Legal Question in Banking Law in India

sir, recently I have taken over my homeloan from lichfl to sbi. sbi gave me dd which I deposited to lichfl and later on they told me it was having remark REFER TO DRAWER. and not cleared now they were put fine agianest my homeloan account. when I went to sbi they told me to take written memo from the clearing bank. i.e HDFC from behalf of lichfl. now have me to pay the fine and additional interest for that mistake. or how i should deal with sbi to get the interest and fine amount paid by me?


Asked on 6/27/15, 8:58 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.06.2015

Dear Sir / Madam,

The term "Refer to Drawer" is used whilst returning back a cheque uncleared back to the Drawer. In my opinion, since SBI has issued the DD, if LICHF have deposited it for clearance, SBI should have honoured it, unless they have valid grounds to mention this term. The possibility I visualize for SBI returning back the DD uncleared is if after issuing the DD, but before its presentation for clearing to SBI, your A/c at SBI is overdrawn beyond the permissible power. You should check and establish the facts and rightly recover / ask for waiver of fine and / or interest for delayed settlement from the defaulting Bank.

Regards,

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Answered on 6/27/15, 9:28 am


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