Legal Question in Banking Law in India
one bank has given a notice to borrower and gurranter that borrower is not doing any transction on cash credit account and not giving stock statement to bank so borrower has to pay the loan amount and close the account .now what is the first responsibility of bank about money deposited in bank by borrower
Asked on 1/07/16, 6:15 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
07.01.2016
Dear Sir / Madam,
The first responsibility of the Bank when the borrower has deposited in the bank subsequent to the Bank's notice is to adjust and deduct the amount deposited by the borrower from the total outstanding reflected in the Cash Credit A/c of the borrower and issue a Statement of A/c indicating net outstanding amount to the Borrower.
Regards,
Answered on 1/07/16, 7:06 am
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