[Resolved]  Centurion Bank Of Punjab — Most astonishing behaviour by HDFC bank

I am a business man residing in Jaipur. I had taken a personal loan on my wife's name from CBoP. We had decided to settle the loan account by making one time payment. On 1st September, 2009 we receive a call from an executive that the approval for settlement had come and we told him that we accept it and he can come after a couple of days for signing the documents and other formalities.

To our utter surprise we happen to check our other HDFC bank account (which has no relation to this loan) and we see that our funds equivalent to 2,66,000 have been blocked. We were shocked and could not understand the reason. We spoke to the RM of HDFC but even they couldn't help us. After a few days we receive a letter that CBoP had blocked this money.

We spoke to the cllection manager of CBoP in Jaipur(Mr. Ajay Yadav, M:[protected]) but he was in no mood to listen to us. He seems to quite happy blocking our amount and feels that now there is no need of any settlement and does do not wish to talk either.

This is so wierd!!! How can a bank propose settlement and then go back on its own proposal?
Moreover, how can they block a client's another account which is with HDFC just because there was a merger with CBoP? I am really afraid of keeping a single penny in HDFC in name of my son/daughter/anyone's name!!! These people have shaken the fundamentals of entire banking system which flaunts that your money is safe in a bank..

Please let me know what should I do. I really wish to escalate the matter to higher authorities and make people aware of this.