Definition
A statement from the bank to the borrower confirming the outstanding loan balance as of a particular date. An acknowledgment by the borrower of the balance constitutes an Acknowledgement of Debt under Section 18 of the Limitation Act, 1963, extending the limitation period for filing a recovery suit by 3 years from the date of confirmation.
Need Expert Advice on Balance Confirmation?
For specific advice on how Balance Confirmation applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates