What to do If You have A Grievance Against Your Bank
Dec 19, 2018 Home Loan
Sometimes our banks, who claim to be on our side and help us, fail to do the same. There have been cases where the borrowers have been denied the home loans even when they fell into the bracket of the loan they applied for. This has left the individuals angry. Even after asking for the reasons about why the loan was denied, no clear answer has been provided by the banks.
What can an individual do in such a case? Shall they move on to another bank and apply for a loan or should they ask for reasoning? Rejection of a loan is reflected in your credit report, and it can hurt your chances of getting the loan approved with another bank.
What can an individual do in such a case? Shall they move on to another bank and apply for a loan or should they ask for reasoning? Rejection of a loan is reflected in your credit report, and it can hurt your chances of getting the loan approved with another bank.
Here’s what you can do
The RBI states that if you have any grievances with the bank, you can file it in writing. All the banks across the country have a complaint register. You can write down your complaint and ask for the receipt for the same. It is imperative for the banks to reach out to you within 30 days from the complaint filing. If the bank fails to do the same, you can complain after 30 days with the banking ombudsman. You can file it online on the website www.bankingombudsman.rbi.org.in
One thing to keep in mind is that if you have any complaint that is pending with the judicial system, the banking ombudsman will not entertain it.
If you are not happy with the way banking ombudsman is approaching with your complaint, then you can approach the appellate authority of the RBI and address your grievances.
One thing to keep in mind is that if you have any complaint that is pending with the judicial system, the banking ombudsman will not entertain it.
If you are not happy with the way banking ombudsman is approaching with your complaint, then you can approach the appellate authority of the RBI and address your grievances.
When you approach the banks demanding to address your grievances, keep these in mind
- It is necessary for the banks to inform their clients about the reason in all transparency.
- Banks cannot reject your application based on your gender, caste, class or race.
- Your banks will have to answer all the questions that you have.
- Unless you have understood all the terms and condition, do not sign any paper. If you have any doubt, ask the bank. It is also wise to hire an attorney who can guide you and explain you all the terms and conditions in the most unbiased way.
- Understand what you are getting yourself into before applying for a loan. It is a long-term relationship and makes sure you understand the implication it will have on your pocket.
- If in any case, your bank is not being upfront with you, it must be brought to the attention of the authorities.
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