Legal Question in Banking Law in India
Dear sir
after issue of sarfasi notice u/s 13(2), then borrower clears the loan, with interest, can bank with-hold the title deeds for want of differential rate of interest(more interest)(not agreed upon interest)? and what are the judicial powers of Branch manager?
2 Answers from Attorneys
If the differential rate of interest is not agreed upon, then there is no need to pay the same.
Issue lawyer notice and approach the High Court/ DRT.
If the differential interest is not agreed, and if inspite of paying off the loans the branch manager does not release the title deeds, issue notice to the chairman and MD of the Bank concerned for redress within a time frame. If not redressed, make a complaint to Banking Ombudsman of the Region. procedure and format of complaint can be downloaded from rbi.org website.
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