Adjustment of fixed deposit by bank
SUSANTA KR MUKHOPADHYAY
(Querist) 08 July 2016
This query is : Resolved
DEAR SIR,
I BEING AN EX MANAGER OF A NATIONALISED BANK .DURING MY TENUE I SANCTIONED A LOAN AGAINST TWO NATIONAL SAVINGS CERTIFICATES FACE VALUE RS10,000/-EACH ONE MATURING IN 2013 AND ANOTHER 2014 IN OCTOBER .THE LOAN WAS SANCINED IN 2006 FOR RS50,000/- I ALSO KEPT MY ONW FDR OF RS46000/- AS LIEN .
THOUGH BORROWER PAID GOOD MONEY BUT FAILED TO LIQUIDATE THE LOAN IN FULL AND BANK ENCAHSED ONE NSC MATURITY VALUE RS20,000/- AND ADJUSTED ENTIRE LOAN FROM MY FIXED DEPOSIT WHEN ANOTHER NSC IS GOING TO MAURE WITHIN 2 MONTHS.WITHOUT SERVING ANY NOTICE TO ME.
AT THE TIME OF ADJUSTMENT MY FDR BALANCE WAS MORE THAN RS94000/- AND NSC VALUE MATURING ONE MONTH RS20,000/ AND LOAN BALANCE RS37000/-.BANK IS REFUSING TO CREDIT THE PROCEEDS OF MY FDR TO MY ACCOUNT AND ALSO THE NSC PROCEEDS SAYING NSC PROCEEDS IS BORROWER,S PROPERTY.IS IT NOT REWARDING DEFAULATING BORROWER AND WORKS AGAINST DOCTRINE OF UNJUST ENRICHMENT.
SUSANTA KUMAR MUKHOPADHYAY
DATE: 08/07/2016
Guest
(Expert) 08 July 2016
Dear Susanta,
Your reply does not contain anywhere whether every thing with the bank is in black & white or only verbal refusal by the bank.
Please give complete details if the bank has given you any written reply with reason for refusal to give you any credit to your account.
Even otherwise, being a bank manager, you should have known that putting any instrument on lien of the bank means you have put the total procceds of the instrument with the lien of the bank unless specifically mentioned about the principal amount without interest element.
Kumar Doab
(Expert) 08 July 2016
The lien is upto the pending dues.
Transact in writing with the bank, under proper acknowledgment.
The bank has to mind its interest to recover the dues.
Rajendra K Goyal
(Expert) 09 July 2016
Whether loan was sanctioned by you to some customer?
If yes, there was no reason why you marked lien on Fix deposit Receipt (FDR) in your name and hence guaranteed the loan. What was your interest behind the scene?
As per my knowledge staff service conditions in Banks never allows / permit such transactions between dealing staff and customer, specially when the staff is having sanctioning powers and hence sanctioned the loan.
You have acted / misused your powers / positions and is lucky enough that Bank did not initiated disciplinary proceedings against you till date. You have not observed high dignity in dealing financial matters in the bank and sanctioning the loan.
Since you were guarantor in the loan account, Bank was right in recovering the amount from you, reserving right to proceed departmentally against you. Legally you have no challenge.
Rajendra K Goyal
(Expert) 09 July 2016
Have you got controllers / permission from appropriate authority prior to marking lien hence guaranting the said loan?
Have you informed the transaction to your controlling office?
Does such condition existed in your service conditions, if yes it was misconduct by you.
Guest
(Expert) 09 July 2016
Rajendra ji,
If a bank manager sanctions a loan of Rs.50,000/- against two instruments worth not more than Rs.20,000/-, what type of problem that can be, we can well imagine. Further, which bank manager can take risk of putting his own FD woth Rs.46,000/- at risk for any of the bank's customer, is anybody's guess that his problem is hypothetical, not real.
Rajendra K Goyal
(Expert) 10 July 2016
P. S. DHINGRA Sir,
I agree with your conclusion.
thanks.
