Just saw this news from Kalaburagi and it’s big reminder of how a simple mistake by big company can mess up your entire financial life . And honestly,the whole thing is quite frustrating to read.
This person,Anand Prabhu Sherikar,had taken a home loan of ₹30 lakh from LIC Housing Finance back on April 26,2021 . Everything was normal,like any other loan.
And then the trouble started . He cleared his full loan with LIC on November 21,2023 . But later on November 9, 2024,he discovered that his PAN was wrongly linked to some other person's bank account. This is a huge error ah .
Because of this mistake,his CIBIL score got badly affected . Anyone who has ever tried for loan knows how important CIBIL score is. It's everything.
And tbh,this is where things get really bad. Mr . Sherikar apparently went to the LIC branch many times to get this fixed but nothing happened . Finally,he had no choice but to go to District Consumer Disputes Redressal Commission on June 3,2025.
The commission looked at everything and gave its ruling.
- LIC has to pay total ₹40,000 compensation,which includes ₹25,000 for the error and ₹10,000 for mental distress.
- They must correct PAN details and issue a proper no-dues certificate immediately .
- If they don't do this within 45 days,they have to pay ₹500 extra for every single day of delay .
The commission straight up said that this was a "deficiency in service" from LIC Housing Finance's side . And it's hard to disagree with that .
It's just so stressful thinking about it . You do everything right,you pay your loan on time,and then because of someone else's mistake at a desk somewhere,your financial reputation is damaged . running around he must have done is unimaginable.
This whole thing just shows how careful these big financial companies need to be . One small data entry mistake can cause huge problems for regular person.
And it just makes you wonder,how many other people are facing similar issues but don't have the energy or resources to fight it out in consumer court…
