Is there a law in India to address bank malpractice?

I worked for Kotak Mahindra Bank (KMB) for a period of one year. I left KMB and received a Relieving Letter (RL) as per the process, which mentioned my last working date as August 19, which was indeed my actual last working date. During the exit formalities, they asked me to sign various forms, which I did. At that time, I didn’t have a job offer. However, when I started looking for a new job, I couldn’t secure one. A few years later, I hired a paid Background Verification (BV) service to understand the reason behind my job rejections and came to know that KMB had purposely updated my last working date in their records to May 27. This discrepancy created a red flag in my employment history whenever I applied for a new job, and as a result, no one would hire me. I had complete RL documents, salary credits, and F&F settlements for the period from May to August, but I couldn’t justify the discrepancy because I was upfront rejected due to the red flag in the background verification. Senior personnel working in KMB, a bank regulated by the RBI, were involved in this malpractice. They did not inform me about the difference in dates when the next employer approached them. The loss for me has already occurred, as I was unaware of this scam by KMB for several years. I have suffered financial losses, career setbacks, and a loss of confidence. Is there no law in India to take action against the malpractices carried out by the bank?

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Advocate By LEAD INDIA Answered: 09 Dec 2024

Sir, if you have been defamed then you may consider filing a complaint with Reserve Bank of India and you can also send legal notice to the bank seeking compensation for defamation. It is advised to consult an expert lawyer who will assist you in escalating matter to the court. For further legal assistance contact us on our helpline number.  
 

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