I am having saving account in ICICI Bank, Marine lines, Mumbai where my salary gets credited. On 29.07.12 when I tried to withdraw cash from the ATM the transaction declined due to insufficient fund showing account balance -586613.68. On the same day I contacted the customer care to ascertain the reason. I was informed that my account has been marked lien and the exact reason they can give me only on the next day.
Next day when I contacted then they informed me that it is because someone has taken used car loan in 01.06.2006 for 215000 at Bhubaneswar (Orissa) and has not repaid any amount and my name appears to be as co-applicant.
On 30.07.12 I received a courier from ICICI Bank loan department, Lower parel, Mumbai with letter dated on 27.07.12 that
"We are in the banking business and issue Loans for the benefit of our customers. Under the said scheme you had applied for an ICICI Bank Loan LUBBS00006994229. While applying for the said loan, you agreed to abide by the terms and conditions governing the usage of above said loan and assured to make payments regularly to the bank on their respective due dates as per the statements rose upon you for the use and utilisation of the loan in-question.
We regret to inform you that you have failed and neglected to honor your own commitments and evaded the payment of the amount standing due in your aforesaid Loan Account.
We would also like to inform you that despite sufficient time and opportunity, you had failed and neglected to clear your outstanding dues under above said Loan, which were payable on demand.
Therefore, as per the terms and conditions governing usage of Loan as more particularly mentioned in the welcome booklet, the bank has duly exercised its rights and powers.
We therefore call upon to pay us the total outstanding amount of Rs. 591986.00 within 10 days from the date of this letter, failing which, we will be constrained to exercise our right of lien and set off in conformity with the terms and conditions of the Loan whereby the said lien amount will be adjusted towards the outstanding loan EMI dues."
1. Bank is projecting me as main applicant and marked my account lien
2. I doubt I have signed the document as co-applicant. I know the borrower but I fear that he has misused my documents.
3. The said loan was disbursed in June 2006 and bank didn't care to contact me as a co-applicant if no EMI is paid against the loan.
4. I am not aware of what is the development between borrower and bank and what action the bank has taken till date
5. Why Bank has not taken stern action against the borrower or even taking back the vehicle and why the co-applicant (if so) kept in dark for past 6 years.
I am a previlege customer of ICICI Bank but with such action and behaviour I am losing my peace of mind and being the sole bread earner, It has created a lot of financial trouble. I am planning to take legal action against the bank.
Please advise me for further course of action.
Subrat Kumar Behera