Abuse of power by PSU managers selling unwanted insurance policies at time of home loans .
I was sold forcefully unwanted insurance policy by BOI manager who was also the insurance agent of third party .She made us pay 50 percent advance to builder after paper verification but she agreed to disburse loan only after we signed unwanted policy .It was a blackmail as manager new as per the agreement between buyer and builder if we fail to pay the balance within time frame we would have lost advance paid to builder .I am wondering how is bank customers interest protected when the bank manager who is a custodian of our signature and accounts and documents is also a third party agent at same time .People even fear to complain as the original papers after registration remains with bank and banks purposely misplaces or damages the sale deeds of people who complain .The customers get trapped badly and only hope is consumer courts . more
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You can still file a complaint against manager if her name and address are given on policy. File a complaint with Bank Ombudsman/RBI and copy to HO of the Bank. Many time a common man feels alone and helpless to fight such big organisations. But sometimes a single complaint to right person does miracles, so don't feel alone just go ahead and file complaint and attach a copy of Insurance Policy. Good Luck. (Please note file complaint with proper attachment via email as well as hard copy via speed post.) more
Sep 04
Sue that son of a Bitch. Get together a group of borrowers who used him/her as the agent. I can provide a contact for an attorney in Bombay and he will see that she walk out of the court without her pants more
Sep 02
Thank you ,The problem is common man is left to fight the huge organisations like bank or insurance firms .these organisations have regular lawyers but finding a lawyer for common man and against such huge organisation in itself is unequal fights as even here the large organisations have nothing to loose .and even the compensation is too low as if to further encourage the large organisations to involve in immoral corrupt practices .We hardly find landmark judgements more
Sep 03
Since the advent of private players in Insurance sector specially Life Insurance such malpractices have increased. I also had same experience while taking a housing loan from PSU bank. It was not manager but some other staff, so I vehemently refused sighting my financial position. The manager at that time was extremely honest and dedicated person. But since it was at lower level that I was saved from buying an unwanted policy. It is very difficult to take a stand against such harassment when a person is need of loan, but you could have filed a complaint against manager after receiving your loan. I am sure the agent in your case would have been some near relative of the manager, may be his wife. more
Sep 02
In good old days there was an understanding that no Govt servant can take any other job.I think now this is not applicable and with the result many of them will take 2nd job and will black mail their client.Now a days about 50% people take 2nd job also and do this type of things. more
Aug 30
