Union bank of india, case of delay and conspiracy
Pushkar Kumar
(Querist) 05 April 2018
This query is : Resolved
Sir/Madam,
We are a startup based out at Jalandhar Punjab, We approached Union Bank of India, main branch Jalandhar for their loan product Union Startup Scheme. At first they clearly said 'NO' when they came to know that we are looking for the loan to be covered under CGTMSE. When we asked to provide a written reply, they kept us doing followups, calls, writing emails and we got a letter stating illogical reasons in the month of January, 2018 ( This happend because we had approached the DGM with our complaint about the delay.
We wrote to Banking Ombudsman, Chandigarh where the bank was severely warned and asked to produce fresh reasons if they are not approving the proposal, the bank then submitted two different replies one by the DGM and other by the Regional Head.
Both wrote arbitrary points like
1.Our credit worthiness not good as my landlord gave negative feedback but the fact is no one from the bank came to meet our landlord.
2. Similarly they wrote that we couldn't provide answers to their questions, but they never asked any question.
We now want justice on this, they have written 'anything' but completely different from what we got as the first reply.
We have voice clippings to support our points.
What should we do now?
Guest
(Expert) 06 April 2018
Your loan would not have been worth thousands of crores. They would have been shy even for asking chai paani on your small Startup Loan. You can find plenty of Government's welfare schemes, but for the purpose of facilitation and implication of such schemes, satisfaction of the dealing individuals may perhaps be important. Probably, they prefer to exercise due diligence only on small loans, not on the biggest loans based on LOUs etc.
P. Venu
(Expert) 06 April 2018
You can take up the matter with the Banking Ombudsman and/or the Reserve Bank of India.
Pushkar Kumar
(Querist) 06 April 2018
Already approached BO and RBI, the Bank produced some arbitrary reasons and the case was closed by BO-RBI
Dr J C Vashista
(Expert) 06 April 2018
Take up the matter with RBI as well as BO.
Kumar Doab
(Expert) 06 April 2018
Write to BO under proper acknowledgment with copy to Governor RBI and narrate details on points you have narrated in query…
Apparently IT is display of stupiduous and idiopathic conduct by bank/banker as per you narration in your poss.
If you are unable to handle on your own take help of seasoned/retired bank officials, from bank legal cell….
Kumar Doab
(Expert) 06 April 2018
LCI Experts Mr. Rajendra K Goyal, Mr. Mallipedi Jaggarao, Mr. Parathasarthy Longanathan are from banking background and may help you….
http://www.lawyersclubindia.com/top_members_list.asp
Pushkar Kumar
(Querist) 06 April 2018
Thank you so much for your concern,
The landlord have given us a written declaration that no Bank representative met him till date and he don't have any objections on our credit worthiness.
As of next step, we are planning to write to PMO and RBI letting them know how the Bank have produced a written lie before them.
Will this help?
Guest
(Expert) 07 April 2018
I can confidently say that yours is not a real problem. It is merely a hypothetical academic query. Otherwise, only Union Bank is not there in India, who provides loans for Start Up program.
Guest
(Expert) 07 April 2018
Mr. Pushkar Kumar,
If you have some real problem, your credit worthiness can be guaranted only by a CIBIL Report, not by your landlord. Apply to CIBIL for that and present to any bank of your town. Banks enjoy discretionary powers to grant or refuse loans on any ground.
Pushkar Kumar
(Querist) 07 April 2018
@ JIGYASU: Sir I appreciate your confidence but that merely shows how you take things. Had you been aware of the problems being faced by the startup ecosystem, you would not have termed my point as hypothetical academic query.
Hundreds of schemes are there, I agree but Union Bank was the only to do a marketing stunt, they proclaimed of being pioneer, the first bank to launch a debt product for startups in line with startup India initiative of GOI, kindly visit this link and you would find only UBI for their pseudo initiative. https://www.startupindia.gov.in/initiative_bank.php ( Website is currently down, do check few moments later)
The problem is we never like to understand the problem of others and try to impose our own views, no body is that free to create an account on LCI and put query, I have many other portals to put my hypothetical and imaginary queries, Sir.
Still if your confidence stops you believe this, I will share all relevant documents to let you believe that you are not always right neither your confidence.
Pushkar Kumar
(Querist) 07 April 2018
@Dhingra: Sir, I agree to disagree on your point ' Banks enjoy discretionary powers to grant or refuse on any ground'
really any ground sir? I am not a expert like your good self but let me keep my point:
Banks are financial institution and are governed by the acts and regulation of the GOI, they cannot reject on ANY GROUND, they have their code of commitment, RBI have imposed certain rules of rejecting.
I believe I failed to properly demonstrate my issue, let me try again in one line: Sir, they (Bank) have provided written lies to RBI and PMO when they failed to justify their rejection. The lie includes our credit worthiness, and reference to questions which were never asked to us.
I can share a detailed report for you to believe and understand the matter.
Guest
(Expert) 07 April 2018
Mr. Pushkar Kumar,
You agree, but also disagree on my point, as per your latest post. Either you should have agreed or disagreed.
However, if you believe, the bank has provided written lies to RBI, a practical legal solution lies in the court of law, not at the LCI. You may better hire services of some local layer to prove that in the court of law and to compel them to sanction loan to you on the basis of some court order. That is necessary for your satisfaction.
