Recovery of cooperative bank dues
ckanta
(Querist) 09 April 2017
This query is : Resolved
Sir,
I have taken a loan of rs 50000 from one of the coopertaive bank in delhi the year 2006 and could not paid it reguarly and exparte award obtained by the bank for interest 17% compounding monthly and now recovery officer parliament street has issued me the notice for payment and demanded the amount in lakhs by making calculation at compounding monthly. If i will not paid the amount then he will issue arrest waarant against me. could you explain whether Coopertaive bank can charge comppounding interest on monthly balance and whether any relief can be given to me . If yes then tell me the way and procedure
Kumar Doab
(Expert) 15 April 2017
17% monthly?
Pls check if there is some typo error.
