Dear Sir
In April There was news in Paper That No Bank can deduct penal interest (approx 2% to 5%) on pre closing of account. This was quoted with reference of RBI.
1)CC is given for one year how can penalty impose on this.
Pl give us guidance what is exact law says.
Regards
Vasu
Kumar Doab (FIN) 09 August 2014
If RBI has issued guidelines pertaining to NO penal chares on CC effective the date of sanction of CC to you then bank can not charge penalties.
Go thru the news and RBI notification carefully.
You can submit written representation to BM, Nodal Officer of the bank and bank is duty bound to reply to you.
Depending upon the reply of the bank you can proceed further.
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