It is difficult to collect EMI without IDFC bank loan and now it will give Rs 1 lakh to the customer

IDFC Bank News: Collecting EMI (Monthly Installment) from customers without any loan is expensive for IDFC Bank. After the matter came to light, the consumer forum ordered the bank to pay a compensation of Rs 1 lakh to the victim. Along with this, the consumer forum has also ordered refund of the EMI amount of Rs 5,676 deducted from the customer's account. The case pertains to Panvel, a suburb of Mumbai, the industrial capital of the country. According to media reports, the bank has deducted EMI for no loan IDFC Bank has deducted from the account of one of its customers for a loan he has not yet taken. In this case, the consumer forum has ordered the bank to pay a compensation of Rs 1 lakh to the person from Navi Mumbai. The District Consumer Grievances Authority (Mumbai Sub-City) found the bank guilty of service lapse and ordered the customer to refund the EMI amount of Rs 5,676 along with interest. The commission recently provided a copy of the order issued last month. The loan was sanctioned fraudulently. The complainant said that in February 2020, he came to know that the bank had deducted the EMI from his account at its Panvel branch for a loan he had not yet availed. On investigation, the bank told the complainant that an email was sent to him claiming that it was ECS money. When the person went to the bank branch, he was given a loan account. However, when he logged into his account, he found an expired voucher from e-commerce giant Amazon. The complainant alleged that IDFC Bank fraudulently sanctioned the loan without following mandatory procedures and obtaining signatures. A customer's CIBIL score was spoiled, misusing personal details and costing Rs. The bank illegally sanctioned a loan of Rs 20,000 for a period of 20 months with a loan EMI of 1,892. The Commission said that the complainant's correspondence with Amazon revealed that he had not received any amount from the bank for the voucher. The consumer commission said the bank's conduct was nothing but unfair trade practice. The Commission said that due to such illegal activities, the CIBIL score of the complainant was spoiled due to non-payment of EMIs. The power of the thermal power plant will not go down during the rainy season and the consumer commission has ordered compensation within 60 days. 1 lakh as compensation for deficiency in service and mental and physical harassment. The order directed the bank to pay Rs 10,000 to the complainant towards litigation expenses and clean up the CIBIL records related to the complaint. Petrol-Diesel: While Delhi car owners are happy, do you know why Mumbai is in trouble? The post IDFC bank loan-free EMI collection now gives customers Rs 1 lakh appeared first on Prabhat Khabar.