Legal Question in Banking Law in India

Respected sir:

I am holding ICICI credit card. Due to recession in USA and loss of my BPO job, I was having some financial crisis and I was unable to pay my credit card outstanding. Now when I got the job back, finally a bank executive and I have agreed that I will pay them 4000 RS per month and clear the outstanding within six months. Last month, I paid them 4000 Rs. Now, I am having a salary account with ICICI bank and today as my salary got credited in the bank, they have debited all of my cash. I am only the breadwinner of the family and when my family got the news they became very depressed.

Can u tell if there is a rule made by RBI to freeze the card holder�s account or fixed deposit if they are having any account with them (card issued bank).

Thanks in Advance

Regards

Manish


Asked on 12/04/10, 10:11 pm

1 Answer from Attorneys
J. Radhakrishnan independent Practice

The Bank has the right of set off. Request the Bank to reinstate the credit balance after appropriating the monthly amount the executive of that Bank agreed. If the Bank does not relent, appeal to its chief executive at its Head office. If no redress,complaint to Banking Ombudsman.

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Answered on 12/05/10, 11:20 pm


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