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Law Forum › Category: Banking / Finance

Our company, a private limited firm, connects clients with a partner Non-Banking Financial Company (NBFC) for loans. While the NBFC handles the loan process, we anticipate some defaults. We’ve heard about the First Loss Default Guarantee (FLDG) structure where we absorb a percentage of early defaults. Could you advise on the legal setup for this? Would a simple agreement with the NBFC, along with funds in a separate account for FLDG, suffice? Or are there specific legal challenges we need to be aware of?

Our company, a private limited firm, connects clients with a partner Non-Banking Financial Company (NBFC) for loans. While the NBFC…

Banking / Finance

1988 views1 answers230 votes

Apni Law answered 1 year ago

My salary account at Deutsche Bank in Bangalore was converted to a savings account after I changed jobs. They’ve now deducted money from my account, saying it’s due to a minimum balance rule. I never received any notice about this change, even though the bank claims they sent it to both my permanent and temporary addresses. I haven’t received any mail, and none of my family members have collected any letter from the bank. The bank says the recipient is Mr. Kumar, but there’s no one with that name in my family. I’d really appreciate your advice on this situation.

My salary account at Deutsche Bank in Bangalore was converted to a savings account after I changed jobs. They've now…

Banking / Finance

2008 views1 answers232 votes

Apni Law answered 1 year ago

I recently lost my job and can’t afford the monthly payments on my loan. The finance company says they’ve filed a case and issued a warrant. What should I do?

I recently lost my job and can't afford the monthly payments on my loan. The finance company says they've filed…

Banking / Finance

2044 views1 answers233 votes

Apni Law answered 1 year ago

I went to my bank last month to reopen my current account, which had been closed for a few years. I asked a bank employee about any outstanding charges and was told I only owed 427 rupees. I agreed to pay this and deposited 10,000 rupees into my account. However, two days later, I noticed a charge of 4,600 rupees on my statement! I was shocked and immediately spoke to the bank manager, but he was rude and didn’t offer any solutions.

I went to my bank last month to reopen my current account, which had been closed for a few years.…

Banking / Finance

2077 views1 answers238 votes

Apni Law answered 1 year ago

My friend took out loans totalling â‚¹90 lakh from a cooperative bank in Borivali against his commercial property worth â‚¹1.5 crore in 2012. I acted as a guarantor, along with another person, and provided all necessary documents like income proof. For the past year, my friend has been unable to repay the loan, making the account a Non-Performing Asset (NPA). The bank is now approaching me at work, citing Sections 49 and 101 of the Maharashtra Co-operative Society Act, 1960, to recover the outstanding amount from my salary. They haven’t been able to reach the other guarantor. Should I be held responsible before the bank attempts to recover the money from the borrower’s property?

My friend took out loans totalling â‚¹90 lakh from a cooperative bank in Borivali against his commercial property worth â‚¹1.5…

Banking / Finance

2113 views1 answers238 votes

Apni Law answered 1 year ago

Hello! I’m Shashi Prakash from South Delhi, working at Bhikaji Cama Place. Last December 30th, I entrusted a housekeeping staff member with my debit card and PIN to withdraw ₹2,500 for me. After withdrawing the money, he didn’t return my card, and the next day, he withdrew ₹27,000 from my account. Now he’s missing from work. How can I get my money back? I’m willing to spend up to ₹5,000 to resolve this. Please guide me.

Hello! I'm Shashi Prakash from South Delhi, working at Bhikaji Cama Place. Last December 30th, I entrusted a housekeeping staff…

Banking / Finance

2199 views1 answers246 votes

Apni Law answered 1 year ago

My wife, a school teacher, co-signed a loan for a friend who is now refusing to pay. This person is capable of paying, but the bank is pressuring my wife and even approached her at her workplace. It’s putting a lot of stress on her. Why isn’t the bank going after the actual borrower? It’s a government bank. Any advice?

My wife, a school teacher, co-signed a loan for a friend who is now refusing to pay. This person is…

Banking / Finance

2233 views1 answers252 votes

Apni Law answered 1 year ago

My Chitra scheme matured in June 2016, and I haven’t received my â‚¹1 lakh maturity amount yet. This company seems to be delaying payments for RD accounts. What can I do now to get my money back?

My Chitra scheme matured in June 2016, and I haven't received my â‚¹1 lakh maturity amount yet. This company seems…

Banking / Finance

2314 views1 answers256 votes

Apni Law answered 1 year ago

My daughter took a student loan from Bank of India in August 2014 to study abroad. Now, the bank is asking me to pay stamp duty and a penalty. I never received any notice about this penalty before it was imposed. What should I do?

My daughter took a student loan from Bank of India in August 2014 to study abroad. Now, the bank is…

Banking / Finance

2373 views1 answers263 votes

Apni Law answered 1 year ago

Is there a way to take legal action if a bank unfairly denied my Pradhan Mantri Mudra Loan application, even though I meet all the requirements?

Is there a way to take legal action if a bank unfairly denied my Pradhan Mantri Mudra Loan application, even…

Banking / Finance

2437 views1 answers270 votes

Apni Law answered 1 year ago

Can a legal challenge (writ) be filed against a private bank in India, considering the Supreme Court’s 2013 ruling that deemed private banks to perform a public duty, making their employees public servants?

Can a legal challenge (writ) be filed against a private bank in India, considering the Supreme Court's 2013 ruling that…

Banking / Finance

2439 views1 answers270 votes

Apni Law answered 1 year ago

My SBI credit card was closed 4-5 months ago due to their poor service. Despite closing the account, I keep receiving statements demanding payment. I’ve emailed them multiple times stating my account is closed and has a zero balance, but the statements persist. Can I take legal action against the bank for this harassment?

My SBI credit card was closed 4-5 months ago due to their poor service. Despite closing the account, I keep…

Banking / Finance

2506 views1 answers276 votes

Apni Law answered 1 year ago

I took an education loan from SBI Bank. I’m currently preparing for bank and government exams, so I’m unable to repay the loan. The bank has sent a legal notice from a lawyer, demanding repayment within 10 days. Should I send a reply notice to the bank or the lawyer? What should I do in this situation?

I took an education loan from SBI Bank. I'm currently preparing for bank and government exams, so I'm unable to…

Banking / Finance

2657 views1 answers286 votes

Apni Law answered 1 year ago

My old personal loan from UTI Bank, taken in 2007, was written off with a remaining amount of â‚¹30,000. Now, Axis Bank is demanding â‚¹1,86,000 for the same loan. There’s been no communication from any bank since 2007 until this recent message. How can I resolve this confusing situation?

My old personal loan from UTI Bank, taken in 2007, was written off with a remaining amount of â‚¹30,000. Now,…

Banking / Finance

2734 views1 answers293 votes

Apni Law answered 1 year ago

My father had an Axis Bank credit card, but unfortunately he is no longer with us. Do I need to pay the remaining balance?

My father had an Axis Bank credit card, but unfortunately he is no longer with us. Do I need to…

Banking / Finance

2888 views1 answers310 votes

Apni Law answered 2 years ago

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