Dear all,

Please find the details of my complaint below:

This is with reference to the on going problem with ING Vysya bank that I write to you.

I have availed of a loan of Rs. 13, 40,000/- towards my home in Mumbai. I had initially taken this loan from IDBI bank but due to some personal reasons I transferred this to ING Vysya Bank. The payment is being made via PDC’s in Equated Monthly Installment. The rate of interest is a fluctuating rate of interest.

Since I had taken a home loan and a top up loan the account was broken into two accounts however the EMI was one, of Rs.12056/- towards both the accounts. How they were adjusting this is not clear to me.

I have the following issues to bring to your attention and for your necessary action:

I was sanctioned the loan at 8.75% however when the loan was finally disbursed it was at 9%. The reason for this is very ambiguous and I am not able to understand what the bank is saying. According to me if the loan is sanctioned at certain rate it should be disbursed at the same rate. In case there is a change then I should be informed that the loan will be disbursed at that rate and not the sanction rate. There is no mention in the sanction letter that the loan can be disbursed at a changed rate even though it has been sanctioned at another rate.

Since the time I have taken the loan unless asked for the Principal and Interest certificates are never sent to me. This causes a lot of inconvenience and I have brought this to the attention of the bank yet there is no resolution in site.
In he middle of the last year there was some confusion regarding the EMI’s and one of my accounts went into overdue status despite the fact that the payment was receive by the bank. When I challenged the notice they accepted their mistake and told me that it was the bank’s mistake. This issue was then resolved by their National Collections Head Mr.

Anand Laxmanan and an apology was given in writing.
This is where the whole problem really started. Please see the details below:

Last year in August/September I saw that the EMI debits had stopped and I called the bank and wrote and email to ask them about the PDC status and at this time I was informed that the PDC’s had been exhausted. Ideally I should have been informed well in advance of this but this was not done. So I agreed to set up the ECS facility with the bank so that they could debit my account directly and there was no need to issue any PDC’s. I also increased the EMI from Rs. 12000/- to Rs. 15000/- so that I could pay back faster. I also made sure that the ECS was activated and that the debit was made from the bank in the next month. Even though it was not my job to do so I did this because I did not want any issues later.

In the month of November I received another notice from the bank for over dues and I called the bank to resolve this because with the ECS active there was no reason for the account to be over due. I was informed that there was a technical snag and because of this the bank did not send the ECS request to my bank and hence the account had become overdue. Please tell me how this is my fault?????
So I called the operations manager Mr. Krishnakant Rane to resolve this and he told me that I should speak to collections manager which I did. I asked him why I should pay Rs. 27000/- for a mistake the bank made and that they should increase the loan tenure to recover the loan. I was assured that this would be resolved. However the collections manager resigned and this issue was left pending.

In December my account was debit for the regular EMI of Rs. 12056 /- and not as per the new EMI agreed with Mr. Krishnakant Rane. The reason for this is not yet clear to me. Then on December 31st the Rs. 27000/- that was over due was also debited. This was done because I have signed an ECS mandate which allows the bank to debit any ovedues but in this case this overdue was not my fault. This according to me a complete breach of trust. Due to this I cancelled the ECS facility for ING Vysya and also issued a stop payment for the security cheques that I had issued.
I called Mr. Anand Laxmanan in Bangalore and told him of this in writing and explained the entire issue. He also assured me that this would be resolve soon. However after 2 weeks of this issue being brought to his notice nothing happened and I had to follow up again and again.

A month later Mr. Rajasekhar the collections manager for Maharashtra and Hyderabad called me to resolve this and I took a days leave to meet him. After discussing with him he assured me a solution by the end of the week. This was in January and till date this has not been resolved.

I have been following up with Mr. Anand and Mr. Rajasekhar and they have stopped replying to my emails. I created a blog exposing them and their operation and hence they sent me cheque bouncing notice. When I checked with my bank there was no cheque that was presented and hence there was no cheque bouncing. This clearly shows that the nasty intentions of the bank to ruin my reputation.

During this time I also learnt that from the time I took the loan till date my account has been in negative amortization for six months and I have no intimation of this. Every time the MIBOR changed my tenure was increased but no communication was sent to me. I have challenged this and the bank says that they can do this and that there is no need for them to inform me. But I completely disagree with this.

Now I am in touch with Mr. Vijay Lokhande the new operations person who has called me after 3 months and wants to resolve this. However I would like the RBI to get involved in this matter and decide on this matter.

I trust that after reading the above you will understand that this issue is serious and that the bank is taking me for granted and deliberately trying to make me a defaulter.


Your early reply would be appreciated.


Thanks and regards,





Vivek Gokhale.