Bank waste my time and money with negative response of staff.?

Question

I am a customer of  your bank since 25 years, but this bank disappoints me. The bank wastes my time and money, as I applied for loan and the bank gave response to submit the project report. As I submitted the report and bank was ready to provide me loan as they demanded the search report of collateral property and valuation report Also, I submitted both reports on 29th January, but till now bank is demanding the unusual things or documents which is impossible to provide for everyone and it goes 2 months the bank is demanding the illogical documents and told me that they will not able to provide that much amount as demanded by you. They returned my file today. If bank was unable to process the loan, than why they asked me to submit the search and valuation report? Why they wastes my time as 2 months are going to over? Why they allowed me to spend the money on valuation and search reports? They simply told me that they are unable to provide the amount without any positive response. My question is that- the bank is responsible to delay my project, is the bank is ready to pay compensation for loss suffered by me?

Answer 1

Dear Palash

At the outset, let me clarify that this site is designed and managed 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.

The bank seems to have really harassed you by asking for so many documents, valuation report, search report etc, without in the first place assessing your requirement and whether they would be able to sanction the loan to you.  Now, since the bank has already turned down your request, you are helpless.  Nevertheless, if you want to take it up further, I am appending the process here under.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email).  For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access their website https://bankingombudsman.rbi.org.in/.

RAJA