Kotak Mahindra Bank — Wrong & extra ECS deductions during Moratorium

Address:

Sainara Apartment, Linking Rd, Santacruz West, Mumbai, Maharashtra 400054

I had taken a Consumer Durable loan in Feb 2020, EMI's for which were supposed to start from April 2020 (total 8 EMIs). However, due to the lockdown situation, Kotak had offered a moratorium for April-May 2020, which I had accepted.

Kotak had again offered moratorium for June-July 2020, which I had accepted. I even have proof that Moratorium for June - July was approved. Yet, Kotak started encashing the cheques, first on 05/06/2020 and then again on 12/06/2020 (please refer to IDBI confirmation about these failed transactions). I had applied for Moratorium due to the financial crunch, so obviously cheques bounced and I had to pay these charges. In July 2020, Kotak Mahindra encashed EMI (without respecting the valid moratorium) and stole the money that was meant for my house-hold expenses.

This was not enough. They went on increasing the EMI illegally. Have a look at the calculations done by them. They respected moratorium only for 2 months, yet deducted as per moratorium charges were for 4 months.

I completed paying all the 8 EMIs on 05/02/2021. However, on 03/03/2021, I got an SMS alert from Kotak Mahindra asking me to keep Rs. 15052/- ready for EMI deduction. I was shocked at the audacity of this fraud bank, so I had to empty my bank account. Kotak went ahead and tried to encash the EMI on 05/03/2021. Proof is enclosed with confirmation by my bank (IDBI). So, in all, 3 times I had to pay cheque return charges, due to Kotak's fraudulent behavior.

Kotak Mahindra did not respect the Moratorium assurance letter given to the customer and has been shamelessly cutting money from my bank account

I want Kotak to refund all the money that it had illegally duped from me as well as the cheque return charges that I had to pay.