Chief manager Punjab National Bank found same stock insufficient for renewal of C.C. Loan which was sufficient in 2017 reflects corruption

 

Grievance Status for registration number : DEABD/E/2023/0058707

Grievance Concerns To

Name Of Complainant

Smt Rajesh Sharma

Date of Receipt

19/08/2023

Received By Ministry/Department

Financial Services (Banking Division)

Grievance Description

Financial Services (Banking Division) >> One Time Settlement of Loan

Bank : Reserve Bank of India

Branch / Name of Bank and Branch : PNB Civil lines, Bulandshahr, Branch Manager - Akhilesh

Type of Loan : Cash credit

Acount Number : 0069008700013264

An application under Article 51 A of the constitution of India by the proprietor of Om Gas Agency Smt. Rajesh Sharma wife of Brij Nandan Sharma.

Prayer-Honourable Sir, the applicant has made the repayment of one third of the total amount decided by Punjab National Bank but Bank is issuing the notices of auction repeatedly instead of renewal of loan account as assured by them quite obvious from communication dated 13/12/2022 of the bank addressed to the applicant. Vide attached page 4 to the grievance.

It is noticeable that chief manager, authorised officer, Punjab National Bank , secured credit issued the first auction notice on 10/02/2021 which was settled through OTS by making repayment by the borrower one third of settled amount and keeping the loan much below the limit. Vide page 2 of the attached PDF document to the grievance.

Chief manager, authorised officer, Punjab National Bank , secured credit issued the second auction notice on 19/07/2023 which is against the provisions of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.

Undoubtedly The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 provides enormous unchallenging power to the bank but it is the obligatory duty of the staff of the bank not to misuse it.

How can loan provided by the bank may be considered non-performing assets if the 1/3 amount of the loan as decided why the accountable public functionaries of the bank has been paid by the applicant?

Here it is quite obvious that the extra ordinary power vested to the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 is being misused by the bank staff arbitrarily which reflects the corruption in the working of the bank.

Here it is quite obvious that bank staff not pursuing the guidelines passed by the Reserve Bank of India regarding the declarat

Grievance Document

Current Status

Case closed   

Date of Action

24/08/2023

Remarks

the reply is attached

Reply Document

Rating

1

Poor

Rating Remarks

No doubt the applicant is a credible customer of the bank and no loss to the bank because of the applicant but the bank staff because of corruption harassing a vulnerable lady. This is a humble request of the widow of an army personnel to order an enquiry into the matter of deep-rooted corruption so that rights of a woman may be safeguarded, and her exploitation may stop. The staff of the bank search deliberate-cunning tricks to harass a woman because of corruption. 1-Can you auction the house of the applicant if there may be balance of Rs.50 in C.C. Account of the applicant by misusing provisions of SARFAESI Act 2002? Please provide reasonable reply as Right to reason is the indispensable part of the sound administrative system. 2-Please provide the name and designation of the staff of the bank who verified the stock in the year to cycle 2017 during the sanction of the loan and in the year 2022 during the renewal of the loan. 3-Provide the provision of SARFAESI Act 2002 which allows

Appeal Details

Appeal Number

DEABD/E/A/23/0019537

Date of Receipt

18/09/2023

Appeal Text

As one time settlement was fulfilled by the applicant. Punjab National Bank did not renew C.C. Loan by arbitrarily saying agency submitted stock Rs.704890 however Om Gas Agency has stock Rs.70 Lakhs Undoubtedly it is too much surprising that the same stock was sufficient stock in the year 2017 when the cash credit loan was sanctioned by the bank staff and now when the renewal application was submitted then this stock has been insufficient stock. This implies that for the sufficient stock, sympathy of the bank staff is must and to garner their sympathy everyone knows that what the applicant should do? 1-In 2017, bank granted C.C. Loan on the same stock and in renewal application they are questioning stock. Whether integrity of Bank staff is not under cloud? Whether it is not corruption? 2-The stock statement submitted by the applicant is of Rs.7025416 obvious from report of chartered accountant dated 20 Oct 2022. Vide page 1 of the attached PDF document to the grievance supported by Stock verification report of staff of Bharat Petroleum Corporation Limited as page 2. To curb the process of renewal is the part of cryptic and mysterious dealings of the corrupt staff of the Punjab National Bank 25/08/2023 To curb the process of renewal is the part of cryptic and mysterious dealings of the corrupt staff of the Punjab National Bank obvious from their incredible dealings in the matter. Undoubtedly it is too much surprising that the same stock was sufficient stock in the year 2017 when the cash credit loan was sanctioned by the bank staff and now when the renewal application was submitted then this stock has been insufficient stock. This implies that for the sufficient stock, sympathy of the bank staff is must and to garner their sympathy everyone knows that what the applicant should do? No doubt the applicant is a credible customer of the bank and no loss to the bank because of the applicant but the bank staff because of corruption harassing a vulnerable lady.

Current Status

Appeal Received

Officer Concerns To

Officer Name

Shri Sanjeev Kumar Dhupar (General Manager)

Organisation name

Punjab National Bank

Contact Address

Corporate Office Plot No 5, Sector -32, Gurugram, Haryana

Email Address

pno@pnb.co.in

Contact Number

01244126244

Reminder(s) / Clarification(s)

Reminder Date

Remarks

19/08/2023

Here it is quite obvious that bank staff not pursuing the guidelines passed by the Reserve Bank of India regarding the declaration of non-performing assets vide RBI circular (RBI/2014-15/73 DBR.No.CID.BC.57/20.16.003/2014-15 dated July 1, 2015)

The matter concerns the working of the Role of RM Bulandshahr as the mockery of the law has been made by the branch manager of the Punjab National Bank who is violating the consumer rights of the widow of the army personnel belonging to the vulnerable section.

This is a humble request of the applicant to order an inquiry which may be carried out in transparent and accountable way so that arbitrariness and tyranny of the concerned bank personnel may be exposed.

The applicant had submitted the renewal application for the cash credit account before the branch manager quite obvious from the third page of the attached PDF document.

Branch manager may provide the details of the proceedings in regard to the renewal of the Cash credit account of the proprietor of the om gas agency.

It is quite obvious that branch manager of the Punjab National Bank is violating the consumer rights of the widow of the army personnel which is against the setup norms of the government.

It is quite obvious from the status of cash credit account CC account - 0069008700013264 total bank loan on the applicant is Rs.4385939.07 while the loan limit of the applicant is 50,00,000 rupees. Vide first page of attached PDF document.

Branch Details-BULANDSHAHAR CIVIL. lines

Customer Details-OM GAS AGENCY PROP RAJESH SHARMA KHURJA ROAD SARAI LOCHGAN PANNI NAGAR BULANDSHAHR

From:4718000100042 139 DEVENDRA KUMAR 58543427 09-08-2023 4385939.07 Dr.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 is a powerful instrument in the hands of the banks and financial institutions (FIs) as secured creditors. If the borrower becomes a ‘wilful defaulter’ as defined by the RBI Master Circular

19/08/2023

on wilful defaulters vide RBI circular (RBI/2014-15/73 DBR.No.CID.BC.57/20.16.003/2014-15 dated July 1, 2015) SARFAESI Act proceeding can be issued even without notice to the borrower. Who is a wilful defaulter?

Deliberate non-payment of the dues despite adequate cash flow and good net worth, Siphoning off of funds to the detriment of the defaulting unit

Assets financed either not been purchased or been sold and proceeds have been misutilised Misrepresentation / falsification of records Disposal / removal of securities without bank's knowledge

Fraudulent transactions by the borrower. Banks/ FIs throwing overboard these norms, classify all the MSME NPAs as wilful defaulters to apply the SARFAESI lever. As per the Act, valuation of the asset has to be done and notify that valuation to the borrower before issuing public notice for auction of property. Bank has to give 30 days’ notice to the borrower regarding its right to proceed against the mortgaged property if he does not pay up the entire principal and interest.