Asked February 28, 2017

Legal action in case of Loan

  • 1 Answer

Sir, As per the bank advertisement on their web site - collateral free loan for micro industries I approached bank manger.He said he will process loan and insisted me to lease building for the unit.I leased building at monthly rental of 18000rs .Three months passed and he keep telling application sent for regional office wait for two days.After three months financial loss i compliant to higher management.In this regard manager lied to to management i did not submit any documents.Unfortunately i did not take acknowledgements for 3 months.But i have emails.Regional manger said to manager to take documents freshly and sent to regional office so that they will process loan in a week.After this i submitted all documents and took acknowledgements.And also they made me to open a bank account .Another 4 months completed but loan process has become indefinite they are not telling stipulated time for loan process even after 7 months. When i ask branch they are saying there is no update form the Regional office.When i check with regional office they are saying to check with branch.Since 7 months mentally suffered and in financial loss of 7 months rent around 1.5 lack.Also i wasted 7 months in my life just roaming around bank.I complaint to higher authorities but no response.Kindly advice me am i eligible to file compliant in consumer forum. Your early response appreciated in this regard. Thanks

Answer 1

You may file a consumer case against the bank but there are some faster options available to you in this case:

  • According to RBI guidelines every bank in India has a Nodal Office for Redressal of Consumer Complaints. You may file a complaint against the bank authorities before the respective Nodal Office[1].
  • If this is a Public Sector Bank then you may also approach the Directorate of Public Grievances[2], in case the issue is not settled by the Nodal Office. Both of these complaints may be via E-mail.
  • The above mentioned steps are suggested because they take less time when compared to consumer forums. However, if your issue is not solved by the above steps then you may approach the Consumer Forum for recovery of the paid money and compensation for damages caused due to their insufficient service.

    [1] Nodal list available at:

    [2] Available at:

    Agree Comment 0 Agrees over 4 years ago

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