EMI with an interest?

Question

out by monthly EMI with an interest of 1.6% per annum. So I said ok then again a call came from your department saying that amount of Rs. 2, 10, 000 will be deposited within 2-3 days, please maintain an adequate amount in your bank for processing and other fees. And that should be paid out by EMI’s in 4 years with approx. Rs. 7300/- per month with interest 16.5% per annum. By listening this I said to cancel the request of loan against Credit Card. without any prior call confirmation or by any e-mail confirmation amount of Rs. 2, 10, 000/- has been credited into my Saving Bank Account, without the reference number. As I got a sms from my bank about the credits, I immediately called your customer care and lodged a complaint between 3.30 pm to 3.45 pm dated 09.10.2015 but your executive discontinued the call by not providing me a reference number. Again on the same day I spoke and lodged a complaint at 6.45 pm. By Mr. Kushagra and Ms. Afreen  They said within 5 working days automatically debited from your salary account and credit card dues will be nil. I am very much upset to say that neither amount has debited nor a single call came from your customer care to resolve the issue.  again I called your team and spoke to Mr. Diamond at 3.45 pm to 4.10 pm and same has been promised that within 24 hrs I will get a call for resolving a problem. I waited for 2 days again called between 6.30 pm to 7.10 pm and spoke to Mr. Prajwal but till now there is no response from your team, My grievance is that amount of 2, 10, 000/- has been transferred without my any e-mail or written confirmation and after that unnecessarily charged proceeding fees, overdue charges and foreclose charges which I have to bear. Kindly look into the matter and solve the issue. Dear bank Credit card, I spoke to your executive Ms. Revathi  she said within 5 days there will be revert and call from but again same old story no call or email from your side. If you are charging the said fees for the mistake of your team then it is absolutely wrong on your part I am ready to pay off Rs. 2, 10, 000 which had been wrongly credited to my account but I will not pay any for closer fees and others which u unnecessarily charged to my credit card statement. If I am not getting any revert from your side then forcefully, I have to go to consumer council with the matter...

Answer 1

Hi Pramod,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Your complaint lacks clarity. Nevertheless, if what I understood is correct, a bank representative contacted you and based on the conversation, a loan of Rs.210000/- was processed and credited to your account. It appears that  post the conversation you had a change of mind and did not want the loan and conveyed to the bank  accordingly.

Though you contacted the bank on receipt of intimation of credit  for reversal of the transaction on the same day, there was no action.  Thus, no you have not utilised the loan proceeds, you are afraid you will be made liable to pay processing charges, interest and other levies if any.

You must be aware that your conversation in the matter with the bank executives would have been recorded. It is difficult for anyone to guess  what exactly would have transpired and accordingly judge who is right and who is wrong.  

Having said this, since you claim to have contacted the bank for reversal of the transaction, on the same day of credit of the amount and also followed up subsequently, the bank ought to have acted on the same day and reversed the transaction. For their failure, you cannot be held accountable. 

In the above regard, I suggest you to write to the Nodal Officer of your bank by email or letter, narrating the whole sequence of events. You can find email address and office address of the Nodal Officer on the bank’s website.  

If you don’t receive a response from the Nodal Officer to your satisfaction, you can approach the Banking Ombudsman for resolution of your grievance. For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access the website https://bankingombudsman.rbi.org.in/

 

Regards

 

J R Mohandas