Legal Question in Banking Law in India

My EMI cheque bounced due change in MICR no. This loan was taken 3 years back and everthing thing is going on fine and I have sufficient Balance nearly 20 times the EMI. Now they have imposed a fine of rs.570/ approx. . What I should Do.


Asked on 2/06/13, 2:09 am

5 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

Pay..............Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

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Answered on 2/06/13, 2:13 am
Jayesh Desai Jayesh Desai

It is cheaper to pay then fight. So pay.

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Answered on 2/06/13, 2:33 am
Setu Niket Curare Legal

Pay the EMI and fine amount first, further escalate the matter to the appellate authority in the company. check the bank/finance company's website. if you persist and escalate, the fine will be reversed.

Kind Regards

Setu Niket

Advocate

+91-9873109672

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Answered on 2/06/13, 2:40 am
J. Radhakrishnan independent Practice

issue notice to the Chairman/MD of bank to reverse the undue penalty within 15 days of the receipt of your notice. If no redress is there, you can file an online complaint to the Banking Ombudsman of your Region. His address can be accessed from RBI website.

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Answered on 2/06/13, 10:57 am


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