Legal Question in Banking Law in India

Hi sir, I am a govt. employee & a Home loan customer in SBI. I took loan against mortgaging my property. In the beginning, almost 5 years ago they took a cheque book from me. Recently my account became NPA due to my financial crisis. And they gave me various notices. I repaid all the dues very much before the time period they gave, now they said my account been regularized. no dues are there in my account. When i asked them to give me a letter stating withdrawal of previous notices they gave me, they are asking me to submit a cheque book to AGM,Risk manager at some RASMECCC office.And also to shift my salary account from another bank to SBI as security & for deducting monthly EMI's from my salary account. I gave my property documents to the bank. Why should i keep the salary account to them? What will i & my family eat, after giving my salary to them. I am repaying the amount without any loss to the bank with my wife's business income & house rent income. I am submitting the income tax returns copies to them frequently. I have more income & income proof too than just the eligibility required for the bank. Then why should i transfer my salary account to this bank? Please answer me briefly & also inform me some customer rights i have to reject what they asked & to avail a acknowledgement letter on withdrawing all the notices they issued to me.PLEASE SIR!


Asked on 3/18/11, 5:11 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

If u have regularized your account, issue them a letter to confirm that your account ceased to be npa. There is no harm in transferring your account to SBI as long as u are paying them the EMIs in time.. After all banks are concerned with avoiding default. You don't have to accept the demands of SBI if you r sure of meeting the EMIa in rimw. You can complain to Baning Ombudsman if they are denying you the faciility to repay in time from your other sources.

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Answered on 3/18/11, 10:34 pm


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