Banks scamming customers by charging for government schemes without consent

Sushubh

Sushubh

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Is it safe to assume, these are frauds are exclusive being held by govt. banks?
 
from my understanding, the scheme should be available to private banks as well. article focuses on canara, sbi, bob, uco and a few other government banks. my mom's case is with union bank. would be best to check your statements for these transactions. especially if government banks!
 
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i would be visiting the local branch next week for ppf related work. i do plan to enquire about how to discontinue the policy on mom's account. and would also check if i can ask for a refund for last year's charges considering they do not have consent/authorization for the same. there is a distinct possibility that they maliciously included consent in the stamp paper mom had to sign for her locker in the same branch which was required due to some regulatory changes made by the rbi. should be fun.
 
My canara bank has enrolled me into some pm insurance something i don't have any details but the amount is too small and I think the only details i have is the premium deduction in annual statement.

Pvt banks are not doing this as there will be no incentive.
 
@Smh My canara bank has enrolled me too into that insurance plan but they actually asked me beforehand and the amount is small, so I went with it.
 

How they asked you? Online offline?

I have only received premium deduction messages before renewal , amount is too small to argue about it.

No clue about benefits or any policy document.
 
Did you give consent in writing? Because verbal might not be enough. Based on Union Bank documents, consent/authorization is a document insurance company can demand before releasing the insurance funds.

This is one of the biggest issue with this scam shit. First they are not taking consent. In some cases, they are forging consent. And if a consumer does suffer an injury that entitles him to benefits, he might not even get it because of how the bank enrolled him in.
 
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no I didn't. And I have other life & medical insurances, so I am all set. My point is Canara Bank is actually asking me before doing it. My Bank of Baroda account has 7 miscellaneous transactions in total that even my bank doesn't what they are for. I eventually filled a RTI and they are working on it since 2021 :) I think it is high time to approach RBI.
 

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