Wrong Interest charged by BOB

[Khaiz]

Bill due date and amount - 05 DEC 2023 - 1,97,045.41
Paid 1,87,050 before due date.
Amount outstanding 9995.41

Instead of charging interest on the outstanding amount BOB charged interest on the whole bill amount.
Which is a clear violation of RBI Master direction.

Mailed them to rectify their mistake. Which they didn’t.
Complainted to RBI Ombudsman, still they wouldn’t rectify the charges posted citing their Outdated MITC.

Their reply after RBI Ombudsman complaint -


My Response -




RBI Guideline -


Interest charges -

 

[RajS]

Bank is right in this case. Read MITC

I got finance charge like this from One card. Can't do much.

Try to negotiate

 

[Khaiz]

Bank is right in this case. Read MITC

I got finance charge like this from One card. Can't do much.

Try to negotiate

But what if the Bank MITC go against the RBI Guidelines? Could you elaborate why bank is right in this case?

 

[RajS]

But what if the Bank MITC go against the RBI Guidelines? Could you elaborate why bank is right in this case?

They followed MITC. Let RBI take action

 

[Talkwithfino]

What is the next course of action for him @TechnoFino Go to Consumer Court ???😵

 

[RAMESH BABU N]

Please remember that

RBI guidelines are advisory in nature.
Individual banks may choose either to strictly follow them or make suitable modifications and implement or may even defer. They may also write back to RBI indicating their inability to implement in toto. RBI may ask them again to follow them. If this continues, just in case, the connected parties may opt for what-I-invented-n-practiced-a-lot in my 2 jobs - UNCTAD policy (under no circumstances, take any decision). Just keep pending.

 

[RAMESH BABU N]

What is the next course of action for him @TechnoFino Go to Consumer Court ???😵

Yes. That's much better than going to RBI.

 

[STONE_MAN]

Please remember that

RBI guidelines are advisory in nature.
Individual banks may choose either to strictly follow them or make suitable modifications and implement or may even defer. They may also write back to RBI indicating their inability to implement in toto. RBI may ask them again to follow them. If this continues, just in case, the connected parties may opt for what-I-invented-n-practiced-a-lot in my 2 jobs - UNCTAD policy (under no circumstances, take any decision). Just keep pending.

Yes this is just a advisory. It's not a mandate that has to be followed strictly, right now no bank follows this.

@Khaiz