Legal Question in Banking Law in India

Sir, Kindly tell me the defination of "unauthorised debit in loan/deposit account". How we can define Unauthorised debit? When any debit in loan/deposit account is called unauthorised debit. RBI Guideline/circular for unauthorised debit


Asked on 8/24/13, 9:48 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

25.08.2013

Dear Sir / Madam,

Literally speaking "unauthorized debit" refers to a situation wherein the bank debits your A/c without any proper authorization from you. For example, if the bank debits two EMIs instead of one to your A/c without your authorization and approval, the second debit is an "unauthorized debit" by the bank, and liable to be reversed.

Regards,

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Answered on 8/24/13, 10:23 pm


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