Hongkong & Shanghai Banking Corporation [Hsbc] — deficiency of customer service in home loan

Address:	Chennai, Tamil Nadu, 600037
Website:	www.hsbc.co.in

Kind attention: mr. Stuart gulliver, group chief executive, hsbc holdings plc
Kind attention: mr. Alan keir, chief executive, hsbc bank plc
Kind attention: mr. Antonio simoes, chief executive officer – hsbc bank plc
Kind attention: mr. Stuart milne, chief executive officer – hsbc bank india
Kind attention: ms. Alison cribbes, executive complaints manager – hsbc bank plc
Subject: deficiency of customer service by hsbc chennai operations - non-implementation of irr’s for floating roi type of existing home loan customers vide rbi notifications on mclr revisions that occur every quarter.
Respected sirs/madam,
This email is in reference with the customer’s complaint filed with the representatives of hsbc bank crbo, india as well hsbc grievance redressal mechanical system towards the aforementioned irregularities with these following officers as listed below:-
Mr. Santosh anand, vp & nrcm – rbwm, hsbc crbo dated 27 june 2017 (Refer file #25) via customer’s registered email.
Mr. Krishna raja j, nr advance rm – rbwm, hsbc crbo dated 28 october 2016 (Refer file #6) via customer’s registered email.
Mr. Praveen chandna, svp & regional head (South 2) – rbwm, hsbc crbo dated 31 october 2016 (Refer file #9) via customer’s registered email.
Ms. Maya via hsbc service acknowledgement form vide ref. No. _ /a/450230 dated 13 march 2017 (Refer file #13) by visiting hsbc crbo office.
Inm complaints hsbc, india vide ref. No. [protected] – rco (Kmm18000214v43750l0km) dated 17 march 2017 (Refer file #15) via customer’s secured mail net banking account.
Hsbc chief nodal officer vide ref. No. Cccbo/jm/[protected] (Kmm18471547v77928l0km) dated 2 august 2017 (Refer file #29) via registered email.
The customer informed that he is yet to get action from hsbc india towards his various complaints referring with rbi instructions to banks on irr implementation of mclr revisions towards existing customers of floating roi home loan account holders.
None of these hsbc officials showed interest to display service by establishing required action to redress the customer’s query for updating of emi revision to effect irr implementation in customer’s floating roi home loan account based on rbi’s notification of mclr revisions that occur every quarter. Instead, they replied with standard information to the complainant by copy/paste of hsbc bank’s policy instructions.
The customer summarizes the hsbc answers by requesting for further clarifications to the queries as given below:-
Query 1:-
All hsbc authorities have clarified that “a revision in the applicable roi will lead to a revision in the emi or the loan tenure at the bank’s discretion”.
The customer states that roi has been drastically reduced from july 2016 to current period from this lender’s initially availed loan interest @ 9.5% during april 2016. But, hsbc authorities have been consistently failing to amend emi revision implementations so as to update irr’s in floating roi existing home loan customers vide rbi notifications on mclr revisions that occur every quarter.
“the customer requests to implement emi revisions from july 2016 in his home loan account as well adjust the difference of the amount in his nre savings account”.
I) the customer points out once again “why hsbc officials are vehemently denying to make amendments on the customer’s recurrent pledge when the condition applies that “a revision in the applicable roi will lead to a revision in the emi or the loan tenure at the bank’s discretion”?
Query 2:-
The customer made several requests to hsbc officials through all modes (Registered email, phone banking, secured mail through net banking account as well as visiting branch office) to make amendments of irr in his floating roi home loan account. The customer stated several times he is not interested on hsbc standard/industry practice of keeping loan tenor reduction in his home loan account.
Ii) “why all the hsbc officials failed to take action on the customer’s constant pleas to implement his preference on keeping emi revisions instead of reducing loan tenor that occur every quarter”?
Query 3:-
The customer states that he had never received any automatic updates on effected changes of loan tenor reduction realization in his home loan account via official communication (Registered email or letter or sms) till date.
Iii) why hsbc bank deliberately failed to exhibit accurate information on its products/services to existing customers for automatic updates on effected changes of loan tenor reduction initiated to existing customer’s home loan account?
Query 4:-
The complainant regrets that hsbc cno office stated that an official request has to be placed by customer in order to get information of amortization schedule for finding out loan tenure reduction and balance outstanding updates in customer’s home loan account (Refer file #29). The customer pointed out that “it is the duty of hsbc bank to display accurate information to existing home loan customers (Implementing irr updates of effected loan tenor reduction changes thru’ amended mclr revisions that occur every quarter) when a notification is served by rbi on behalf of the union government of india”.
Iv) “why hsbc bank did not alert automatic update messages of amortization schedule to existing home loan customers based on rbi notification to update implementation of mclr revisions that occur every quarter”?
Query 5:-
The customer strongly condemns the hsbc rm falsified statement dated 16 march 2017 that “since the bank has not received any communication from you on the emi amount or the tenure reduction as per the bank process we have given the benefit of interest rate reduction by reducing the outstanding tenure accordingly (Refer file #14)”. The customer requests you to refer file #13 for visiting the crbo on 13 march 2017 to make amendment of emi revisions by updating the implemented irr in customer’s home loan account.
V) “why hsbc representative provided false statement to the customer thereby denying to take effective action on the requested complaint since 18 august 2016 (Refer file #3)?”
Query 6:-
The customer strongly condemns the hsbc official’s falsified statement dated 27 june 2017 that “ i am sorry to hear that you continue to remain dissatisfied with our policies and procedures, however i would like to convey that the bank’s position remain unchanged in this matter (Refer file 25)”.
The customer explains that he is dissatisfied with hsbc officials incompetence on banking rules, regulations, policies and directives from rbi and bcsbi for not establishing the required action on complainant’s various queries registered via first mom (Refer file #18) and as well as deliberately denied to give confirmation via email for conducting second mom on customer’s email request (Refer file 25).
Vi) why hsbc officials give falsified statement instead of taking effective action on customer’s legitimate complaints on all queries? For example “amendment of emi revisions in customer’s floating roi home loan account when the condition prevails”.
Query 7:-
The customer strongly rejects hsbc cno office statement dated 2 august 2017 that “we clarify that the mentioned home loan was disbursed on 20 april 2016 vis-à-vis your claim of 15 april 2016. The cashier order (Co) was submitted to the co-applicant on 21 april 2016 and subsequently, the said cheque was cleared by hdfc on 25 april 2016. We advise that the interest accrual begins from the date of disbursal (I. E. 20 april 2016) which was duly informed to you”.
The customer states that the cashier order was actually given to the co-applicant on 21 april 2016 after banking hours which means the cashier order would be presented for clearance only on next business day i. E. 22 april 2016 and the co-applicant deposited the cashier order in hdfc bank, old washermenpet branch on the same day during banking hours. Finally, the cashier order got cleared only on 25 april 2016 after a delay of four days (Refer file #23). “the customer is not responsible for this delay on the part of bank and is not liable to pay the interest for the period from 15 april 2016 to 24 april 2016”.
Vii) why hsbc bank levies excess interest rate when the borrower did not avail the loan amount for the period from 15 april 2016 to 24 april 2016?
Query 8:-
The customer states that hsbc cno office statement dated 2 august 2017 (Refer file #29) did not answered on the complainant’s specific query of “missing particulars of loan tenor reduction update and balance outstanding amount owed by the borrower (Refer file #26 query 3) in the issued loan repayment certificate (Refer file #17)”. The customer points out that the interest rates are drastically reduced in the past one year due to rbi notification of mclr revisions that occur every quarter which were not mentioned in the loan repayment certificate of availed floating roi home loan customers.
Viii) why hsbc bank displayed incomplete information on the issued loan repayment certificate (Missing particulars of loan tenor reduction update and balance outstanding amount owed by the borrower)?
Query 9:-
The customer states that hsbc cno office statement dated 2 august 2017 (Refer file #29) did not answered on the complainant’s specific query of “variable emi calculation chart for 10 years loan tenor period (Refer file #26 query 6 and file #99)”. This query is raised with respect to rbi notifications of mclr revisions which has been drastically reduced from the customer’s initially availed home loan rate @ 9.5% from april 2016 to current period @ 8.55%.
Ix) the customer requests to provide variable emi calculations from july 2016 to current period in respect of rbi notifications on mclr revisions to banks to implement irr in floating roi home loan availed customers for comparison of standard deductions made by hsbc bank @9.5%”
Query 10:-
The customer states that hsbc cno office statement dated 2 august 2017 (Refer file #29) did not answered on the complainant’s specific query of “sent mail link option is not available in customer’s net banking account (Refer file #26 query 5)”.
X) the customer requests hsbc bank to provide sent mail link option in customer’s net banking account so that they have a facility to record their messages history communicated with relevant authorities on their file.
Query 11:-
The customer states that hsbc cno office statement dated 2 august 2017 (Refer file #29) did not answered on the complainant’s specific query of “display of home loan account details in customer’s net banking account (Refer file #26 query 3 option 3)” for viewing of their loan tenor reduction status and balancing outstanding updates. “the customer requests hsbc bank to provide home loan account details by merging with their net banking accounts”.
Xi) why hsbc bank is not displaying essential information on customer’s home loan account details by merging with their net banking accounts?
Query 12:-
The customer strongly rejects hsbc cno office statement dated 2 august 2017 that “further during a telephonic conversation with mr. Praveen chandna (Regional head and senior vice president – chennai branch), he attempted to understand your expectation to resolve the complaint. However, you declined our offer for a service gesture and informed us that you have no expectation and was highlighting the above issue for the benefit of the other hsbc customer (Refer file #29)”.
The customer states that this statement is utterly false as he requested mr. Pc to make an appointment schedule for further discussions to resolve the issues via second mom which was denied by mr. Sa (Refer file #25).
Xii) why hsbc cno office gives false statement as no such incident occurred?
Query 13:-
The customer requests hsbc bank to send notification messages of home loan products as well as services via customer’s registered email or by sending thru’ official letter instead of sms communication. The customer rejects hsbc statement that sms will continue to remain the preferred mode of communication from the bank a stated in your home loan contract as well as on our website for change in roi (Refer file 25).
The customer states that sms mode is an unconventional method and is ineffective to retain its messages history for longer duration.
Xiii) why hsbc bank choose unconventional methods as preferred mode for communicating with their customers to display essential notification updates?
Query 6:-
The complainant strongly rejects the hsbc official’s inconclusive statement on contrary with customer’s legitimate claim dated 27 june 2017 that “on receipt of your email, we have once again reviewed your concerns and we are satisfied that we have made every effort to handle your requests and resolve your specific queries regarding our policies and procedure. We understand that you continue to remain dissatisfied with the clarification provided but we must advise you that this is the bank’s final position on these matters. We have tried our best to serve you, however it is clear that you remain dissatisfied with our services. You will appreciate that either the customer or the bank can choose to end a banking relationship at any time. We respectfully ask that you consider whether hsbc is the right financial services provider to meet your particular banking needs and in the event you decide to decline our services, please be assured that we will support your decision and provide assistance wherever possible. We trust the above clarifies your concern and please consider this as the final communication from the bank in this regard.in view of the multiple communication sent by us in the past through various channels (Emails, calls & personal meetings), we inform that we will refrain from responding further on the same matter (Refer file #25)”.
The customer states that hsbc officials are purposely denying this complainant’s legitimate claim by issuing such inconclusive statement thereby denying to take action as well put blame on them willfully. The customer has discussed these issues with them several times over phone, email and face to face but was deprived of. On contrary to these incidents, hsbc officials intentionally delivered such messages by evading from the scenario (Responsibilities).
Xiv) why hsbc officials are neglecting to take authenticated action on this complainant’s valid claims?
The customer requests the hsbc headquarters office to give valid response on the above queries as early as possible.
If hsbc bank fails to do so, the customer may be forced to escalate the above subjected criticisms with banking ombudsman for further action as well to initiate these issues before a court of law on the aggravated topics.
Under these circumstances, this customer requests an early response officially pertaining to the abovementioned queries.
In the light of abovementioned events, the customer is looking forward for your valuable action in these subjected concerns as early as possible.
Thanking you,
Yours faithfully,
Balaji napa
+91-[protected]

Attachment enclosures:-

1) hsbc gce email. Zip