ECS BOUNCE IN ADAY 5-7 TIMES
9 months ago
i TAKEN A LOAN FROM NEWGROW (NBFC) COMPANY AND GIVEN CONSENT TO MANDATE FORM FROM MY SAVINGS ACCOUNT. IS IT LEGALY CORRECT THAT IN ADAY 5-7 TIMES CAN PLACE
A.Dear client,
A mandate is a permission given to a financial institution to deduct funds directly from your savings account to repay the loan or make other payments. If you have provided consent for such a mandate as part of the loan agreement, it is essential to carefully review the terms and conditions to understand the specific details regarding the number and frequency of these deductions.
Typically, the terms and conditions of a loan agreement should clearly specify the frequency and timing of the deductions. If the agreement allows for multiple deductions within a short timeframe, then it may be legally permissible. However, if the deductions exceed what was agreed upon in the loan agreement or if you feel that the frequency of deductions is unfair or excessive, you may have the right to dispute the charges or raise a complaint with the NBFC.
To understand the legality of the multiple deductions and your rights in this situation, consider taking the following steps:
Review the loan agreement: Thoroughly examine the loan agreement and any related documents to understand the terms of the mandate, including the frequency of deductions and any other relevant details.
Seek clarification: If you have concerns or questions about the deductions from your savings account, reach out to NewGrow (NBFC) and request clarification on the frequency and reason for the deductions.
Check relevant laws and regulations: Familiarize yourself with the applicable laws and regulations governing loans, banking, and NBFCs in your country or region. This will help you understand your rights as a borrower and any consumer protections available to you.
Seek legal advice: If you believe that the deductions are not in accordance with the loan agreement or the applicable laws, consider seeking legal advice from a qualified attorney who specializes in consumer rights and financial matters. They can advise you on the best course of action and help protect your interests.
A mandate is a permission given to a financial institution to deduct funds directly from your savings account to repay the loan or make other payments. If you have provided consent for such a mandate as part of the loan agreement, it is essential to carefully review the terms and conditions to understand the specific details regarding the number and frequency of these deductions.
Typically, the terms and conditions of a loan agreement should clearly specify the frequency and timing of the deductions. If the agreement allows for multiple deductions within a short timeframe, then it may be legally permissible. However, if the deductions exceed what was agreed upon in the loan agreement or if you feel that the frequency of deductions is unfair or excessive, you may have the right to dispute the charges or raise a complaint with the NBFC.
To understand the legality of the multiple deductions and your rights in this situation, consider taking the following steps:
Review the loan agreement: Thoroughly examine the loan agreement and any related documents to understand the terms of the mandate, including the frequency of deductions and any other relevant details.
Seek clarification: If you have concerns or questions about the deductions from your savings account, reach out to NewGrow (NBFC) and request clarification on the frequency and reason for the deductions.
Check relevant laws and regulations: Familiarize yourself with the applicable laws and regulations governing loans, banking, and NBFCs in your country or region. This will help you understand your rights as a borrower and any consumer protections available to you.
Seek legal advice: If you believe that the deductions are not in accordance with the loan agreement or the applicable laws, consider seeking legal advice from a qualified attorney who specializes in consumer rights and financial matters. They can advise you on the best course of action and help protect your interests.
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A.Dear Client,
In case your NBFC/Bank runs an ECS and there are not enough funds, then it may run an ECS again a few days later or at a later date, but not multiple times in the same day or date. However, if you still don't have funds in your account by that date, your ECS will bounce. Also, re-running of an ECS depends on the policy of your bank or NBFC. As per the current Reserve Bank of India (RBI) guidelines, you do not need to pay any charges for availing of the ECS or mandate registration facility from your banks/NBFC. However, some NBFC/banks may levy mandate failure charges if the required amount is not maintained in the respective bank account. So far your grievance is concerned, you need represent yor grievance to the higher Authority of the NBFC and file a complaint before the Grievance Cell, RBI on its online portal for redressal of your genuine grievance.
In case your NBFC/Bank runs an ECS and there are not enough funds, then it may run an ECS again a few days later or at a later date, but not multiple times in the same day or date. However, if you still don't have funds in your account by that date, your ECS will bounce. Also, re-running of an ECS depends on the policy of your bank or NBFC. As per the current Reserve Bank of India (RBI) guidelines, you do not need to pay any charges for availing of the ECS or mandate registration facility from your banks/NBFC. However, some NBFC/banks may levy mandate failure charges if the required amount is not maintained in the respective bank account. So far your grievance is concerned, you need represent yor grievance to the higher Authority of the NBFC and file a complaint before the Grievance Cell, RBI on its online portal for redressal of your genuine grievance.
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