Upgrad LLM

loan closure is showing as settlement


Hi,

I had taken loan from one of the nationalised bank and I had paid complete interst and principle amount. Though bank had given loan statemnet they had worngly updated in CIBIL as loan settlement which had spoiled my complete CIBIL score and I am not getting any kind of loan from any bank.

I am running business and due to such lapse from Bank I have to borrow money for rolling fund from unsucured market which charges me very heavily.

I have all documents. I need some expert advice as Bank is solely responsible in spoiling my carrier in business and I had paid huge interest to private secotr finanaces.

Can bank compensate such losses due to their negligence. Can we sue bank for such negligence.

regards

Sunil Pawar

9768132682

 
Reply   
 

Firstly, Give a letter to the bank manager from where you took loan "Asking why they have made this mistake as Loan Settelment" .If he dosen't give a valid reason or rectifies the mistake . Then you can take legal action.No legal action can be taken if Alternate Remedy is avilable.

 
Reply   
 


FIN

Originally posted by : Sunil Pawar
Hi,

I had taken loan from one of the nationalised bank and I had paid complete interst and principle amount. Though bank had given loan statemnet they had worngly updated in CIBIL as loan settlement which had spoiled my complete CIBIL score and I am not getting any kind of loan from any bank.

I am running business and due to such lapse from Bank I have to borrow money for rolling fund from unsucured market which charges me very heavily.

I have all documents. I need some expert advice as Bank is solely responsible in spoiling my carrier in business and I had paid huge interest to private secotr finanaces.

Can bank compensate such losses due to their negligence. Can we sue bank for such negligence.

regards

Sunil Pawar

9768132682

Hope you have the record of all communications mad with Bank/banker under proper acknowledgment.

Banks do have compensation policy and are expected to admit default, agree to correct the error and should agree to compensate.

However Banks/bankers may not agree easily apprehending internal disciplinary action and big demand of compensation from customer.

You may discuss and  get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in Consumer matters and well versed with latest citations, LOCAL applicable rules/laws and having successful track record…. and worth his/her salt , before proceeding further and rushing to courts…….or even retired bankers..

Your counsel shall examine all docs, records, inputs and advise you properly on merits and chances of success………

 
Reply   
 
FIN

Bankers have also pointed out that ‘in case deficiency in service is proved, banks are liable to compensate customers for the loss incurred.’……………….

The bank is liable for deficiency in service for inordinate delays in providing banking services and the customer of the bank is entitled to claim compensation for the loss and the injury suffered by him due to the inordinate delay 

A customer, citizen, consumer must understand the transactions with bank /banker can be with sincere employees that sometimes err…but are quick to realize and don’t hesitate to correct the error and apologize and support the customer…

And may involve Banks/bankers that are rigid, recalcitrant and deserve terse handling and penalty, punishment..

 

GO thru;

 

https://www.icicibank.com/managed-assets/docs/personal/general-links/code-of-commitment/Board_Approved_Compensation_Policy.pdf

 

http://www.lawyersclubindia.com/forum/details.asp?mod_id=117777&offset=1

http://www.lawyersclubindia.com/forum/Internet-fraud-72353.asp#.VP1oQdKqqko%20Read%20more%20at:%20http://www.lawyersclubindia.com/forum/details.asp?mod_id=117777&offset=1

http://www.lawyersclubindia.com/forum/Fradulent-transaction-from-my-bank-account-72268.asp#.VP1o59Kqqko%20Read%20more%20at:%20http://www.lawyersclubindia.com/forum/details.asp?mod_id=117777&offset=1

 

 
Reply   
 
FIN

You may understands the judgments from various perspectives..so that you may lose in courts..

Supreme Court of India

Vimal Chandra Grover vs Bank Of India on 26 April, 2000

Author: Wadhwa

Bench: S. Saghir Ahmad, D.P. Wadhwa

https://indiankanoon.org/doc/31806204/

 

6. Prima facie it does appear to us that bank has failed to honour its commitment resulting in loss to the appellant. The question still, however, arises if the alleged default on the part of the bank could be termed as deficiency in service.

22….The appellant would, thus, be entitled to the award of Rs. 5, 09, 037.47 with interest at the rate of 11 per cent per annum from 1st August, 1992. The bank is granted four weeks time to make the payment. In case of default, the appellant shall be entitled to further interest at the rate of 18 per cent per annum on the amount of Rs. 5, 09, 037.47 from the date of the award till payment. 

 
Reply   
 
FIN

State Consumer Disputes Redressal Commission

United India Ins.Co. vs Guman Singh on 27 January, 2010

 

https://indiankanoon.org/doc/68686738/

 

On point of compenstion

14. In this appeal the case of the appellant bank that since shares were not allotted to the complainant respondent no.1,therefore, he was not a consumer; is concerned, it may be stated here that for the services to be rendered by the appellant bank, the complainant respondent no.1 is a consumer and thus the argument of the appellant that the complainant is not a consumer stands rejected.

15…..but for the deficiency in service on the part of the appellant bank as held above and thus the complainant respondent no.1 is entitled for some sort of compensation as being a respectable person of the society, he had to face that situation where cheque issued by him was was returned for no fault on his part and for that some sort of inconvenience, hardship, disappointment, frustration and mental stress in life was faced by the complainant respondent no.1 and taking the above aspects into consideration, this Commission is of the view that if a sum of Rs.50,000/- in lumpsum as compensation are awarded to the complainant respondent no.1 that would meet the ends of justice and that amount could be said to be just, proper and equitable though the District Forum apart from that amount had further awarded some sort of interest and costs and to that extent, on point of interest and costs this appeal deserves to be partly allowed.

 
Reply   
 
FIN

National Consumer Disputes Redressal

Canara Bank vs Sudhir Ahuja on 4 December, 2006

Equivalent citations: I (2007) CPJ 1 NC

Bench: K G Member, P Shenoy

https://indiankanoon.org/doc/857195/

 

3……..Therefore, on ground of deficiency in service the bank can be ordered to pay the compensation

 
Reply   
 
FIN

State Consumer Disputes Redressal Commission

Coastal Projects Pvt. Ltd. vs State Bank Of India on 26 December, 2014

https://indiankanoon.org/doc/82565888/

State Consumer Disputes Redressal Commission

Ms. Anjoo Sharma vs (Hsbc Bank), Hyderbad on 17 December, 2009

 

 

https://indiankanoon.org/doc/77170633/

 

 

25) The bank had evidently damaged the reputation of the complainant knowing full well that if once her name is registered in the black list of CIBIL the customer would be dubbed as defaulter and international offender It was not a simple issue that could be ignored. The complainant is admittedly doing business. Her creditworthiness would be at stake which is bread and butter for anybody to do business. Considering the fact that the bank had violated all norms in recommending the name of the complainant to CIBIL and utterly failed to get it corrected despite the fact that the bank had admitted that it was a mistake, amounting to clear deficiency in service and liable to pay compensation.

27) In the result the complaint is allowed in part directing the opposite party bank to address CIBIL and other agencies and see that her name is deleted from the black list of credit rating agencies and provide a copy of such confirmation besides pay a compensation of Rs. 20 lakhs together with costs of Rs. 10,000/-. Time for compliance four weeks.

               

10.. Account duly closed by paying closer charges and other dues, then there was no occasion for bank to keep account surviving and demand further charges. Deficiency in service proved.

 
Reply   
 
FIN

A very able counsel as already suggested can advise and help you.

Discuss with Local Counsels in person.

Check at LOCAL DCDRF..

 

Also pursue the decisons by Regulators,watchdogs e.g; BO, BCSBI

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

CrPC MASTERCLASS!     |    x