Respected Sir,
We have approached the branch manager Mr.Subhas Chandra Hazarika of INDIAN OVERSEAS BANK,Jorhat for an educational loan for Mr.Dipam jyoti Baruwati,jorhat for studying Bachelor of Engineering in Vinayaka Missions university,Chennai dated 10/06/2007.Mr.Hazarika has assured us at that time for the bank loan and asked for collateral security for the loan. we have insisted him that till 4,00,000 lac for education loan there is no collateral security is needed as per Reserve bank of India .Due to uncertainty of sanctioning the bank loan , and his consistent pressure, we were compelled to give him two LIC policy LIC(Life insurance corporation ) policy, one is of 1,00,00(One lac) with policy number 440551707 which is in the name of Mr.Padmeswar Baruwati(Father of the applicant for the loan) and another policy of 50,000(fIfty thousand ) with policy no 448638275 which is also in the name of Mr.Padmeswar Baruwati. Inspite of our several requests and visists to the bank Mr.Subhas Hazarika instead of processing the educational loan application, he has given us the tuition fee of 57,000 and hostel fee 40,000 for second year BE, as an overdraft facility against the LIC of (1,00,000+50,000)1,50,000(LIF POLICY) for the first time.Later he has included the aforesaid amount of overdraft in the education loan of 3,32,000/-,which he should have not done as a fair banking practice as guided by RBI.Moreover we did not want an overdraft,we have approached him for a education loan ,and we have requested him thousand time to process the application and not to give overdraft. Mr.Subhas HAZARIKA has violated the fair practice of ethical banking and code of conduct directed by RBI towards the customers. We are mentally and financially suffering for putting our LIC policy as I am retired from job and my family is financially dependant on me.Once my ward education is complete, he will start paying the EMIs.Putting the two LIC policy against the loan which has cau