Tag RBI

How To Complain About Banking Services Details

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;

Home EMI Default,Taking Corrective Action

Buying a Home through Home Loans is the norm of the Day.

Days are past when being a Debtor was considered a Sin and attracted social ostracism.

Now if you do not have a Credit card or Loan EMI, you do not belong to the uppity group.

Now that you have availed of Home Loan, it is prudent to know what action to take in case of unforeseen default.

1.Temporary problem in Repayment of EMI.

This might arise due to unexpected loss of job or expenses incurred in the Family due to Death, Illnesses.

In these cases represent the cases to the Lender the details in writing and request them for a minimum break from payment of EMI.

This may not be possible,

However ,depending on your credit rating, the managers may use their discretion in granting you relief.

This also may not be enough.

Make sure , if this request is granted, to stick to accepted schedule of payment.

You may also request them for a reduced EMIs at longer period of repayment.

This may be considered favorably ;this depends on your credit rating, qualifications company you work for or the number of years you have served in a company.

2.Permanent Failure to pay EMI.

You have no other option but to ask the Creditor to realize the mortgage and debit your account the balance if any.

Handling Collection Agents.

Inform th Collection Agent the position and confirm the details in writing to the Creditor.

Do not use abusive language.

In case the Collection Agents behave rudely including use of abusive language, report to the Link provided here below.
RBI is very clear on this.