Hyderabad: A loan applicant in Hyderabad got a unique experience when he applied for a loan from one of the leading corporate banks of the area. One Mohammad Bin Mahfooz, had applied for a personal loan of Rs. 2.24 lakhs from the bank in October last year. He got approved for the loan and the bank told that the loan amount will be dispatched to him within ten days.

However, the applicant was shocked that when bank deducted an amount of Rs. 8098 in December as the first EMI towards the loan, while he never received the loan amount. When he contacted the bank about the mater, he was told that the cheque has been dispatched but returned undelivered, and the bank could not stop from the EMI being collected. Mahfooz was also informed that if he decided to cancel the loan, bank will deduct appropriate charges and return the balance amount.

Aggrived, Mahfooz approached the courts and got a case registered against the bank. "They say the cheque was not accepted. How is it possible that we will apply for loan and deny to take the cheque?" he asked. Consumer rights activists agree that it is a deficiency of service on the bank's part. It has to take care of the synchronization among its different department and the consumer shouldn't suffer because of bank's inefficiencies. When the bank was approached, they said that steps are being taken to resolve the matter.