Sbi deducting money to cover my loan with them
Somnath
(Querist) 17 April 2013
This query is : Resolved
No issues now. This issue is resolved now.
Devajyoti Barman
(Expert) 17 April 2013
Frost check at the time of availing loan with SBI you signed any agreement whereby you stipulated to give rights of lien over the amounts lying in a/c with the bank.
If yes then Bank can utilise the money for pending amount.
If not then you can Banking Ombudsman or file case in consumer forum.
Somnath
(Querist) 17 April 2013
thnx for ur valuable adv Sir! However i do nt have any copy of the agreeent form that I had signed while taking up the loan.Now how shall I check that if there was any such clause to which I had agreed upon. But still does the bank have any right to recover from any funds that has been received from CM's Relief Fund given for medical attention. Plz help me further sir.
Devajyoti Barman
(Expert) 17 April 2013
Once you deposit money in an a/c the money losses its original colour.
Had the money was transferred by the Govt. directly to the said a/c, you would have been better footing.
Somnath
(Querist) 17 April 2013
I got your point. Now how are my chances on getting the money back. I have sent a request to the bank and the Branch manager said that they didnt know about the source of the funds . He did mention that he will send my application to their cntroller to see if it could be put back.I really appreciate your prompt response on my query. I do not want to let itgo . It's my son's money and I am bent on to get it back.I need your support and advice sir.
ajay sethi
(Expert) 18 April 2013
bank has right of lien to recover its outstanding dues . chances of recovery of money are bleak
Raj Kumar Makkad
(Expert) 19 April 2013
The action of the banker is perfect as per your agreement hence you have got no cause of action to agitate.
Somnath
(Querist) 19 April 2013
I will agitate and I will fight for my money.
I need help and advice.If anyone interested to support my resilience then plz reply and you can also reach me at somnath.chattaraj@gmail.com
ajay sethi
(Expert) 19 April 2013
read provisions of your loan agreement wherein bank could exercise its lien for ecovery of its outsatnding dues . you are at liberty to fight for your money but you should not lose sight of the legal provisions of document signed by you
Somnath
(Querist) 23 April 2013
I have not yet received any reply from the concerned Branch manager and as such I have filled the Complaint Form in Banking Ombudsman Site.
I am agitating on the grounds of lien under section 171 of the Indian Contract Act.
Does the bank have the right to deduct money from any newly opened account with the same bank and where the borrower of a loan in his loan account acts in a different capacity?
