Legal Question in Banking Law in India

Hi sir,

The particular Public sector bank issued me a demand notice for my 3 accounts being irregular on august 2010. I paid the irregular amount within 60days & requested to withdraw the demand notice. But they didn't withdraw it. Later on, due to financial crisis my 3 accounts became irregular as on feb 2011. Out of which only 1 account exceeded the limit of 1lakh irregular, because of the interest 72,000 they added as penalty & demand notice charges. remaining 2 accounts have 60,000 over due by feb 2011. Mean while the AGM sent a letter on 26feb 2011 to pay the overdue amount of 1,06,000 within 15days.

Now on feb28 2011 they suddenly issued POSITION NOTICE on the basis of previous Demand notice they issued in august 2010.

I want to know, how much time i have to repay the overdues? And is this process correct? Because they issued a Letter on 26feb2011 stating to repay the overdue within 15days( i.e, until 13march2011). Also they issued this Position notice based on prev aug2010 demand notice. But we paid the irregular amount then without failing

Then how is this valid? What action actually they do after issuing a position notice to a customer?

PLEASE!!!!!! Kindly reply to my answer as early as possible. Being a patient of high B.P , i'm going through a lot of tension.

Your valuable advice not only saves my property, but also my LIFE...

Thank you sir! Awaiting for your reply..


Asked on 3/02/11, 12:48 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

Immediately take the assistance of local lawyer and file appeal before the local DRT against the possession notice and obtain stay of all further proceedings.

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Answered on 3/02/11, 11:46 am


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