Legal Question in Banking Law in India

Re: Exports from India - bank regulation

I agree with the above opinion. Besides, you may also consider making appropriate complaint in Consumer Courts if you find any 'deficiency in service' by the Bank; if the bank's action is found to be a 'breach of contract', you may file a civil suit for recovery / damages.

Re: Exports from India - bank regulation

Have you seen the norms of the bank about exports and imports policy.The errors may be crept in by any bank and could be rectified in the due course.What you have to see is whether you have been deceived/cheated by the bank or not.I trust you have not lost any money in the whole process.I hope your stand is not correct.

Re: Exports from India - bank regulation

No bank cannot debit your account without your instructions. Hence, you can raise this issue with the bank officials and can also drag them to the consumer court for deficiency.

Re: Exports from India - bank regulation

SBI as the agent of exporters has the right and duty to get the mistake corrected. While their action in having sent back the remittance on account of the mentioning of Bank of India in the swift message, and they could debit the account within three years from the non receipt of proceeds, they as agents have also a duty to track back the remittance and get the amount. Take up the matter with SBI at higher quarters and also with the foreign importer and get the matter resolved. If SBI does not act prudently, take up the matter with Banking Ombudsman if a notice or letter to chairman of SBI for rectification does not yield any positive result.