Friday, March 26, 2010

How to complain against the Branch, if injustice is done?

ELTF has been getting lot of mails as to how public can complain when they do not get justice from the branches of banks.   Normally, we come across the following types of complaints:
General complaints against banks
1.  When highly deserving and poor students / parents approach the banks, the branch officials do not guide them properly; they are asked to come several times and whenever they come, they are asked to bring new documents.  Branches do not demand required documents in a single time.
2.  As per IBA guidelines, branches should not demand collateral security, margin and third party guarantee for loans less than 4 lakhs.  But many branches demand securities even for loans upto 4 lakhs.
3.  When the loan is disbursed, interest will be calculated on a simple basis and will be added to the principal amount, after the student completes the studies.  Principal and interest will be added and repayment will be fixed by the banks. The students, if they are poor, they can pay the interest after they complete the studies.  Payment of monthly interest is only optional and not compulsory and  can be deferred till the completion of studies.  Many branches insist on payment of monthly interest from the students, who cannot afford to pay.  They have to resort to outside borrowing to pay monthly interest.  In some cases, managers refuse to disburse further instalments of loans, if the students do not pay monthly interest.  Compelling to pay monthly interest is violation of IBA guidelines.
How to complain whenever the students face problems?
1.  If the students find that the branches are violating the RBI/IBA guidelines, they can meet the branch manager and request him to follow the guidelines.  If required, the aggrieved students can seek guidance from ELTF through email for correct procedures. Students can give a letter  to the bank in writing and seek a reply in writing. 
2.  If the Managers do not accept your request or still  if  you feel that they violate the guidelines, you may meet the Regional manager of the bank and discuss with him.  All the branches will display prominently, the names of higher authorities and their contact numbers in their office.  
3.  If you are still not satisfied with the response of the Regional manager, you can take up with the Chairman of the concerned bank through email giving full details of your problems.  The email ids of all the bank chairmen are given below.
4.  If you are not satisfied with the bank's response and if you want to take up with Reserve Bank of India, you may also write a letter to The Chief General Manager, RPCD, Reserve Bank of India, Central Office Building, 10th Floor, Shahid Bhagat Sing Marg, Mumbai 400001 - Phone 022 22610261.
5.  You can also approach the judiciary for any grievance, through your advocate any time.  But when you approach courts, it may be time consuming and the banks will have a right to defer the decision, till the judgment is delivered.  
5.  Before making a complaint to higher authorities, please convince yousrelf that you have a strong case and you have not been given justice.  Please do not send complaint for the sake of sending complaints.  
Whenever the students need any clarification on the rules and procedures, they can send mail to ELTF and seek the guidance.
E-Mail IDs of Public Sector Banks

Name of the Bank
CMD's E-mail Address
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
IDBI Bank Limited
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab and Sind Bank
Punjab National Bank
State Bank of India
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank


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