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.