Ramanisblog

Tag: Loan

  • How To Complain About Banking Services Details

    We often come across problems while transacting .

    Banking Services
    Banking Services

    It may be delayed Credit,non payment of interest,non acceptance of small denomination Notes,Delay in issue of drafts,failure to provide Loans, mis-selling of Financial products.

    RBI has issued separate Guidelines on this and has provided an Ombudsman to address such issues.

    ”

    What is the Banking Ombudsman Scheme?

    The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

    2. Who is a Banking Ombudsman?

    The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.

    3. How many Banking Ombudsmen have been appointed and where are they located?

    As on date, fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals. The addresses and contact details of the Banking Ombudsman offices have been provided in the annex.

    4. Which are the banks covered under the Banking Ombudsman Scheme, 2006?

    All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

    5. What are the grounds of complaints?

    The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services (including internet banking):

    • non-payment or  inordinate delay in the payment or collection of cheques, drafts, bills etc.;
    • non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
    • non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof;
    • non-payment or delay in payment of inward remittances ;
    • failure to issue or delay in issue of drafts, pay orders or bankers’ cheques;
    • non-adherence to prescribed working hours ;
    • failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents;
    • delays, non-credit of proceeds to parties accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any, applicable to rate of interest on deposits in any savings,current or other account maintained with a bank ;
    • complaints from Non-Resident Indians having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters;
    • refusal to open deposit accounts without any valid reason for refusal;
    • levying of charges without adequate prior notice to the customer;
    • non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on ATM/Debit card operations or credit card operations;
    • non-disbursement or delay in disbursement of pension (to the extent the grievance can be attributed to the action on the part of the bank concerned, but not with regard to its employees);
    • refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government;
    • refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of Government securities;
    • forced closure of deposit accounts without due notice or without sufficient reason;
    • refusal to close or delay in closing the accounts;
    • non-adherence to the fair practices code as adopted by the bank or non-adherence to the provisions of the Code of Bank s Commitments to Customers issued by Banking Codes and Standards Board of India and as adopted by the bank ;
    • non-observance of Reserve Bank guidelines on engagement of recovery agents by banks; and
    • any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.

    A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advances

    • non-observance of Reserve Bank Directives on interest rates;
    • delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;
    • non-acceptance of application for loans without furnishing valid reasons to the applicant; and
    • non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank’s Commitment to Customers, as the case may be;
    • non-observance of any other direction or instruction of the Reserve Bank  as may be specified by the Reserve Bank for this purpose  from time to time.
    • The Banking Ombudsman may also deal with such other matter as may be specified by the Reserve Bank from time to time.

    6. When can one file a complaint?

    One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one s representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.

    7. When will one s complaint not be considered by the Ombudsman ?

    One s complaint will not be considered if:

    a. One has not approached his bank for redressal of his grievance first.

    b. One has not made the complaint within one year from the date one has received the reply of the bank or if no reply is received if it is more than one year and one month from the date of representation to the bank.

    c. The subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court etc.

    d. Frivolous or vexatious.

    e. The institution complained against is not covered under the scheme.

    f. The subject matter of the complaint is not within the ambit of the Banking Ombudsman.

    g. If the complaint is for the same subject matter that was settled through the office of the Banking Ombudsman in any previous proceedings.

    8. What is the procedure for filing the complaint before the Banking Ombudsman?

    One can file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online (at “click here to go to Banking Ombudsman scheme” or by sending an email to the Banking Ombudsman. There is a form along with details of the scheme in our website.However, it is not necessary to use this format.

    9. Where can one lodge his/her complaint?

    One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.
    For complaints relating to credit cards and other types of services with centralized operations, complaints may be filed before the Banking Ombudsman within whose territorial jurisdiction the billing address of the customer is located.

    Address and area of operation of the banking ombudsmen are provided in the annex.

    10.Can a complaint be filed by one s authorized representative?

    Yes. The complainant can be filed by one s authorized representative (other than an advocate).

    http://www.rbi.org.in/scripts/FAQView.aspx?Id=24

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  • Farm Loan Waiver Dismantle CAG

    The CAG has pointed out irregularities in the waiver of loans to Agricultural sector.

    He points out that the Bureaucrats have siphoned off the money.

    Irregularities in Waiving of Agricultural Loans.

    1.Those eligble were loan waiver were not considered.

    2.Those ineligible were granted loans.

    3.Banks have diverted Funds received for the Waiver of the loans to Micro Finance Institutions.

    5.Disbursement Accounts were tampered with.

    6.The Institutions made false claims for reimbursement from the Government.

    7.Monitoring was not effective.

    These points were proved with documents.

    The the Prime minister  ManMohan Singh declares that an enquiry is being ordered and if some one is found to be guilty, he will be punished.

    He is an honorable Man.

    If the Reports of the CAG are not reliable, dismantle it.

    Agricultural Loan Waiver Scam.
    Agricultural Loan Waiver Scam.

    The CAG Report .

    Link in pdf.

    http://saiindia.gov.in/english/home/Our_Products/Audit_Report/Government_Wise/union_audit/recent_reports/union_performance/2013/Civil/Report_3/Exe_Summ.pdf

    ”

    The report by the Comptroller and Auditor General of India, which was tabled in Parliament Tuesday, raised serious concerns over the scheme after it found lapses and errors in 22% of the 90,576 accounts it audited.

    The audit body also alleged that in 2,824 cases there was evidence of tampering and alteration of records, while in 4,826 cases farmers weren’t given due benefits.

    A majority of India‘s farmers own small holdings and take bank loans to buy fertilizers and machinery during the planting season. However, as more than 60% of the lands is rain-fed, erratic monsoons often lead to crop failure, forcing farmers to default on loans.

    The government launched an agricultural debt waiver and debt relief scheme in 2008 to address farmers’ difficulties in repaying loans on time. It then estimated that about 40 million farmers would benefit from the scheme. In the last four financial years, the government has waived more than 520 billion rupees ($9.5 billion).

    Many economists and agricultural analysts had criticized the scheme, saying it was merely a populist move by the United Progressive Alliance government to attract voters ahead of the 2009 general elections.”

    http://online.wsj.com/article/BT-CO-20130305-703283.html

     

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  • Top Five Ways to Confidently Shop For a Car Loan

    Times are changing and one can not hold on to the old values still.

    Gone are the days when taking a loan was considered to be a Social sin.

    To day not possessing a Credit card is looked upon as almost a Sin!

    We have Companies asking people to take out a loan,’ in fact one is besieged with offers.

    Under the changed socio-economic scene one can not help but to swim with the current.

    Bur care is to be exercised in taking a loan , whether it is a personal or Car loan.

    The following is a Guest Blog.

    The information seems to be handy.

    I would like to add that one may also check with the people personally, who have availed loan from the Company, to know more about the Lender.

    Shopping for a car loan can be a little intimidating .But; it is not going to have to be that perplexing or nerve-racking if you just know the issues to ponder. Consider the following factors and shop for a car loan with confidence:

    Car
    New Car

    The Post.

    1.     Use the internet:

    A single clicking the mouse can fix your problem right away. There are authentic lenders on the Internet that will provide you a number of automobile financial loans to assess once your bankruptcy has been launched or ignored. You can find several suppliers with various prices that you’ll be able to assess and you will have choices to choose that will fit your personal cost variety.

    2.     Think about third-party creditors.

    Besides considering on-line viewpoint ask your family, colleagues, friends who gives their car loan. Read up on companies you are seeking for and find out one that seems to fit your circumstance best. Some are dedicated to loans, some concentrate on candidates with a bad credit score, and some also offer re-finance alternatives for the future. When you discover the best, just implement.

    3.     Do not act in haste:

    It is a must to remember that, the circumstances set for each loan provider differ. Before discovering various lenders, it’s suggested to evaluation your current budget to get a better understanding of your monthly payments. Never hesitate to go through the terms and conditions proposed. It’s advisable not to rush. Sit comfortably in home and decide. If inquiry on any of the terms haunts you, never hesitate to pose the question to the lender.

    4.     Don’t rely on the lender’s information

    Probably the greatest error you can create when purchasing a new car is depending on the car trader’s information. It’s not that he does not have the information, but rather that he has more of it than you do. In purchase to get the best cost on a new car, the vital factor that you have to do is to bridge that information gap. The best way to do this is by doing your preparation before you even start the procedure. To prevent having to cope with the prospective frauds and price of funding through the store, you may want to locate all of your financing choices before you get to that factor. By planning yourself with reliable details and knowing what your alternatives are, you can create a better cost-effective choice. Don’t let the satisfaction of driving turn into an anxiety and a nightmare.

    5.     Evaluate your budget

    Do not go out of your price range. Be sure to buy a car that will be quickly cost-effective for you. Fix a price range and try to stick to your budget. It’s better not go to a very fashionable model, if it is really out of your arrive at. A reality sense is incredibly in the need. The salesman will try to persuade you to take great mortgage, but you should be conscious of your finances.

    Conclusion

    To get a better financing is to find someone, usually an efficient source, who is willing to co-sign the car home loan. Doing so will enhance your opportunities of getting approved since it will reduce the quality of risk to the car loaning company. Happy Shopping!

    About the Author:

    The above article is written by CJ, who is a community head at Fincar , the professional car loan company, Sydney and is working for various other finance specialists. She specializes in writing articles related to car finance, loans, etc.

  • Borrow Money Intelligently,Manage Your Personal Finance Video

     

    I have come across interesting Talks,Sites and Bogs on the subject of Borrowing Money.

    There used to be a time when borrowing was considered to be a sin and it was treated as a Crime to delay payment.

    Now, thanks to changing value systems and the Modern economy, if you do not borrow, you are not recognised and we are now used to a Lifestyle of wanting more than what we earn and in some cases what we deserve.

    No point in suggesting people the safest and carefree Life is Not to Borrow.

    Since there are no takers, the next option is to  find out How To Borrow Intelligently.

    Money Talks Show.

    Read On:

    • ‘As any smart borrower could tell you, it’s important to read the fine print when it comes to lenders. Sure, that balance transfer may sound appealing now, but what happens in 6 months when the interest rates sky rocket? Credit card companies are notorious for hiding their little tricks in the fine print so pull at the magnifying glass if necessary.
    • Even if you choose to consolidate debt and borrow more, always make more than the minimum required payments. By consolidating your debt, you may be eligible for lower monthly payments, but they won’t help you get your debt paid off any faster. Smart borrowers even go so far as to pay off their entire balance each month.
    • Do you only have one or two credit cards? Do yourself a favor and keep it that way. Trying to juggle too many lines of credit is the opposite of smart borrowing. It’s simply too difficult to keep track of a dozen different credit cards, with their different due dates and minimum monthly payments. It’s almost inevitable that those who have too many credit options end up putting themselves in debt.
    • If you’re planning on taking out a new credit card or any type of line of credit, do your homework to find the best possible interest rate. By now, everyone should know how important their interest rates are. In essence, they represent the cost of borrowing money and if you get stuck with a high rate, you’ll end up paying a lot more over time.
    • No matter how much debt you’ve accumulated or how much you still need to borrow, saving money is always important. While repaying borrowed money is probably your number one priority, do not neglect your savings. You just never know when something could happen, such as a car accident or hospital visit, that could require you to break out the savings.
    • Finally, don’t fall for the idea that declaring bankruptcy will be an easy fix to your debt problems. While bankruptcy may be able to help some people in the right situation, it can be a disaster for many. Declaring bankruptcy will absolutely ruin your credit score for the next several years and making borrowing more money all but impossible.’
    • http://www.borrowingsdebt.com/how-to-borrow-intelligently.php

    Tips to Save Money:

    1. Treat every purchase like it’s a major purchase. You have a few opportunities in life to save a lot of money, but it’s the small daily ones that will make or break you.
    2. Vacation close to home so you can drive instead of fly.
    3. Delay big purchases as long as possible. You may lose interest or find an alternate solution.
    4. Hang dry your laundry, indoors if necessary.
    5. Choose a hairstyle that does not require frequent trims.
    6. Repair instead of replace. This goes for appliances, furniture, clothing, whatever.
    7. Borrow infrequently used tools and supplies instead of buying. (Also make sure to lend.)
    8. Bank at a credit union instead of a corporate bank. You’ll most likely save on fees.
    9. Wear the clothes you already own instead of buying new stuff all the time.
    10. Cook from scratch and save restaurant meals for special occasions.
    11. Make sure you have a few easy meals on hand for those nights when takeout dinner is calling your name. There’s nothing wrong with serving scrambled eggs and toast for dinner.
    12. Use your library for books, magazines, movies and CD‘s. And then make sure to return them on time!
    13. Foster your relationships with like minded friends. They won’t make you feel bad about sticking to a budget.
    14. Pack your own work and school lunches.
    15. Replace expensive recipe ingredients with inexpensive options. Perfect example? Kale instead of basil in pesto.
    16. Don’t be a snob about older electronics. You will survive without the newest iPhone.
    17. Learn how to mend and de-stain your clothing. If half your wardrobe is out of commission, you’re missing out.
    18. Batch your errands whenever you drive.
    19. Drink water or homemade iced tea instead of soda.
    20. Choose social get togethers that do not include shopping.
    21. Cancel memberships that you do not use. Gyms, premium cable channels, and everything else.
    22. Pay attention to your household’s food waste. Eat what you have, and stop buying the food that you tend to waste.
    23. Be willing to own less stuff. There’s less to buy, organize, clean and look at.
    24. Wait until movies hit the second run theaters.
    25. Decline your friends’ shopping parties. You don’t need any more Tupperware, baskets, jewelry or candles.

    For more  follow the Link:

    http://www.huffingtonpost.com/katy-wolkstanley/budgeting-saving-money-ideas_b_1770454.html