How to get compansation
sudhindra
(Querist) 25 March 2014
This query is : Resolved
To:
The experts
Dear Experts,
Sub: Regarding subsidy loan sponsored by D. Devaraja urs Backward Nigam.
I puttasrinevasu s/o late Venkatappa, applied for subsidy loan sponsored D.Devaraja Urs Backward Nigam for progress in my profession that is as an advocate as on 03/07/2012.
The Nigam agreed with my application and forwarded the application to state bank of Mysore, which is my personal Bank and recommended me for a loan of Rs 5Lacks.
I received a letter from nigam as on 15/09/2012 which instructed me to meet Manager, State Bank of Mysore, Srirangapatna branch for loan purpose.
As per the advice made by Nigam I met Manager, State Bank of Mysore, next day and requested for the loan and he told me that the Bank is very much interested in lending soft loan to me as per recommendation by D. Devaraja urs backward nigam and the State Bank of Mysore feel very happy if I grow with the help of Bank’s loan.
Hence I am very happy and proud of State Bank of Mysore .
But till today I am not granted subsidy loan and even today (12/03/2014) Manager was telling that loan will be issued in short period. Over the period 1year and 7 months I waited for that loan. If the manager denied loan to me I will definitely going to accept happily. But the Manager goes on giving assurance that bank will give me loan. Over period of 1 year and 7 months I will lose lot of my valuable time and money. I will badly disappoint by both mentally and physically. It will affect adversely my profession and achieved a nil progress in my profession. The damage caused to my profession is very big. Hence I kindly request senior manager State Bank of Mysore Regional Office to solve this problem and Now, i asking experts can I get compensation for damages incurred to me
please help me
yours truely
ajay sethi
(Expert) 25 March 2014
what compensation ? bank is not bound to grant you loan .it is at discretion of bank . the recommendation received would be considered by bank . if no loan has been sanctioned to you for 18 months approach another bank for loan .
Rajendra K Goyal
(Expert) 26 March 2014
Nigam only forward the application, it can not recommend, Recommendation is done by Bank field officer and sanction by Manager.
Why the Bank did not disbursed the loan, what the reason told by Bank?
There can no. of reasons for delay in disbursement, subsidy not received from the Nigam, previous subsidy pending, the documentation not completed by the applicant, Outstanding loan from some other Bank or Institution etc.
Bank is a financial Institution with commercial motive, have to take credit decisions after going through many aspects.
I doubt any case of compensation is justified.
sudhindra
(Querist) 26 March 2014
Dear experts:
1.The Nigam recommended for a soft loan to me and for this it give a letter of recommendation both for me and to bank.
2.The Nigam Sanctions subsidy only if the Bank agrees to lend loan and the bank must give its acceptance to lend loan or decline to lend loan within a time fixed by Nigam.
3. If the bank refuses to lend loan, it must return application to the Nigam.and Nigam may send same to another bank for same proposal.
4.In My case the bank neither accept nor reject my application.
5. The Bank goes on giving only assurance till today. hence i cannot get subsidy. and i couldn't approach any other banks.
6. Till today my application with bank. The Bank was very much neglected in my case
6. yes Bank's are very commercial. But in this there is an agreement between government and Banks. this program is backed by NABARD.
7. The Bank can get full guarantee and security for their loans under this scheme.
hence I request experts considering above facts please advice us
sudhindra
(Querist) 26 March 2014
dear experts please answer
T. Kalaiselvan, Advocate
(Expert) 27 March 2014
I think the Bank Manager is evading the issue intentionally to avoid grant of loan during his tenure for the fear of some problem he had experienced in the past, but he is not coming out in open or if he s a corrupt officer, he may expect something under the table which you would not have noticed of paid heed to. However, you said that you have approached the higher officer in the regional office, wait for his reply and take further action legally or otherwise.
