Unauthorised transaction by a bank manager from a loan guarantor account to borrower s loan account of overdue amount.Whether Permissible as per law.?
Sep 18, 2025
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Banking Law
► I am the guarantor for home loan taken by a relative in Indian Overseas Bank.Since my relative had a month s overdue,the amount was debited from my savings bank account of the Same bank but in another branch.I never provided my bank account details and I have not signed any clause regarding auto debit from my account in case of overdue by the borrower in the guarantor agreement.How to proceed because it's an unauthorised transaction without my knowledge.
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