Dear Sir/Madame,
I received a letter from your bank with reference number
CIN: L65190MH2004GOI148838, IDBI/2021-22/CPU-RAO/INSURANCE/70287 dated[protected] received by the undersigned on 25January2022.
I have taken the loan in 2014-15 and have been paying loan installments regularly without default monthly till date. suddenly after seven years I receive above letter demanding insurance documents of the property. though I have insurance of the property for five years I like to know why this requirement rose now after seven years. Also last but one para threatens me that if I don't produce documents within seven days your good offices will take insurance and debit to my account. I strongly oppose this as without my consent you cannot deduct the charges that too after seven years.
please stop using threatening language and provide why the same was dot asked initially when loan was taken.
I visited the Branch but they have not in a position to help. Also giving meager time of seven days and sending letter by post is not understood.
I checked with the bank only amount left is approximately Rupees 4, 23, 644 0nly. Now I wish to pay off the balance loan amount and clear the loan immediately.
request kindly attend to my querry ASAP.
Thanking you in anticipation.
sincerely yours,
on behalf of Yadnyavalkya Dattatraya Patil
Wing Commander Dattatraya Laxman Patil Veteran (Father and Joint Account Holder)
A 27 Saragam Vihar Nagala Park
near ZP Office
Kolhapur 416003
Savings Account Number: [protected]
Cust ID: 80266366
Loan Account Number: 0464/[protected]
Maharashtra Was this information helpful? | 
I request your reply on whether the approach of IDBI bank on the subject is acceptable, whereas I understand from my sources that the property insurance is not mandatory as per RBI polices.
thank you,
Chandra sekhar KV