Reserve Bank Of India (RBI) — Complaint against Bank of Maharastra, Pandhurna Branch, Chhindwara Dist. M. P

Address:

Chhindwara, Madhya Pradesh

Respected sir /madam, Ours is a Agro based SSI unit for last 15 years, we are into manufacturing Edible Oil (Oil extraction and refinery) The Bank of Maharastra has caused undue delay in disbursing the loan in the first stage which made us to suffer huge loss (Business loss and interest loss on invested amount). The bank had put us in to a inevitable situation they squeezed us to secure the security to the tune of more than 1:3 ratio. We had infused huge amount in to the business, now we do not have any more money to run the business.Some officials indirectly helping the professional jealousy business competitors and trying to sabotage the growth of our company.The interest charged in the account is not on BASE RATE as per RBI norms, the cumulative difference of excess interest charged in the account is very huge and it will amount to several lakhs. Had this mistake would have been rectified our account would not have been slipped to NPA category.The Bank was waiting for a chance, accordingly they treated the account as NPA as on 31st Dec 2014 to suppress / hide their mistakes. Within a week time from the date of NPA they had recalled the advance. They never made any sincere attempt for the rehabilitation of the unit in spite of our desperate repeated request as per prevailing guidelines of the Bank and RBI. Though the industry is very much vaibale for revival some erred bank officials are trying to dismantle the unit and to sell it for scrape value. We are having lot of potential and scope to run the industry successfully provided the Bank extends additional adequate financial assistance at least as per the prevailing Rehabilitation Package guidelines of the Bank and RBI. As the Bank officials at the branch and their Zonal Office did not listen to our requests and submissions, we had submitted a detailed submission to the Chairman and Managing Director of the Bank and then lodged a compliant with your department. We herewith attached the copies of the letter submitted to chairman and Managing Director and your Department. We humbly request you to help us to get the rehabilitation package to enable us to run the unit successfully and repay the loan amounts as the stipulations. we undertake to run the business successfully. Thanks