How Vasant Vankudre taught bank a lesson!

Dear Sir,

Following are the details of the story.

I had two loan accounts in the bank which due to domestic difficulties could not be repaid in time.

Bank obtained sec. 101 certificates from the co op forum.

I inclined to repay the loans and asked the bank to convey me the exact amounts so as to make necessary arrangements of the amount but bank demanded from me surplus amount to the tune of Rs 6 lacs.

Hence I submitted the recovery circular of 1985 and asked the bank to be guided by the norms of the circular. Bank denied.

I purchased two DDs as per guidelines of the circular and asked the DDR to order to accept the Bank and issue no due certificates of the loan accounts and to release my properties. DDR ordered accordingly. Bank denied.

I further applied with Joint Registrar for the order. Jt. Registrar was pleased to order the bank to accept the DDs and release the properties. Bank denied.

Further I approached the Commissioner co op dept. Pune and requested to order the bank to accept the DDs and release my properties. Bank still denied.

I submitted the DDs to bank as per commissioners order and requested the Bank to release the properties. Bank accepted the DDs but still kept on demanding additional amounts giving the statement of accounts of loan. The statement was showing that various amounts towards xerox charges, Lawyers fees, Talathi charges, recovery expenses and so on which ate not permitted after issue of sec. 101 recovery certificate.

As per the recovery circular 1985 demanding or recovering more amount than the norms led down in the circular is a punishable offense.

I brought this to the noticed of the Commissioner co op dept. Pune Maharashtra and demanded Sanction for Criminal Prosecution against the Bank office bearers and the entire director board whom this fact was made known.

Commissioner was pleased to issue the sanction for prosecution under sec. 148 for the offence done under sec 146k of Maharashtra co op law.

The co op ministry has also confirmed the order of commissioner.

The criminal case has been filed against 27 bank officials and directors with First class Magistrate Kolhapur under no. 320/2015 and the order is expected in first week of October 2015.

I shall keep you updating the progress in the case.

Vasant Vankudre


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