Banking

Vinesh K Chhaya (Querist) 17 October 2012 This query is : Resolved
Who has jurisdiction to decide application under section 35 of Banking Regulation Act?

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Guest (Expert) 17 October 2012
Application for what purpose and by whom? Also, please clarify, how sec.35 pertaining to inspections by RBI relate to your problem?

Mere academic query may not solve you problem. Please be specific about the real problem related to sec.35.

R.K Nanda (Expert) 17 October 2012
academic query.

Vinesh K Chhaya (Querist) 19 October 2012
My client utilized housing loan facility from a multistate scheduled co-operative bank. The loan account recorded as NPA the the bank taken steps of recovery through SARFAESI Act-2002. My Client Approached DRT and according to order of DRT my client had deposited principal amount. DRT disposed matter without deciding interest amount which is excessive as (36% per year and compoundable)so I got knowledge that there is no power distributed to any civil court, Registrar of board of nominees because of multistate bank and no powers to high court to decide interest amount as remaining due. so only one way is section 35 of Banking Regulation Act to get direction about decide remaining amount.

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