Hi,
I have purchased resale Flat from Nikhil Shah which is 1.5 year old. I have applied for loan in SBI Pune. Previously Nikhil Shah took home loan from Axis Bank. SBI gave 1st cheque for clearance of previous loan from Axis bank. Axis bank refused to accept cheque on 28th Jun 10 with reason we can not accept cheque 10 days prior to EMI date. So we gave cheque on 6th Jul and home loan a/c from Axis bank closed on same day. But till 27th Jul 10 means after 22 days of a/c closure as well axis bank is not providing document and each time we are getting reason that it is under process.
Second thing for sales deed, we took only xerox of second cheque from SBI. But SBI has started interest for that amount as well. So, I have following questions :-
1) Is any policy set by RBI for banks for returning documents on time. If yes, what action can I take in this case.
2) SBI is charging interest on that amount which is neither paid to me nor I could get original cheque, and amount is till with SBI. Is it feasible to charge interest on that amount written in cheque? If yes, I will write and give xerox copy of slip used for Fixed Deposit, and SBI should start paying interest on that amount written in it.
I am getting double loss due to above problem, also since Axis bank took so much time to provide documents, I am in big trouble from all directions and I could not get possession and my rent agrrement with current owner is finished. Please help me. My contact no is 9923009001.
mahesh.nimbalkar1@gmail.com

Be careful while dealing with Axis Bank check out what is happening in the leading private sector bank.

RBI plans limited new bank licences | Reuters

http://www.caclubindia.com/blog/show_blo...

http://www.moneylife.in/article/8/8106.h...


Sanjay Prabhu – Pune
President - Private Bank Employees & Investors Protection Forum
Ex Employee & Share Holder of Axis Bank
sanjaymprabhu@gmail.com 95940 88588