Grounds for case against duping by a sales agent of a bank
Ashok
(Querist) 09 April 2010
This query is : Resolved
Hello!
I was recently duped by false promises and delay on the part of a banks sales agent (DSA) due to which I have a loss of money in the future.
I went in for a bank loan with a bank who appointed a DSA to coordinate and collect documents and process the loan. The loan details were agreed upon and there was a requirement from the bank to submit some documents. The DSA did not inform me about one of the crucial document due to which, the date elapsed and the RBI rules changed and now i have to go in for a loan which has a higher interest rate. The DSA failed to inform me of these procedures and I have a higher payout to the bank now due to increase in interest rate. Can i put a case on the DSA? and on what grounds?
Parthasarathi Loganathan
(Expert) 09 April 2010
DSA is not the creditor banker. I am coming across for the first time of such agency arrangement of a Bank with a third party. You have to contact only the Bank for all your credit requirements and such DSAs only facilitate the process.
Ashok
(Querist) 09 April 2010
Thank you Sir. So i assume there is some form of relationship between the DSA and the bank. Can I then put a case on the bank for monetary loss due to negligence on the part of their indirect employee? The loss in question is the increased rate of interest in the home loan due to negligence on the bank to process the loan in time.
Parthasarathi Loganathan
(Expert) 09 April 2010
First of all before you have started banking dealings with the DSA, you must have been apprised or referred by the Creditor banker. If so, some documents like Identity Card or Letter of Authority must be in the possession of the said DSA. In the absence of this, it is construed that you have unilaterally dealt with the said agent and bank cannot be legally proceeding as it is up to the sole discretion of the customer to decide about choosing any creditor banker.
B.B.R.Goud.
(Expert) 09 April 2010
i do agree with learned counsel Mr Parthasarathi...
Raj Kumar Makkad
(Expert) 10 April 2010
Partha has accurately resolved your query.
bhagwat patil
(Expert) 10 April 2010
Agreed with Mr. PARTH. Legal course is not remidy for self negligence.
