Filed On:.27.02.2009
Disposed On:15.07.2015
THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, THIRUVALLUR
PRESENT . THIRU. S. PANDIAN, B.Sc., L.L.M : PRESIDENT
TMT. S. SUJATHA, B.SC., : MEMBER-I
THIRU. V. VENKATESAN, M.A.B.Ed., MBA. M.PHIL.B.L., : MEMBER-II
Wednesday, the Day of 15th July - 2015
C.C .No. 9/2009
Mrs. Elisabath Rani
W/o. S. Antony Raj
No. 194, P.H. Road
Maduravoyal
Chennai -600 095. …Complainant
-Vs-
1. The Kancheepuram Central Co- Operative Bank Ltd.,
Rep. by its Asst. General Manager (Development),
No. 15-G, Sheckpet North Street,
Post Box No.9,
Kancheepuram 631 501.
2. The Kancheepuram Central Co-operative Bank Ltd.,
Valasaravakkam Branch
Rep. by its Branch Manager
Valasaravakkam
Chennai – 600 087. …Opposite Parties
Counsel For Complainant : Mr. S. Arokiasamy, Advocate
Counsel For Opposite Parties : M/s. T. Ravi, Advocate
This Complaint is coming upon before us finally on 08.07.2015 in the presence Mr.S. Arokiasamy, Advocate on the side of the complainant and M/s.T. Ravi, Advocate appeared on the side of the Opposite parties 1&2, and upon hearing arguments on the side of the both and perused the documents and evidence, this Forum delivered the following,
ORDER
PRONOUNCED BY THIRU. S. PANDIAN, PRESIDENT
This complaint is filed by the complainant U/S 12of consumer protection Act 1986, against the opposite parties seeking direction to repay the matured amount of Rs.50,324/- with further interest of 10.5% per annum and to pay a compensation of Rs. 50,000/- each towards the deficiency of service and mental agony with cost of Rs.5000/- .
1. The Complainant is a resident at Madhuravoyal. The Opposite Party - I is the Dist Apex Bank of which the Opposite Party -II is the Branch at Valasaravakkam. The Complainant, lured by an advertisement by the Opposite Parties that deposits with them, would carry an interest of 10.5% per annum, deposited a sum of Rs.25,000/- (Rupees Twenty five thousand only) on 24.10.2001, for a period of 81 months. The Opposite Party-II has issued a Cash Certificate Receipt (CCR) where in it was clearly indicated that the above deposit would carry an interest of 10.5% per annum. In fact, the maturity amount calculated on the basis of such interest was also mentioned as Rs.50,324/- (Rupees Fifty thousand three hundred and twenty four only). But, on its maturity, when sought for refund of the said matured amount, the complainant was shocked to the reaction of Opposite Party-II that Opposite Party-II was prepared to pay the deposited amount of Rs.25,000/- along with the interest at the rate of 6% per annum instead of 10.5% per annum as promised in Cash Certificate Receipt. The Complainant brought the matter to the knowledge of Opposite Party-I and beseeched for intervention. But, despite receipt of Legal Notice, Opposite Party-I failed to interfere in the matter. Thus, both Opposite Party-I and II have been deficient in their service to their Consumer. As such, the Complainant has prayed for payment of the entire amount with the interest accrued at the rate of 10.5% per annum from the date of deposit till the date of payment and also grant of compensation of Rs.50,000/- each towards to her mental agony and deficiency of service and cost of Rs.5,000/-. Hence this complaint is filed.
The averments of the written version of the opposite parties as brief as follows.
2. It is relevant to submit that the fixed deposit which was made during the year 2001is bound to be disbursed as per the prevailing interest which is applicable to the cooperative banks as per the circular of the reserve bank of India for the initial fixed deposit made during the year 2001 in respect of the bank/opposite party to return the fixed deposit with interest at the rate of 10.5% at the time of maturity of the deposit the deposit, the interests payable were at the reduced interest of 6%. Due to the protest made by her, the same has not been disbursed to her and on realizing that the disbursement has not been made to her, the mature value of the deposit has been calculated at the rate of interest of 10.5% per annum and a sum of Rs.50,324/- (Rupees Fifty Thousand Three Hundred and Twenty four only) was retained as the mature deposit and till this date the amount is pending with the bank and accruing interest currently at the rate of claiming bank interest. As stated already, the circular of the registrar of co-operative societies indicating that the interest rate stands revised at the rate of fixed deposit matured is produced herewith to substantiate the fee that the Bank is authorized to disburse the matured value of the fixed deposits only as per the instructions of the Registrar of Co-operatives Societies and in variance to the same is feasible to this Opposite Party. There is no deficiency in service and therefore this complaint is unsustainable and liable to be dismissed.
3. On the side of complainant the proof affidavit is filed and marked Ex.A1 to Ex.A5. While so, the opposite party also filed the proof affidavit and Ex.B1 to Ex.B3 are marked.
4. At this juncture, the points for consideration before this forum is,
- Whether there is deficiency in the service of the opposite parties as alleged in the complaint?
- Whether the complainant is entitled to any relief ?
5. Written arguments filed by both parties and in addition oral arguments adduced on both sides.
6. Point No. 1:- obviously it is a fact on record that the complainant deposited a sum of Rs.25,000/- with the opposite parties though Ex.A1, the cash certificate where in the interest rate has been clearly mentioned as 10.5%. As such on maturity the opposite party-2 was bound to return the assured amount of Rs.50,325/- calculated on the basis of the arrived interest of 10.5% as if mentioned the Ex.A1. But in maturity when the complainant approached the opposite party-2 on 24.7.2009, for the return of maturity amount the opposite party-2 agreed to return the deposit amount at a rate of 6% P.A. instead of agreed interest of 10.5% as per Ex.A1. Immediately the complainant sent a written representation Dated 06.08.2008, which is marked Ex.A2 to the opposite party -1, and the same was received by him. The acknowledgement card is marked as Ex.A3. Even then no reply sent by the opposite parties. Therefore the complainant sent legal notice dated 31.12.2008 to the opposite party is marked as Ex.A4 and Ex.A5 is the acknowledgement card for the receipt of the same by the opposite party-1. It is further stated by the complainant that the opposite parties are arbitrary and high handedness and such act amount to deficiency of service and therefore caused much mental pain and suffering to the complainant.
7. On the other hand, it is seen from the proof affidavit of the opposite parties, as per Ex.B1. the Opposite Party-1 has not responsible for the enhancement of the interest of the complainant or other parties and it is up to the limit of the concerned Branch Manager and the enhancement of interest mount to the 2nd opposite party as against the act of the co-operative rules and therefore Opposite Party-2 is not liable to pay the enhancement of interest claimed by the complainant. It is further stated that Ex.B1 & Ex.B2 are two deposits in favour of this forum.
8. At this juncture, on careful perusal of the rival submissions put forth on either side, it is an admitted fact that Ex.A1 is the cash deposit receipt in which the rate of interest is mentioned as 10.5% Per Annum. It is further learnt that the period of deposit is 81 months and the due date is 24.07.2008. It is pertinent to note from Ex.A1, the maturity value is specifically quoted of Rs.50,324/-. In such a circumstances, the only contention raised on the side of the opposite parties, that as per Ex.B1, which is the important communication from the Opposite Party -1, that the opposite Party -1 has not responsible for the enhancement of interest of the complainant and it is upto the limit of the concerned Branch Manager. At the outset, on bare needing of the Ex.B1, it reveals as follows:
“ca® t£o it¥òfŸ ÏU¥gjhš 31.12.2004 ¡F¥ Ëd® vªjbthU »is nkyhsU« t§»¡F m¿¡if thæyhf¤ bjçé¤J¡bfhŸshj ãiyæš, ca® t£o it¥òfŸ ÏU¥gjhf V¥uš 05 khj m¿¡ifæš bjçé¡f¥gL«g£r¤Âš mj‰F m¡»isnkyhsnu KG bghW¥ghdt® v‹gJl‹ m›it¥Ã‹ Ûjhd ca® t£o¡fhd bjhif m¡»is nkyhsçläUªnj tNè¤J <L brŒa¥gLbkdΫ f©o¥ghf¤ bjçé¡f¥gL»wJ.
9. On careful going through the Ex.B1, it is between the General Manager and the Branch Manager of the opposite Party’s Bank. That too the effect of the circular is pertaining to the non submission of the higher interest deposits by the concerned Branch Manager as on 31.12.2004. At the same time, there is no mentioning about the interest rate regarding the earlier deposits like Ex.A1cash receipts. Therefore the Ex.B1 is no way relevant to the fact of this complaint in hand and hence the opposite Parties cannot enjoy any privilege to decline to pay the matured deposit amount as per Ex.A1 along with the promised interest. So, the denial to pay the said amount to the complainant on maturity is amount to a gross deficiency in service on the part of the opposite parties. Therefore, the plea taken by the opposite parties cannot be taken into consideration since it is devoid of merits. Hence, both the opposite parties held guilty of deficiency in their service. Thus the point No. 1 is answered accordingly.
10. Point No:- In view of the decision arrived in point No. 1, the complainant is entitled for the repayment of the maturity amount and the reasonable compensation with cost. Thus this point is answered accordingly.
11. In the Result, this complaint is allowed in part. Accordingly, the Opposite Parties are jointly and severally directed to repay the matured amount of Rs.50,324/-(Fifty Thousand Three Hundred and Twenty Four Only) with future interest of 10% from the date of maturity his the date of payment and to pay compensation of the 10,000/- (Ten Thousand Only) towards her mental agony due to deficiency of service with cost of Rs.2000/- (Rupees Two Thousand Only).
The above amount shall be payable within one month from the date of the receipt of the copy of the order, failing which the said amount shall carry interest at the rate of 9% P.A. till the date of payment.
Dictated directly by the president to the steno –typist, transcribed and computerized by her, corrected by the president and pronounced by us in the open forum on this the 15th July-2015.
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MEMBER – I MEMBER-II PRESIDENT
List of Complainant Documents:
Ex.A1 Dt. 24.10.2001 -Xerox Copy of certificate receipt
Ex.A2 Dt. 06.08.2008 -Xerox Copy of Letter of complaint to the opposite party-II
Ex.A3 Dt. - - Xerox Copy of Proof of delivery (EMS speed Post)
Ex.A4 Dt.31.12.2008 -Legal Notice to opposite party-1
Ex.A5 Dt. 03.01.2009-Acknowledgement
List of Opposite Party Documents:
Ex.B1 Dt. 27.04.2005 - Xerox Copy of Important Notes Paper
Ex.B2 Dt. 07.10.2010 - Xerox Copy of Deposit receipt
Ex.B3 Dt. 11.10.2011 - Xerox Copy of Deposit receipt
Sd/-*** Sd/-*** Sd/-***
MEMBER-I MEMBER-II PRESIDENT
