BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I, U.T. CHANDIGARH

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Gagan Salwan s/o Narinder Kumar Salwan through his GPA Narinder Kumar Salwan S/o sh. Ram Sharan Dass resident of 11E, Gopal Nagar, Majitha Road, Amritsar.

…..Complainant(s)….

                           V E R S U S

 ICICI Bank, SCO  180-182, Sector 9, C, Chandigarh thrugh its Incharge/Manager.

                                  ……Opposite Party(s)……..

CORAM:   SH.P.D.GOEL, PRESIDENT

                                SH.RAJINDER SINGH GILL, MEMBER

              DR.(MRS) MADANJIT KAUR SAHOTA, MEMBER

Argued by: Sh. Kulwinder Singh counsel for complainant.

              Sh. Arun Dogra, counsel for OP.

PER DR.(MRS) MADANJIT KAUR SAHOTA, MEMBER 

        Concisely put, the complainant took loan of Rs.13,00000/- from the OP bank on 25.3.2006 @ 8.25% interest. Installment of the loan was fixed at Rs.15945/- p.m. and all the instalments were duly deposited. On 11.7.2009 the complainant intimated the OP regarding his intention to repay loan, as the present interest rate 11.75% was very high.  Initially, the OP rejected the request but later on agreed for the same. The complainant averred that as per calculations given by the OP, he deposited Rs.1106000/-, on 11.7.2009 (Annexure C-2 ) and balance amount of Rs. 14,851/- was drawn by the OP on 10.8.2009, but No due Certificate was not issued by the OP.  The complainant alleged that Rs.1106000/- which was paid by him towards part payment of loan on 11.7.2009 (Annexure C-2), was used by the OP from 11.7.2009 to 10.8.2009 without giving the complainant any credit, which is clear from statement at Annexure C-3 that the OP  took up the said amount in the statement on 10.8. 2009. The complainant demanded from the OP interest @11.75% for holding the said amount with them but they did not respond (Annexure C-4). The complainant alleged that despite his offer to pay the total amount of loan, the OP declined his offer, rather asked to pay Rs.25,677/ on account of penalty charges for getting the loan account closed (Annexure C-5). Hence, this complaint alleging that the aforesaid acts of the OP amount to deficiency in service as well as unfair trade practice

2.             Admitting the factual matrix of the case. The OP denied that the complainant was ever told to deposit Rs.11,06,000/- as part payment and to pay balance amount of Rs.14,851/-.   Further pleaded that the loan account was to be closed only after full and final payment. Hence, the complainant was legally bound to pay the interest till the closing of the loan account. The OP admitted, receiving of balance amount of Rs.14,851/- on 10.8.2009.  Denying all the material allegations of the complainant, the OP pleaded that there has been no deficiency in service or unfair trade practice on their part and prayed for dismissal of the complaint. 

3.     The Parties led evidence in support their contentions.

4      We have heard the Learned Counsel parties and have also perused the record. 

5.    The  main grouse of the complainant in this complaint is that  the OP has kept his money of Rs. Rs.11,06,000/- with them from 11.7..2009 to 10.8.2009 without giving him any credit, whereas they have charged from the complainant interest @ 11.75% for the loan amount.  The complainant contended that he should be given the same interest i.e. 11.75% upon his money kept by them for a month. Thereby he asked to refund Rs.18400/- for the amount in question.  The OP has used unfair trade practice by keeping the amount of Rs. 11,06,000/- with them after clearing the same in their account and not giving any benefit to the complainant for a full one month.

6     On the other hand, the OP in the written reply denied that the complainant was ever asked to repay the loan amount by making part payment and further to pay the balance amount later on. As per the  principle/practices of the banking it is not possible to close the loan account in parts. Therefore, the complainant is liable to pay the interest till acceptance of full and final payment against the loan account.

7     A careful perusal of record on file clearly shows that OP has accepted part payment of Rs. 11,06,000/- from the complainant towards closing  of the loan account, which is evident from Annexure C-2 i.e. payment receipt issued by OP bank, whereas the same amount was taken up in statement on 10.8.2009 (Annexure C-3), while the same was deposited on 11.7.2009.  Hence evidently they have kept the money with them without giving any credit to the complainant rather charged interest from the complainant @ 11.75%. In the reply admittedly, the OP drawn the balance amount of Rs.14,851/- on 10.8.2009.  Thus in our considered view, the evidence on file and reply of the OPs is itself explanatory and there is certainly unfair trade practice on the part of the OPs.  Hence the complaint has merit.   

8     In view of the above, we partly allow the complaint and direct the OPs to pay the complainant interest @ 11.75% on the amount of
Rs. 11,06,000/- for the period 11.7.2009 to 10.8.2009. Further the OP is liable to pay a sum of Rs.5,000/- towards compensation as well as costs of litigation within 30 days from the date of receipt of copy of this order failing which the OPs would be liable to pay the aforesaid amount alongwith penal interest @18% p.a. till the payment is actually made to the complainant.

9      Certified copies of this order be sent to the parties free of charge.  The file be consigned.