Whether arbitrary action by staff of State Bank of India with accounts of Sudarshan Maurya is justified which caused additional charges


Grievance Status for registration number : DEABD/E/2022/59586

Grievance Concerns To
Name Of Complainant
Sudarshan Maurya
Date of Receipt
Received By Ministry/Department
Financial Services (Banking Division)
Grievance Description
Financial Services (Banking Division) >> Government sponsored Schemes Related >> Prime Minister Rojgar Yojana

Bank : State Bank of India
Branch / Name of Bank and Branch : Main Branch District Mirzapur
Date of Application : 18-06-2022
Applicant never followed the following procedures to acquire this Funded Interest Term Loan and who authorised the concerned staff to take arbitrary decision to apply for this loan and repayment from my current credit account. You are procrastinating on the issue because of lacunae on the part of your staff. How much ridiculous, you transfer fund from anonymous account to current credit account and then with the amount in instalments with interest to Funded Interest Term Loan account to create utter confusion and facilitate riggings.
Grievance Status for registration number : DEABD/E/2022/45228 Grievance Concerns To Name Of Complainant Sudarshan Maurya Date of Receipt 18/06/2022
1) What is Funded Interest Term Loan (FITL)?
As per the RBI circular dated 22.05.2020, banks are allowed to convert the accumulated interest for the deferment period upto 31.08.2020 into FITL, which shall be repayable by 31.03.2021..

2) Who is eligible for FITL?
All NICB customers who have availed working capital facility with the Bank are eligible for FITL.

3) What is the maximum limit to which FITL will be granted?
The FITL will be granted equivalent to the amount of unapplied interest between 1st March 2020 to 31st August 2020 in your CC/OD account.

4) What will be the repayment mode for FITL?
Standing instruction from your existing CC/OD account.

5) What will be the repayment period for FITL?
The FITL shall be repayable in 6 EMIs, by March 31, 2021.

6) What will be the ROI for FITL?
The ROI of FITL will be the same as that of your existing CC/OD account.

7) How should I opt-in for the FITL?
To opt for FITL, you will have to send an email to credit.department@newindiabank.in.
E-mail should include the following details:

Email Subject should be CC/OD No. - Borrower Name

• In the mail body please mention the following details

• Name of the borrower(s).

• CC/OD account number.

• Customer to mention in the email that "I wish to opt-in for the FITL facility offered by the Bank.
Grievance Document
Current Status
Under process   
Date of Action
Officer Concerns To
Officer Name
General Manager (General Manager)
Organisation name
State Bank of India
Contact Address
Corporate Centre, Customer Service Deptt. State Bank Bhawan, 16th Floor, Madam Cama Road, Mumbai
Email Address
Contact Number
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