News Karnataka
Saturday, October 01 2022

Bank declares loan as NPA, asked to compensate a/c holder

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Photo Credit : IANS

Mangaluru: Taking cognisance of a bank’s act of declaring a loan account of an account holder as NPA though he has made prompt loan repayments, the First Additional District and Commercial Court has directed the Kavoor Branch of Union Bank of India to pay Rs. 1 lakh with 10% interest and compensation for the loss.

The victim identified as Danesh had taken a loan for buying vehicle from the bank. Danesh also had given instructions to the bank for debiting his savings account and thus transfer the money to the loan account. The Court observed that though Danesh was making timely payments, it was a negligence on the bank’s part to declare the loan as NPA.

Bank had also confiscated the vehicle and further lodged a complaint against Danesh with the Commercial Court for non-payment of loan amount.

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