Sathi Book 📚 & Stationers

[Sathi Book 📚 & Stationers @BookSathi]

I am bringing a serious grievance regarding Unity Small Finance Bank to the attention of the RBI, Ministry of Finance, and the concerned authorities.

My late mother was the owner of a shop/property. A mortgage loan was taken from the Kolkata branch of Unity Small Finance Bank by mortgaging her property. I, my father, and my elder brother were co-applicants in the loan.

According to the loan sanction/agreement documents, multiple insurance covers were taken in connection with the loan, including Life Insurance, General Insurance and Property Insurance.

After my mother passed away, we came to know that insurance coverage was associated with the loan. We approached the bank for assistance regarding the insurance claim.

However, the bank informed us that the Life Insurance was in my name and not in my mother's name, and therefore, according to them, the claim cannot be made on the basis of my mother's death.

My concern is that the property mortgaged to the bank belonged to my mother. The bank has also indicated that Property Insurance was taken in relation to the property. However, despite repeated requests, the bank has not provided me with the complete Property Insurance policy/document relating to my mother's property.

I was also not informed about the insurance coverage at the time of taking the loan. I came to know about the insurance only after my mother passed away.

I contacted the bank's Head Office and submitted the documents requested by them, including the Death Certificate, KYC documents, nominee details and insurance claim forms. The bank initially asked us to wait for 45 days. Subsequently, they asked us to send all the documents again in hard copy by Speed Post. We complied with their instructions, and the documents were duly delivered. However, I have still not received a satisfactory written resolution.

During a meeting with the branch manager, I was told: “I did not give the loan by looking at your mother; I gave the loan by looking at you.”

This statement raises serious questions because the property mortgaged to the bank was owned by my mother. If her property was accepted as collateral and Property Insurance was taken in relation to that property, I believe I am entitled to know the complete details of the insurance arrangement and the applicable policy terms.

I am therefore requesting the RBI, the concerned insurance regulator and Unity Small Finance Bank to investigate the matter and provide a transparent written response.

I specifically request the bank to provide:

1. Details of every insurance policy taken in connection with the loan.
2. The name of each insured person under each policy.
3. Policy numbers and names of the respective insurance companies.
4. Details of the insurance premiums paid and who paid them.
5. A complete copy of the Property Insurance policy relating to my mother's property.
6. The specific policy clause under which the bank is refusing to process an insurance claim.
7. A written explanation as to why the claim cannot be considered, instead of only giving a verbal response.

I am not asking for any unfair benefit. I only want transparency, proper documentation, and a fair resolution according to the loan and insurance agreements.

I have preserved the loan documents, insurance-related correspondence, claim forms, email communications, and Speed Post delivery proof and can provide them to the appropriate authorities whenever required.

I respectfully request @RBI, @FinMinIndia and @UnitySmallFinanceBank to look into this matter and ensure that the issue is properly investigated and resolved.

Thank you.

[Sathi Book 📚 & Stationers @BookSathi]

https://t.co/RpzW3BcNKt

[Sathi Book 📚 & Stationers @BookSathi]

Best book