[Resolved]  Kotak Mahindra Bank, Aurangabad Br — Harashment & Non compliance

Address:

Aurangabad, Maharashtra

On 11.08.2011 applied for Cash Credit facility, after processing our file sanction letter issued vide No. RCAD/RBG/1626/2011- 12 Dt.13th Sept 2011 ( and facility to be renewed on 05.09.2012 ), at 14% rate of interest ( against bank benchmark base rate (BR) being 9.75% ,issued for (a) Cash Credit facility of 75lacs (b) Bank Guarantee of 28lacs total exposure sanction 1.03 crore. against mortgage of my personal residential and commercial property valued as per banks approved valuer to Rs: 1.75crore. Kotak Mahindra Bank collected two un dated additional cheques of Rs: 1.03 corer as security, Processing fees charged Rs:1,13,537, was initially collected n paid by us vide chq.no. 3256 dt. 15.09.2011 of citi bank , after refuting , the same , since had charged higher fees then agreed upon. Then re -revised it to Rs: 79,526 which was paid off vide citi bank , aurangabad ,Chq.No. 3262 dt. 27.09.2011. For document execution amount of Rs: 56418=00 paid in cash for franking fees.
(B )
Since 13.09.2011 till 27.12.2011, i.e literally ,for a period of 104 days Kotak Mahindra bank refused to clear off our previous Citi Bank loan of 22lacs an restore our account by releasing the balance funds.
My business had come to a stand still, since Citi Bank loan was utilized to the full extend n Kotak Mahindra Bank refused to release sanctioned funds to continue and sustain my business. Principal had stopped supplies to us due to non payment as well as not lifting fresh stocks from the company. Resultantly customers so created by us in this last 19 years hard work were started shifting to other suppliers n my fund recovery too had got crippled due to non supplies to my customers, resulting into their production loss an ones of responsibility trashed on to us. This fact , in spite of being communicated / informed to Kotak Mahindra Bank, had refused to released balance sanctioned credit facility.
(c)
After intense persuasion an compliant to their Mumbai office about the level of harassment inflected n diligence in performing duties on 28.12.2011 vide pay order no. 825491 for a sum of Rs:21,99,170=00was paid off to citi bank by Kotak Mahindra Bank as loan repayment, but the balance amount of Rs: 53lacs or its part was not disbursed.
(d)
On 25th January 2012 we sent across to Kotak Mahindra Bank , Mumbai a Regd. Post letter highlighting the high handed attitude of the bank while dealing with us.( no reply to which is received till date )
(e )
Surprisingly on Feb 8th 2012 at 9.45am we happened to receive mail from the bank stating that from the Original Property bank valuation of Rs;1.75 corer, within 105days period our property valuation has come down to just 78 lacs???? and the same stands to be disbursed after deducting money paid to Citi Bank an post mortgage formalities being completed. We kept of perusing that ( a ) as per sanction letter only in next renewal you can upgrade or downgrade the property valuation an the sanction limits.
But the bank had turned a deaf ear,, resultantly by this time my business had crashed/ collapsed/ lost.
(f )
vide my Regd Post letter dt. 04,02,2012, we expressed our desire to close our loan account an paid off Rs:18,68,303=00 vide Citibank chq.No. 37284, after deducting money's spent / paid to Kotak Bk, which was returned back by Kotak Bk un en cashed, and requested to surrender / return my Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
( g )
After re considering Bank request on account of deductions so made, issued fresh chq no. 37284 dated 14th March 2012 for a sum of Rs: 19,13,360=00 vide Regd Post letter dt. 14.03.2012.and requested to surrender / return my Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
( h )
On 22.03.2012 Kotak Mahindra Bank did en cash chq.No. 37284 dt. 14.03.2012 issued for Rs:19,13,360=00, as such vide our letter dt. March 22.03.2012 we again pressed for release / surrender of our Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
In these nine months I have suffered huge business losses for which i had applied for the loan.
I need the bank to be taken to task for their inefficiencies in non performance of the obligations.

That's it,,, look forward to your line of support