Generally, it is not advisable to act on oral orders of seniors, especially when the oral orders are illegal, such as in your case when your seniors forced you to sanction loan when you were not eligible or allowed to sanction loan during probationary period, as you have stated.
Your action of sanctioning loan would be in writing, for which there would be documentary proof. On the other hand, oral orders given by your senior would be verbal without there being anything in writing, and for which there may not be any documentary or other proof.
So, you’ll have to given proof to show that you were forced to sanction loan by your seniors. You may have to defend yourself by whatever evidence or proof you can get in your defence.
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