This is a complaint U/s 12 of the Consumer Protection Act, 1986 with the prayer for a direction upon O.P./ Punjab National Bank to pay for compensation and deposited interest of Rs.50,000/- and litigation cost of Rs.5,000/-.
The case of the complainant in short is that he is a bonafide consumer of O.P./ Bank having OD A/c being No.0937009300008784, jointly with his wife. He was running business of a grocery shop, cyber café and Xerox business for his livelihood. He used to receive loan from the OD A/c and used to pay interest. He was provided with a loan of Rs.4,50,000/- and as security deposited KVP certificates lying with the O.P./ Bank for withdrawal of the amount, assigned in favour of the O.P./ Bank. He alleges that O.P. intentionally did not withdraw the said KVP in time after maturity date and petitioner suffered huge loss of interest amount for such non-withdrawal and the loss amounting to Rs.43,500/- approximately. Petitioner stated particulars serially of interest taken by the O.P./ Bank and particulars of value & maturity dates of KVPs in his petition of complaint. He stated that O.P. withdrew the matured amount of KVP of Rs.2,08,000/- on 24.12.2014 and Rs.3,12,335/- on 17.01.2015 from the Postal Authority. Had the O.P./ Bank withdrew the amount within due time of maturity then the petitioner would not have suffer such loss in getting interest money. Petitioner informed O.P. about such loss in writing, but O.P. did not pay any heed. Petitioner claims that he is entitled to return the said interest amount charged from O.P. and also for compensation. Therefore he come up with this petition against O.P./ Bank before this Forum with the above mentioned prayer.
O.P./ Bank appeared and contested the case by filing written version, where the Bank challenged the petition of the complainant along with other grounds alleging that the contents of the petition is incorrect, false, fabricated and inflated. O.P. admits petitioner as a customer having above mentioned OD A/c jointly with his wife, Gouri Jadav and that he secured loan from O.P./ Bank against KVP as security. Some of the KVPs became matured and was duly sent by O.P./ Bank to Postal Authority for making payment as the KVPs were assigned in favour of O.P./ Bank. The Postal Authority as per their norms sent the matured amount of KVPs with excess interest by way of two (02) cheques to the O.P. Thereafter O.P. duly deposited that cheques in the account of petitioner and subsequently that deposited amount was duly credited in the account of complainant. That O.P. never suffered a loss of Rs.43,500/- for non-withdrawing the amount of KVPs by this O.P. in time. There is no default on behalf of the O.P. and no deficiency in service and petitioner is not entitled to get any amount as prayed for.
To establish the case, the complainant has relied upon an affidavit-in-chief of Petitioner who was examined and cross examined as P.W.1 and filed photocopies documents like certificate of enlistment copy, Security of complainant and his wife, copy of 25 KVPs, copy of Account Ledger Enquiry, copy of complaint through online, copy of written complaint with postal receipts.
O.P./ Bank filed examination in chief of one Durga Bal Lepcha, Senior Branch Manager of Raiganj Branch as O.P.W.-1 and also filed documents like Statement of Account of Shankar Jadab from 05.10.2013 to 31.03.2016.
DECISIONS WITH REASONS
Giving due consideration to the contents of the complaint petition, documentary evidence on record, hearing, argument advanced by the lawyers of both sides, the Ld. Forum has come to the findings as follows: -
Petitioner has been examined as P.W.-1 and he deposed as per complaint petition in his examination-in-chief. He stated serially about the particulars of interest taken by the Bank from 30.11.2013 to 31.12.2014. He stated particulars of matured 25 KVPs with maturity date from 23.10.2013 to 27.11.2013. He also stated serially particulars of loan taken from OD A/c from 21.11.2013 to 30.04.2014. He claimed that he had given explanation of his loss on sufferings financially of Rs.43,500/-, which he was entitled to receive from the O.P./ Bank for such encashment of KVP by the Bank long after maturity period. He also deposed in cross examination that Bank Authority delayed in realizing the maturity amount causing him financial loss. Therefore, the Bank has deficiency in service.
O.P.W. Durga Bal Lepcha, Senior Manager admits that petitioner deposited 66 KVPs as security in respect of OD A/c of the petitioner and his wife and admits the series of KVPs mentioned in the petition with their value and date of maturity and that originals were in the custody of the Bank. He produced Account Ledger Enquiry Chart with particulars of interest debit and credit amount up to 17.11.2014 and 17.01.2015 to 25.08.2015. It appears that Rs.2,08,000/- was deposited on 24.12.2014. The amount was collected by the Bank against matured KVP credited to the account of petitioners on 24.12.2014. He further deposed in cross examination that Rs.3,12,335/- was also deposited subsequently and that if the credit balance is available up to the limit then no charge on interest is imposed by the Bank. That KVP encashed long after due date of maturity though they received interest for the delay as per RBI Rules from Post Office. The manager also admits there was delay in encashment of KVPs, but denied that the Bank illegally charged interest on the petitioner from 30.11.2013 to 31.11.2014 due to such fault on their part in encashing KVPs in due time. He also admits that there is provision to return excess amount received from the customer and that if the KVPs were encashed in time then the petitioner may not face any loss for paying additional interest to his loan amount.
From the documentary as well as oral evidence on record it is clear to this Forum that the KVPs were encashed on 24.12.2014 for Rs.2,08,000/- and on 17.01.2015 for Rs.3,12,335/-, while the KVPs were matured during the period 23.10.2013 to 27.11.2013 i.e. after more than one year of such date of maturity. Petitioner therefore rightly claimed that he was deprived of the interest of the delayed period of more than one year over all the 25 KVPs. It is also admitted by the O.P./ Bank in the evidence of O.P.W. The particulars of interest as per Statement of Account taken by the O.P./ Bank received from the petitioner from 30.11.2013 to 31.12.2014 is amounting to Rs.27,478/-.
It is also admitted by the Branch Manager, O.P.W. that they could not encash the KVP in time and interest was imposed upon the petitioner due to debit balance. It is also clear from the statement of account of the petitioner supplied by the Bank up to 17.11.2014 and Ledger Enquiry Chart 17.01.2015 to 25.08.2015 for the period 30.11.2013 to 31.11.2014. Therefore this Forum come to the conclusion that the interest imposed on the petitioner is unreasonable and in excess charged for taking loan from OD A/c for the period 30.11.2013 to 31.12.2014 and also for not encashing in time the KVPs matured up to 27.11.2013. O.P. admitted that Bank collected matured amount and credited the same to the loan account of petitioner after receiving the cheques from Postal Authority on 24.12.2014 of Rs.2,08,000/- and on 17.01.2015 Rs.3,12,335/-. So there is no fault or delay in making payment of money for the loan by the complainant himself, against his OD A/c in the O.P./ Bank. The O.P./ Bank wrongly imposed interest on the petitioner from 30.11.2013 to 31.11.2014 and O.P.W. admits that excess amount received from the customer then there is the provision to return the same. Therefore the petitioner has been able to prove his case that the Bank realized the amount of Rs.27,478/- as interest as excess amount without any fault of the petitioner/ customer. The petitioner is entitled to realize the excess amount from the O.P./ Bank. The complaint petition succeeds, but in part.
Fees paid is correct.
Hence, it is
ORDERED,
That the consumer complaint being No. CC-24/2015 be and the same is allowed on contest against O.P./ Bank.
We direct O.P./ Bank to pay the excess interest amount charged upon petitioner to the tune of Rs.27,478/- as calculated for the period 30.11.2013 to 31.12.2014 and also direct to pay a compensation of Rs.2,000/- towards his mental pain and agony and Rs.1,000/- as litigation cost within one month of passing of this order, otherwise petitioner is at liberty to proceed with the law.
Let copies of this order be supplied to the parties free of cost.
