What If You Have A Grouse With A Bank?
Sudha Chandra, 38, works with a Gurgaon-based multinational company as a product manager. To put her money to better use, this single woman decided to invest in property. Women enjoy many benefits in matters of property investments, she keeps hearing. Chandra was, however, disappointed when the bank rejected her home-loan application. On paper, she is eligible for the loan amount she has applied for. On asking what could be the reason for the rejection, bank officials would just not be candid and beat around the bush. She kept wondering whether the rejection had something to do with her single status. Vexed as she is, Chandra is now seeking to file a complaint against the banks.
What are her options?
File a complaint online: The Reserve Bank of India (RBI) has launched an application for lodging complaints against banks and non-banking finance companies (NBFCs) with a view to improve customer experience. RBI’s Complaint Management System (CMS) will be accessible on desktop as well as on mobile devices.
Complaint would be directed to the ombudsman/regional office concerned.
Give it in writing: If you have a grievance with any of the scheduled banks, you can lodge a complaint in writing. Following the provisions of the Goiporia Committee, all banks keep a complaint register across branches. You can file your complaint, whatever your reasons may be, on a plain piece of paper, and ask for a receipt for the same with all the details.
It is imperative for the bank to address your grievance within 30 days, failing which you can lodge a complaint with the banking ombudsman. You can lodge your complain in writing, and the forms for this purpose are also available on all bank branches. You can also log on to www.bankingombudsman.rbi.org.in to file your complaint. However, keep in mind that “complaints pending in any other judicial forum will not be entertained by the banking ombudsman”. After filing your complaint here, you will be provided with a unique identification number for tracking the progress of your case. It has to be noted that no fee is charged from the complainant for by the banking ombudsman.
Approach appellate authority: There is a provision for you to go further in case you are not happy with the banking ombudsman’s decision. You can now approach the Appellate Authority in the Reserve Bank of India to get your grievance addressed.
Also read: What If Your Bank Loses Your Sale Deed?
There are some points that you must keep in mind when you approach banks:
- It is mandated that banks inform you of everything in detail.
- Banks can not reject your home loan application based on your caste, creed or gender.
- You can ask as many questions as you like; your bank is liable to answer them all.
- Do not sign any documents till you have full understood all the terms and conditions.
- Do a study of banking terms you are not fully aware of before you sign loan documents. Terms such as spread, for instance, will have a long-term impact on your pocket.
- It is a must you bring it to the notice of authorities if your bank is not acting in a transparent manner.