The petitioners submitted that the loans were renewed annually and the bank used to appraise the value of the pledged gold. When they requested the bank to renew the loans on Oct 28, 2025, the bank informed them the next day that it could not renew the loans because the “jewel pocket” kept on pledge was missing. It asked them to submit a reimbursement claim, quoting a reference rate of Rs 10,813 per gram for 24-carat gold.The bank informed the petitioners that the ornaments were missing from March 2025, and the bank filed a complaint with the police in July, though no FIR was filed yet. The couple approached the HC after the bank threatened them to classify the loan accounts as NPA, imposed penal charges, and their credit score began getting affected.Their advocate, Nimit Shukla, argued that the bank suppressed the information for several months and continued to demand and accept the interest amount. This was in breach of the duty of care. The couple made a representation on Nov 5, 2025, highlighting negligence and claimed reimbursement of the lost gold, making charges, and the gemstones’ value.The petition contended that the bank did not even provide a timeline for reimbursement. Despite its admission in writing about the gold loss, the bank resorted to coercive steps, which amounted to unjustified abuse of dominance. “The bank’s deliberate suppression of information for several months and its failure to compensate petitioners is in absolute disregard for the guidelines laid down by the RBI,” the petition read.The couple sought directions to the Centre and RBI to take necessary action against the bank and direct the bank to appropriately compensate the petitioners in accordance with law, or to constitute an independent vigilance committee to take necessary action against the bank. They also sought complete details of loan accounts and internal enquiries, and directions against the bank to refrain itself from taking any coercive steps against them regarding the loan accounts.After a preliminary hearing, Justice Aniruddha Mayee issued notice to the Centre, RBI and Indian Bank, seeking their replies by Jan 27, when further hearing was posted.
