Nach charges
1 week ago
I paid emi early. Still loan company charged NACH charges . Its been month they r not replying to mail and calls. What can i do now ?
A.Dear Sir,
You may get issue a legal notice and thereafter try to approach banking ombudsman or approach consumer court.
You may get issue a legal notice and thereafter try to approach banking ombudsman or approach consumer court.
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A.Dear Client,
NACH (National Automated Clearing House) is a funds-clearing platform set up by NPCI (National Payments Corporation of India) similar to the existing ECS of RBI. Banks usually incur NACH costs for handling electronic financial transfers (EFTs). But if that charge returns or bounces back, then it is known as the NACH RTN charge and is levied from the borrower. Banks cannot legally deduct money from your account without permission. However, they can withdraw funds for specific reasons, like overdraft fees, unpaid loans or debts (under the right of offset), suspected fraudulent activity, or Court judgments. Despite your repeated attempts to stop the deduction of NACH charges, if the bank is not responding to your appeal/grievance, you can file a complaint online to the regulatory authority, NPCI at https://www.npci.org.in/register-a-complaint. You can raise your grievance against a Bank to RBI on the Digital Complaint Management System (CMS) Portal: https://cms.rbi.org.in/cms/IndexPage.aspx. This is a unified portal for Banking, NBFC as well as Digital Transactions related grievances.
NACH (National Automated Clearing House) is a funds-clearing platform set up by NPCI (National Payments Corporation of India) similar to the existing ECS of RBI. Banks usually incur NACH costs for handling electronic financial transfers (EFTs). But if that charge returns or bounces back, then it is known as the NACH RTN charge and is levied from the borrower. Banks cannot legally deduct money from your account without permission. However, they can withdraw funds for specific reasons, like overdraft fees, unpaid loans or debts (under the right of offset), suspected fraudulent activity, or Court judgments. Despite your repeated attempts to stop the deduction of NACH charges, if the bank is not responding to your appeal/grievance, you can file a complaint online to the regulatory authority, NPCI at https://www.npci.org.in/register-a-complaint. You can raise your grievance against a Bank to RBI on the Digital Complaint Management System (CMS) Portal: https://cms.rbi.org.in/cms/IndexPage.aspx. This is a unified portal for Banking, NBFC as well as Digital Transactions related grievances.
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A.Dear Client,
You can connect with the bank to know the reason for deduction of NACH charges and solve the matter amicably. But, in case of inaction or unreasonable deductions by the bank, you can file a compliant to the National Payments Corporation of India (NPCI) and to the Banking Ombudsman of RBI to resolve the matter. Further, you can also send a legal notice to the concerned bank and demand to stop the deductions.
Hope it helps.
Thank you.
You can connect with the bank to know the reason for deduction of NACH charges and solve the matter amicably. But, in case of inaction or unreasonable deductions by the bank, you can file a compliant to the National Payments Corporation of India (NPCI) and to the Banking Ombudsman of RBI to resolve the matter. Further, you can also send a legal notice to the concerned bank and demand to stop the deductions.
Hope it helps.
Thank you.
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