ORDER

SMT.NANDINI.H.KUMBHAR, MEMBER

1. The Complaint is filed by the complainant under section 35 of the C.P.Act, 2019 against the OPs alleging deficiency of service directing the OPs to pay the maturity deposit amount of Rs.7,00,000/- along with interest within the time bound fixed and such other reliefs.

2. The brief facts of the case is as follows:

      This is the case of the complainant that OP is the registered co-operative society and with intend to get higher rate of interest the complainant  deposited Rs.4,00,000/- on 22.10.2019 with OP and maturity date is 22.10.2020 with amount of maturity will be Rs.4,56,000/- and another sum of Rs.3,00,000/- deposited on 13.01.2020  with interest at 36% p.a., another deposit amount of Rs.5,00,000/- dt.17.09.2019 and matured date on 17.09.2024 with interest at 24% p.a. and another deposit of Rs.2,00,000/- dt.19.09.2019. The complainant submits that  for a sum of Rs.7,00,000/- the OP have paid interest of Rs.25,000/- and Rs.35,000/- on 02.07.2020 and on 19.02.2021. The complainant totally deposited Rs.14,00,000/- with OP   and the complainant having S.B A/c No.172, the interest amount kept in the S.B.A/c, but OP have not allowed the complainant to withdraw the same and the OPs have blocked  interest also not allowed the complainant to withdraw the amount stating the OP is not having cash. The complainant is the Sr.citizen and he kept F.D. amount of Rs.7,00,000/- in total which will help his needs. The complainant demanded the OP to pay the matured amount, on demanding the OP have issued cheque for Rs.3,00,000/- on 01.09.2020  bearing cheque no.000034,  but the cheque dishonored  with shara “Insufficient funds”. Due to the act of the OP, the complainant got issued legal notice on 19.07.2023 calling upon the OP to repay the F.D. amount of Rs.7,00,000/- along with agreed interest, but the OPs have not complied  to the notice. Aggrieved by the act of OPs the complainant filed the present complaint seeking  relief as prayed in the complaint.

3.  Notice to the OPs duly served, but OPs remained absent and they have been placed ex-parte.

4. Complainant filed chief examination affidavit by re-iterating the complaint allegations and also filed relevant documents in support of their plea.

5.  Heard arguments and matter is reserved for orders.

6. The points that arise for our consideration are;

1. Whether the Complainant prove that there is deficiency of service on the part of the OP as alleged in the complaint and thereby prove that he is  entitled for the relief sought?
2. What order?

8. The findings on the above points are as under:

Point No.1           :       Partly affirmative.

Point No.2           :       As per final order.

REASONS

9. POINT NO.1:- Despite of service of notice, OP not appeared before the commission and not chosen to file version to contest the matter.  The Judgment rendered by Hon’ble National Consumer Disputes Redressal Commission, New Delhi, which is reported in CPR 2018(1) at Page 325 between Kotak Mahindra Old Mutual Life Insurance V/s Dr.Nishi Gupta, In this case, Hon’ble National Commission has held that “Non-filing of Written version in the complaint which amounts to admission of complaint allegations”. The guidelines of the above ruling is aptly applicable to the case on hand as the OP in this case remained absent and on account of that they are placed ex-parte. In the absence of version and affidavit from their side, the complaint allegations of complainant is to be held as a proved fact. On this point, an inference could be drawn in favour of complainant as against the OP that there is a deficiency in service on the part of    the OP.  

10. The complainant filed chief examination affidavit  by re-iterating the entire complaint allegations against OP and also submits some of the documents in support of their case. By looking at the facts of the complaint, the complainant is aged about 65 years and senior citizen and had invested Rs.4,00,000/- at the interest rate of 14% p.a. on 22.10.2019 and maturity date on 22.10.2020. Another sum of Rs.3,00,000/- deposited on13.01.2020 at interest at 36% p.a., Rs.5,00,000/- on 17.09.2019 and maturity  date on 17.09.2024 at interest rate 24% p.a., Rs.2,00,000/- on 19.09.2019 with interest rate of 14% p.a. and matured date on 19.01.2024 with schemes of OP society. Further, the complainant submits that, the deposit amount of Rs.4,00,000/- and Rs.3,00,000/- total amount of Rs.7,00,000/- out of balance  in S.B.A/c, the OP have paid Rs.25,000/- on 02.07.2020 and 19.02.2021 in all the OPs have paid Rs.35,000/- towards interest amount. The complainant has totally deposited with OP for a sum of Rs.14,00,000/- and out of which the deposit amount of Rs.4,00,000/- and Rs.3,00,000/- which were redeemed on 21.10.2020 and  13.01.2021 and the interest was kept in the S.B.A/c  No.172, but the OP have not allowed the complainant to withdraw the same for not having the cash amount. The complainant demanded several times to the OP society for repayment of the above said deposited amount and on request  the OP have issued cheque dt.01.09.2020, but which was dishonoured  with shara “Insufficient funds” in the OPs account. The OP have issued a requisition letter due to Covid-19 for relaxation of the interest on deposit amount and also paid by way of instalment, but did not honour the same. The complainant made several requests and sent legal notice, inspite of the above the OP neither responded nor refund the deposited amount. Aggrieved by the act of the OPs, the complainant preferred to file the present complaint seeking refund of the amount along with other reliefs as prayed in the complaint.

11. In view of the above facts and complaint allegations that, there is a transaction between the complainant and OP in respect of F.D amount the complainant has produced all the documents of receipts of F.D. for a sum of Rs.4,00,000/- dt.22.10.2019 and receipt of F.D amount for a sum of Rs.3,00,000/- dt.13.01.2020 marked as document No.P5 &P6 and also produced dishonoured cheque which is marked as Anenxure-P7. And as per document-P1, copy of pamplet, in which clearly mentioned the percentage of the deposited amount is assured as 10% p.a. for individual and 11% p.a. for senior citizens as per the copy of the pamphlet issued by the OP marked as document-P1. This percentage of interest is also accordance with the guidelines/ instructions issued by RBI for regulating the F.D. transactions of the non-banking financial companies. It is also the accepted fact that the guidelines issued by RBI is binding on all banking institutions including NBFC’s. Therefore, the commission opines that the averments of the complainant in para-8 that, the interest rate claimed by the complainant as per the fixed deposit receipts is exorbitant and is against the directions of the RBI. It is also worthwhile here to mention that no financial institution will survive if interest rate of 36% p.a. is allowed which is more than 03 times the rate of interest permitted by the RBI, who are the regulatory of financial transactions of all the Banking or non-banking institutions.

12. In view of the above discussion, the commission come to the conclusion that, all the savings earned from the retirement benefits has deposited amount of Rs.7,00,000/- in the OPs society to meet the needs of family expenses for livelihood, but despite of several requests and demands for repayment of the above mentioned deposit amounts the OP has failed to refund the matured deposit amount, for which the OP society has liable for deficiency in service for failure to disbursement of mature deposit amount.

13. In view of the above discussion and on perusal of the complaint averments and by considering the documents produced, the OP-1 & 2 are held liable to pay the deposited amount along with rate of interest at 11% p.a. as assured by the OP in their pamphlet made available to public and filed by the complainant marked as P1.  Accordingly, we answer Point No.1 Partly in the affirmative.

14. POINT NO.2:- In the result,  for the forgoing reasons, we passed the following:

ORDER

1. The complaint is hereby allowed in part.

2.The OP-1&2 are jointly and severally directed to refund fixed deposit amount of Rs.4,00,000/-  deposited on 21.10.2019 and  Rs.3,00,000/-  deposited on 31.10.2020 along with accrued interest  at 11% p.a. from the  respective dates of deposits till the date of payment to the complainant.

3. The OP-1 &2 are jointly and severally directed to pay compensation of Rs.25,000/- towards deficiency in service, Rs.10,000/- towards compensation for pain and suffering and Rs.5,000 towards  cost of litigations within 45 days from the date of order, failing which the OPs are liable to pay interest at 8% p.a. on all amounts.

4.Furnish free copy of this order to both the parties.

(Dictated to the Stenographer, got it transcribed, typed by him and corrected by me, then pronounced in the Open Commission on 28^thJune 2024)

(RAMACHANDRA M.S.)

PRESIDENT

     (NANDINI H KUMBHAR)                   (SHRINIDHI.H.N)             ​

             MEMBER                                           MEMBER                   

Witness examined on behalf of the complainant by way of affidavit:

Sri G.S.Satyanarayana- Who being the complainant.

Documents produced by the complainant:

Witness examined on behalf of the OP way of affidavit:-Nil

Documents produced by the OP: Nil

(RAMACHANDRA M.S.)

PRESIDENT

     (NANDINI H KUMBHAR)                 (SHRINIDHI.H.N)            

      MEMBER                                     MEMBER

SKA*