roshanrajan1008@gmail.com
in Consumer Law
Asked January 27, 2016

fraud on loan policy

  • 2 Answers
  • 142 Views

My father took a loan from HDB financial services. While signing the agreement they asked my mother to sign also. On her inquiry they said that she have to sign for witness purpose and they took her sign on the entire loan agreement. Unfortunately my father passed away last august and were yet to receive a all the loan documents from the bank. We  inform the bank about his death. After 1 month we submitted the death certificate and collected all the loan related document. Later they informed us that we can not avail the insurance as the insurance was in my mothers name. They cheatingly put my mother in the loan structure. The only document which showed that the loan was issued in both my parents name was the sanction letter from the bank which had a fake signature of my parents(someone else signed it). Now i have asked the bank guys to get me a copy of insurance proposal form so that i can check on whose name the insurance was applied but the bank manager is just making excuses on enquiry.

Answers 2

Default avatar
Ragini Gupta
In such cases, the first step would be to complain to your Bank via the grievance redressal process of the bank. For this particular bank, the procedure for complaints is given here: http://www.hdbfs.com/Grievance_Redressal_Process.htm. If the bank does not provide a satisfactory solution, the next option would be to file a complaint with the Banking Ombudsman, a person appointed by the Reserve Bank of India to redress customer complaints related to deficiencies in banking services. The contact details for the fifteen Banking Ombudsmen in India presently can be accessed here: https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=164. The Banking Ombudsman is empowered to consider disputes relating to non- adherence to the bank’s fair practices code as well as the Code of Bank’s Commitment to Customers, which this bank, as a member of the Banking Codes and Standards Board of India is required to adhere to. The Bank’s Fair Procedure Code provides that the Bank must give notice to the borrower of any change in the terms and conditions, in a language understood by him.[1]Furthermore, the Code of Bank’s Commitment to Customers contains the commitment that the bank is to deal with the customer with transparency and integrity[2] and that clear information is to be provided about the products and services, along with the terms and conditions that apply to them. [3] Misrepresenting that your mother was being asked to sign for witness purposes, adding her name to the loan structure, adding a fake signature to the sanction letter and finally evading your request to look at the insurance proposal form are all in violation of the undertakings of the Bank in the above mentioned Codes, and thus fit cases for the Banking Ombudsman. It is important to note, however, that the complaint must be filed within a year of the cause of action having arisen. Therefore you must file the complaint within a year from the date discovery of the fact that your mother’s signature had been forged on the sanction letter. The complaint may be filed online.[4] However, before you can file a complaint with the Banking Ombudsman, it is essential that you attempt to resolve the complaint with the Bank itself. Besides the abovementioned facts, it is important to note that forgery is a criminal offence under the Indian Penal Code.[5] Therefore, it is always open to you, in addition to the other remedies to file an FIR against whoever was responsible for falsely putting your mother’s signature on the sanction letter.       [1] Available at < http://www.hdbfs.com/Fair_Practice_Code.htm) > Last seen on 17-02-2016 [2] Refer to Section 2.1.1 of the Code. Available at < http://www.hdfcbank.com/assets/pdf/RBI_English.pdf) > Last seen on 17-02-2016 [3] Section 2.1.2 of the Fair Procedure Code. [4]Available at < https://www.rbi.org.in/commonman/English/scripts/AgainstBankFAQs.aspx.> Last seen on 17-02-2016 [5] Section 465 of the Indian Penal Code, 1860
Agree Comment 0 Agrees over 1 year ago

Default avatar
Madan
Did you take a Loan from the bank or an insurance??? And what exactly is your problem with the bank - the loan repayment or non-grant of insurance money??
Agree Comment 0 Agrees over 1 year ago

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