SBI — Urgent Grievance Against State Bank of India (SBI) - Serious Misconduct and Lack of Response

Address:	Dolphin Mansion, No.253 Near Bus Depot, 01st Main Road, HBR Layout 2nd Block, Stage-1, Hennur Gardens, Bengaluru-560043
Website:	onlinesbi.sbi

To: The Online Consumer Forum

Dear Sir/Madam,

I write to you today with grave concern and a profound sense of disappointment concerning my ongoing ordeal with State Bank of India (SBI). My interaction with SBI, particularly in relation to my home loan, has been marred by what can only be described as serious misconduct, misrepresentation, and a complete lack of response on their part.

Allow me to provide a detailed account of the grievances that have led me to seek your intervention:

1. Misrepresentation of Interest Rate:
When I embarked on the journey of securing a home loan with SBI, I was provided with explicit assurance by their representatives that the loan would be sanctioned at a fixed interest rate of 8.4%. This commitment was not merely an assurance; it was a cornerstone in my decision to proceed with the loan application. However, to my astonishment, I recently discovered that SBI had charged an interest rate of 8.5%, which stands in stark contrast to the terms initially promised. It is imperative to emphasize that this change in the interest rate was never communicated to me. This revelation not only shatters the foundation of trust but also raises serious concerns regarding compliance with the Reserve Bank of India (RBI) guidelines.

2. Persistent Lack of Communication:
Throughout the loan application process, I made relentless efforts to seek clarity and information regarding the interest rate. These attempts at communication were made both before and after the loan was disbursed. Regrettably, SBI responded to my inquiries with evasiveness, indifference, and blatant delays. Their failure to provide timely and accurate information regarding the actual interest rate is not merely a breach of trust; it represents a gross ethical and professional lapse.

3. Signing of Blank Documents Under False Pretenses:
In an attempt to expedite the loan approval process, I was misled into signing blank documents under the pretext of early sanctioning. At no point was it made clear to me that the interest rate would be subject to alteration. This practice raises serious ethical and legal questions about the conduct of SBI and its representatives.

4. Coercion into Mandatory Insurance:
During the loan application, I was subjected to unwarranted pressure to purchase insurance, with SBI's representatives asserting that it was a mandatory requirement for loan approval. Such a coercive tactic directly contravenes RBI Guidelines on Bancassurance, which stipulate that insurance should be an optional choice for customers. This practice not only reflects an utter lack of ethics but also calls into question SBI's adherence to regulatory directives.

Despite sharing multiple emails and queries, SBI and its professionals have demonstrated a consistent lack of responsiveness and accountability. This refusal to acknowledge or address our concerns has driven us to seek redress through your esteemed forum.

In light of the egregious misconduct, misrepresentation, and lack of response exhibited by SBI, I implore you to investigate this matter with utmost seriousness and diligence. It is my fervent hope that your intervention will not only secure justice for me but also serve as a beacon of accountability for financial institutions.

I kindly request your office to undertake a comprehensive investigation into these matters and take appropriate actions to rectify each concern individually. SBI must be held accountable for any deviations from RBI guidelines and legal standards.

I believe that your forum is instrumental in upholding consumer rights, and I am hopeful that this grievance will be treated with the urgency and gravity it deserves.

I eagerly await your response and intervention in this matter.

Sincerely,
Atal Mattoo
[protected]