Bank Can't Recover EMI On Undisbursed Loan, Rules Forum
THANE: Rejecting an argument by SBI that it was not at fault in recovering monthly installments on "disbursed" housing loan, the Dispute Redressal Forum here has asked the bank to refund the entire EMI charged unduly for 20 months from a policeman and directed it to pay him Rs 50,000 as compensation for deficient services.
In their order, issued last week Forum President M Y Mankar and members Madhuri Vishwarupe and ND Kadam directed the bank to make the payment to complainant Rajendra Sadashiv Pardesi, within the next 40 days or else pay interest on the sum at 6 per cent p.a. till its realisation.
The new panel has adopted an innovative system by which it directs both the complainant and the respondent to file an affidavit before a specified date as regards the compliance of the Forum order which tracks the pendency in the compliance which was not happening earlier.
In his complaint, the policeman told the Forum that the bank had sanctioned him a housing loan and issued a cheque for Rs 5, 61,000 on July 23, 2007 which he handed over to ACP.
After the issue of the cheque, the bank began recovering the EMI amount of Rs 7,672 from September 01, 2007 till March 2009 after which he was informed by the Police Welfare Authority that the loan amount was not received.
Read Also:
