i am indebted to my bank ,what does that mean?
It means you owe the bank money.  The bank is the lender or creditor
so do i have an obligation to repay,since im not fully aware of my debt portfolio
Yes, if you owe the bank money, you need to pay them back.  It's a moral obligation.
well,there was no collateral demanded,it was given based on personal grounds you know
What kind of debt is it?  There are several kinds, such as mortgages, notes, bonds and loans.
simply a loan portfolio so says the bank manager even though i dont understand that jargons
That's unfortunate.  There should be some contractual terms that shows the amount of repayment and how often payments need to be made. 
ok so i need time to offset my debt then
Yes, and you should be aware of the interest being charged.  That is kind of like "rent" that is owed on borrowed money.
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