Legal Question in Banking Law in India

i have written a letter to UCO BANK for a clarification. Pl guid me the problem i a facing . the proble as below.

I Sanjay Pradhan aged 36 years AT/PO- Balia, Dist � Balasore, Orissa -756 006. , would like to inform you that, Late. Sri Saroj Kumar Pradhan aged 34 Y (Expired on 07.05.2009 ) was my brother was having a CASH CREDITE LIMITED loan from M/s. UCO BANK, Goneswarpur , Industrial Estate , Balasore. He was a small businessman dealt with luggage industry (Distributor for Aristocrat and VIP )

The loan was sanctioned on 24.04.2007 and guarantor was my father Sri Bimbadhar Pradhan, Aged 70Y and gave a mortgage of our residence with land. While taking of loan Late Sri Saroj Kumar Pradhan said the loan amount will be Rs.1Lakh . Sri Bimbadhar Pradhan by believing him signed on the paper at home. Then he kept quite for long.

The sad part , with mutual understanding of your bank employee ( Earlier Bank Manager on 2007 )and Late Sri . Saroj Kumar Pradhan the loan amount raised to Rs. 15 Lakhs Without knowledge of my father Shi. Bimbadhar Pradhan .

The loan given to PRADHAN AND SONS and proprietor was Late. Sri Sajoj Kumar Pradhan. While giving such big amount of loan there was no proper enquiry to our house or concern signature was taken from Sri. Bimbadhar Pradhan. For small business man how bank can sanction big amount of cash Credit loan? The bank employee had not enquired about the repayment status of loanee. They have not checked the IT returns and other relevant papers , simply they released the loan amount. The IT returns filed by him not more than the Rs.1Lakh per annum. . As per rule the loan amount can be sanctioned 30 times more than the monthly income. His Monthly Income was Rs. 8-9K. If bank was sanctioned big amount of loan without seeing the eligibility of the person , than who should be held responsible ? About the loan we ware not aware.

Such for a big amount of loan , why bank has not taken initiative to do insurance for amount ? For all this bank can not hold Sri Bimbadhar Pradhan is responsible Sir.

All those days Sri. Bimbadhar Pradhan was thinking the loan amount was Rs. 1Lakh . After demise of Late. Sri. Saroj Kumar Pradhan ( expired on 7th May 2009 due to car accident ), we started enquire about his dept to bank . We came to know the loan amount was Rs.15 Lakhs .

Immediate we gave latter to your branch manager Sri. Mujhibur Rehman , to take necessary action to recover amount from the LIC BOND and KISSAN BIKAS PATRA . After a month he got transfer to Hyderabad. Sri. Sankar Kumar Behera joined as branch manager at the branch. We repeatedly request to the branch manager to take necessary action to recover the amount from LIC and Kissan bikash Patra but till date no action being taken.

On 06/03/2010 my father Sri. Bimbadhra Pradhan got a notice from Advocate Pradip Kumar Ash to repay the amount as a guarantor. My father is a heart operated patient and mother house wife and my financial condition is not good to repay the loan amount. I have lost my Brother I don�t want to loss my father on behalf illegal sanctioned loan , with selfish intention of the branch manager. It is very difficult to repay by us now.

Kindly take action to recover money from LIC bond and Kissan Bikas Patra. And solve the issue. The property is on mortgage where we are staying and we do not have any other.

Requesting you looks in to this matter as a special case.

Thanking You.

Yours Faithfully,

Sanjay Pradhan.

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