Marathwada Chamber saves Rs 26 lakh of the entrepreneur

Penalty levied by private bank reduced; Account transferred

Aurangabad:

Officials of the Marathwada Chambers of Trade and Commerce have succeeded in stopping the looting of an entrepreneur from a private bank under false charges. The bank had to withdraw the Rs 26 lakh penalty notice, besides giving permission to shift the account to another bank.

According to the chamber, an entrepreneur here provides security services. Bank guarantee is required for tender submission. For that, the entrepreneur had opened his account in a private bank. The bank often delayed giving the guarantee at the time of tender. Due to this, the entrepreneur suffered a huge loss. While other banks are charging 8.4 percent interest rate, this bank charged 11.34 percent interest rate with a high processing fee. Hence the entrepreneur decided to transfer his account to a nationalized bank. However, the bank asked him to pay Rs 26 lakh for closing and other charges. The entrepreneur then approached the chamber. Chamber president Adeshpalsingh Chhabda consulted with the bank officials. But in vain. A delegation of chamber general secretary Jagannath Kale, Joint secretary Lakshminarayan Rathi and treasurer Vikas Sahuji on September 18, met the union Minister of State for Finance Dr Bhagwat Karad and explained the matter. Karad called the bank’s managing director and informed him about the matter. The bank then canceled the wrongly levied penalty of Rs 26 lakh. On November 3, the bank account was approved to be transferred to another bank.

Complain about the bank

Many entrepreneurs and businessmen are being looted by private banks. Marathwada chamber has become active against this and has won the first case. Entrepreneurs who are suffering from the same issue should approach the chamber with evidence. The matter will be studied and justice will be provided by the bank, Adeshpalsingh Chhabda, president, Marathwada Chamber of Trade and Commerce.