Legal Question in Banking Law in India
i have taken a personal loan of 2 lakh from co operative bank. Bank kept 20 thousad as a term deposit. according to RBI rules banks are having rights to take deposit amount from loan amount?
Asked on 3/11/13, 5:09 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
11.03.2013
Dear Sir / Madam,
(Nehru Nagar. Mumbai, Maharashtra)
If you default in the repayment of the personal loan, the bank can recover the outstanding by adjusting the term deposit that you hold with them.
Regards,
FCA Prashant Chavan
Mumbai
(You can also mail me for any further on-line advice at [email protected])
Answered on 3/11/13, 6:25 am
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