Haryana

Ambala

CC/112/2022

Janak Raj Devgon - Complainant(s)

Versus

Punjab National Bank - Opp.Party(s)

In Person

02 Nov 2023

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, AMBALA.

Complaint case no.	:	112 of 2022
Date of Institution	:	07.04.2022
Date of decision	:	02.11.2023

Janak Raj Devgon (Age-74 Yrs) S/O Amin Chand Devgon, Resident of House No-45 Ajit Nagar, Ambala Cantt, Distt- Ambala (Haryana).

……. Complainant

Versus

1. PUNJAB NATIONAL BANK, AJIT NAGAR, Ambala Cantt, (Through its Branch Manager).
2. PUNJAB NATIONAL BANK, Circullar Office, Sector-5, Panchkula (Haryana). (Through its Asstt General Manager)
3. ZONAL Manager, PNB House, SCO-42, Bank Square Sector-17B, Chandigarh-160017. (Through its Zonal Manager)
4. Punjab National Bank, Head Office, 7 Bhikhaji Cama Place, New Delhi. (Through its Senior Manager).

….…. Opposite Parties.

 Before:       Smt. Neena Sandhu, President.

                     Smt. Ruby Sharma, Member,

         Shri Vinod Kumar Sharma, Member.           

 

Present:       Shri Rajiv Sachdeva, Advocate, counsel for the complainant.

                    Shri Vivek Maharshi, Advocate, counsel for the OPs. 

Order:        Smt. Neena Sandhu, President.

1.                Complainant has filed this complaint under Section 35 of the Consumer Protection Act, 2019 (hereinafter referred to as ‘the Act’) against the Opposite Parties (hereinafter referred to as ‘OPs’) praying for issuance of following directions to them:-

1. To refund the amount of Rs.5,15,563/- alongwith interest @10.50% from the date of Maturity of FDR i.e 27-12-2021.
2. To pay Rs.50,000/- as compensation on account of pain, suffering, agony, mental and physical harassment.
3. To pay Rs.15,000/- as cost of litigation
4. OR

Grant any relief which this Hon’ble Commission may deems fit.

 

2.             Brief facts of this case are that the complainant is Ex-employee of Punjab National Bank and is maintaining Saving Bank account bearing No-1170000100010444 with OP No.1. On 26-11-2012 the complainant had invested Rs.5,50,000/- with OP No.1 in the shaper of FDRs for 10 years @ 10.5 % being staff and senior citizen. The complainant received FDR bearing Sr. No-117000, Customer ID No-451706241 with issuance date as 26-11-2011 and date of Maturity as 26-12-2021 with Maturity Value of  Rs.15,50,563/-. The said FDR was issued by OP No.3. However, on due date i.e. 27-12-2021 the saving account of the complainant was credited with Rs.10,34,996/- instead of Rs.15,50,563/-. On 31-12-2021, 19 Jan 2022 and 04 Mar 2022 the complainant sent letters in the matter to OP No.1 but the same were not replied by it. The complainant also visited the office of OP No.1  on numerous occasions and even during peak of COVID Third Wave,  with a request to release the  remaining amount of Rs.5,15,563/- but to no avail.  Hence, the present complaint.
3.           Upon notice, OPs appeared and filed written version and raised preliminary objections with regard to maintainability, not come with clean hands and suppressed true and material facts etc. On merits, it has been stated that as a matter of fact the complainant deposited Rs.5,50,000/- for a period of ten years (120 months) on 26-12-2012 and the same was matured on 26-12-2021. The complainant being the senior citizen and ex-staff member got 1.5% additional interest rate resulting in effective interest @ 10.5% on the FDR in question.  After maturity of the FDR, the OPs paid Rs.10,34,996/- to the complainant on 27-12-2021 and remaining payment of Rs.4,12,410/- was credited in the account of the complainant on 17-5-2022 by mistake. Subsequently, the OPs deducted excessive amount of Rs.41,241/- from the account of the complainant as TDS @ 10% on 20-6-2022, as per the instructions of the AFI reports  which was in the knowledge of the complainant being ex-employee of the Bank.  Rest of the averments of the complainant were denied by the OPs and prayed for dismissal of the present complaint with costs.
4.           Learned counsel for the complainant tendered affidavit of the complainant as Annexure C-A alongwith documents as Annexure C-1 to C-6 and closed the evidence on behalf of the complainant. On the other hand, learned counsel for the OPs tendered evidence by way of documents Annexure R-1 to R-4 and also read written version of OPs No.1 to 4 and closed the evidence on behalf of the OPs.
5.            We have heard the learned counsel for the parties and have carefully gone through the case file and also gone through the written arguments filed by the learned counsel for the complainant.
6.           Learned counsel for the complainant submitted that by not refunding the remaining amount of Rs.5,15,563/- out of the total amount of Rs.15,50,563/- accrued out of the subject FDRs, the OPs are deficient in providing service and also adopted unfair trade practice.
7.           On the contrary, the learned counsel for the OPs while reiterating the objections taken in the written version submitted that it was by mistake that the part amount of Rs.5,15,563/- could not be paid to the complainant, yet, this issue is no more surviving, as the amount of Rs.4,12,410/- after deducting TDS @10% out of Rs.5,15,563/- already stood paid to the complainant, on 17.05.2022 by  transferring this amount to his account.  
8.           It may be stated here that since it has been candidly admitted by the OPs that there was a mistake on their part in making payment of the remaining FDR amount of Rs.5,15,563/- (Rs.4,12,410/- after deducting TDS @10%) and the same was actually credited in the account of the  complainant on 17.05.2022, as such, the sole question which now left for consideration is, as to whether, the complainant is entitled to get any further relief in the matter or not. It is significant to mention here that though it is coming out from the statement of account, Annexure R-2 that the said amount of Rs.4,12,410/- (after deducting 10% TDS out of Rs.5,15,563/-) stood credited in the account of the complainant on 17.05.2022, which fact has also not been disputed by the complainant, yet, this Commission also cannot lost sight of the fact that it was only during pendency of this complaint, that the OPs have paid the said amount to the complainant, which otherwise he was legally entitled to, on 26.12.2021 i.e. on the date of maturity of the said FDRs. However, for this amount of Rs.4,12,410, the complainant has been dragged into unnecessary litigation, over and above, the financial loss suffered by him, as he was unable to utilize the said amount for the period from 26.12.2021 to 17.05.2022. Thus, since the fact of the matter is that amount of Rs.4,12,410/-, remained deposited with the OPs for quite long time, therefore, the complainant is entitled to some interest on the said  amount of Rs.4,12,410/-, for the period the same was retained by the OPs, in view of the principle of law laid down by the Hon’ble Supreme Court in Alok Shanker Pandey Vs. Union of India &Ors., II (2007) CPJ 3 (SC) wherein it was held as under:-

“9.  It may be mentioned that there is misconception about interest.  Interest is not a penalty or punishment at all, but it is the normal accretion on capital.  For example if A had to pay B a certain amount, say 10 years ago, but he offers that amount to him today, then he has pocketed the interest on the principal amount.  Had A paid that amount to B 10 years ago, B would have invested that amount somewhere and earned interest thereon, but instead of that A has kept that amount with himself and earned interest on it for this period.  Hence equity demands that A should not only pay back the principal amount but also the interest thereon to B.”

 

9.           In view of the aforesaid discussion, we hereby partly allow the present complaint and direct the OPs, in the following manner:-  
   1. To pay interest @6% p.a. on the amount of Rs.4,12,410/-,  to the complainant for the period from 26.12.2021 to 17.05.2022.
   2. To pay Rs.3,000/-, as compensation for the mental agony and physical harassment suffered by the complainant.
   3. To pay Rs.2,000/- as litigation expenses.

    

The OPs are further directed to comply with the aforesaid directions within the period of 45 days, from the date of receipt of the certified copy of the order, failing which the OPs shall pay interest @ 8% per annum on the awarded amount, from the date of default, till realization. Certified copy of this order be supplied to the parties concerned, forthwith, free of cost as permissible under Rules. File be indexed and consigned to the Record Room.

           

Announced:- 02.11.2023

 

(Vinod Kumar Sharma)	(Ruby Sharma)	(Neena Sandhu)
Member	Member	President