Jammu And Kashmir Bank Ltd — Interest

Address: Mumbai City, Maharashtra

Dear Sir,

I am holding a cash credit account in the name of M/s.Aboobaker Ebrahim Soorya with The Jammu and Kashmir Bank Ltd. Mohd Ali Road Branch, Mumbai-3 with a overdraft / cash credit limit of Rs.2 crores since last 6 to 7 years.

Last time they renewed my limit with a rate of interest @14.5% since it was not acceptable to me, I approached another bank and got an instant sanction of a Cash Credit Limit of the same amount @13.5% interest p.a during July 2012.

The new bank who offered me a sanction @13.5% sent a letter to Jammu and Kashmir Bank and asked for a Credit Report and immediate Transfer of CC Account to their bank against my collateral documents with Jammu Kashmir Bank.

The Branch Head of JK Bank did not respond to the new bank and asked med verbally to wait as he promised that based on this new bank’s sanction letter he will reduce 1% interest and consider 13.5%.

I kept reminding them but they kept charging me 14.5% and also they did not give any reply to new banker despite of their several reminder for the transfer of CC Account. During December 2012, Jammu Kashmit Bank Ltd. Offered me increased amount of CC Limit with renewal and offered me an interest rate of 15.5% that shocked me.

I made complaint to the Chairman of the bank but instead of making comfort to me the Zonal Office Staff called me and insulted me and shouted me for my complaint I made to the chairman of the bank.

At last I wrote them official letters and the new banker sent them repeated reminders and today on 18th Dec 2012 I got my account transfer from Jammu Kashmir Bank to new bank Janakalyan Sahakari Bank Ltd. Now I asked Jammu Kashmir Bank to reverse me interest @1% for the period of July 2012 to December 2012 that they kept me pending in their bank with no reason but they refused to give me credit for the same.

I was forcefully hold by Jammu Kashmir Bank with higher rate of interest despite of other bank’s lower rate of interest offer. Please help me to get the reversal and refund for the difference amount for the period they hold me with their bank.