Legal Question in Banking Law in India

I have been asked by the bank manager to keep Rs.18,00000/-(Eighteen Lacs Only) as fixed deposit but the manager did not give me any sanction letter and did not entered into any kind of loan agreement till date and assured me that I can avail cash credit loan upto Rs.36,00000/-(Thirty Six Lacs Only) but till date i have drawn only Rs.21,00000/-(Twenty One Lacs Only) and after that my account has been freezed so in simple mathematics the bank has given me Rs.3,00000/- (Three Lacs Only) which i felt as a serious breach of trust as well as service to a customer, I therefore request you to kindly suggest me that at this point what should I do ?


Asked on 1/01/11, 4:42 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

In the absence of proper loan agreement, nothing can be done. If there is evidence of promise by the bank manager, complain to higher ups in the Bank and also to Banking ombudsman. Better take the assistance of a local lawyer

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Answered on 1/01/11, 4:45 am


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