Legal Question in Banking Law in India
I approached a bank for a housing loan against a security. The relationship manager of the bank (foreign bank in Bangalore) said i could book a particular security and she would accept that as collateral for a housing loan. After I did that she realized she had given me the wrong advice and the security was not acceptable as collateral. So she immediately opened an investment account meant for mutual funds and put the government security in it. The account opening form of the investment account clearly states that their investment products are not government guaranteed securities. So now they show it like i have gone to them for investment advice and she adviced me in the said security while I had actually gone to them for a collateral. She resigned immediately after this the wrong advice even though bank maintains she emigrated to Austrlia. They are not giving her resignation date and they dont explain how the Bonds can fit in their investment account. The bank maintains that she gave me an investment advice for which I had come while i had come for a housing loan. Its like a cashier or teller in a bank taking money and then denying it. What should I do. Because this property that I should have bought in 2003 should be worth so much more but all they did was block my money in a governmetn security which could not be broken for 6 years. Not only damaging advice but they also blocked my money. Now the bank says I have nothing in writing to show that i had come for a housing loan!! What can I do now?
1 Answer from Attorneys
complain to the Banking Ombudsman, if a registered notice to the CEO of the Bank informing them of your correct position does not give you any relief.
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