Punjab

Sangrur

CC/477/2015

Ram Murti - Complainant(s)

Versus

Sangrur Central Co-op. Bank - Opp.Party(s)

14 Mar 2016

ORDER

 

 

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, SANGRUR

                                     

                            

                                                                   Complaint no. 477                                                                                              

                                                                  Instituted on:  12.06.2015                                                                            

                                                                   Decided on:    14.03.2016

 

 

Ram Murti aged about 65 years wife of Sh. Mohan Lal, resident of Jain Colony, Bhawanigarh, Tehsil & District Sangrur.  

…. Complainant.      

 

                                         Versus

 

 

1.     The Sangrur Central Cooperative Bank Limited, Near Punjab and Sind Bank, Old Super Pipe Road, Bhawanigarh, District Sangrur through its Branch Manager.

 

2.     The Sangrur Central Cooperative Bank Limited, Patiala Gate, Sangrur through its District Manager.

             ….Opposite parties.

 

 

 

FOR THE COMPLAINANT:    Shri Sanjeev Goyal Advocate                          

 

FOR THE OPP. PARTIES  :    Shri R.S.Toor, Advocate.                     

 

 

 

Quorum

         

                    Sukhpal Singh Gill, President

K.C.Sharma, Member

Sarita Garg, Member

                 

 

ORDER:  

 

K.C.Sharma, Member

 

1.             Ram Murti complainant has preferred the present complaint against the opposite parties (referred to as OPs in short) on the ground that she obtained the services of the OPs by getting house loan of Rs.6,00,000/- on 10% fixed rate of interest. The said loan was repayable in 15 years having EMI of Rs.6550/- per month.  In January 2015,  the complainant went  to the office of OP No.1 for closing of her loan account and was shocked  to know that an amount of Rs.5,15,777/- is still due against her. On inquiry the complainant came to know that the OP No.1 illegally and arbitrarily imposed the interest @13% and @16%  in the loan account of the complainant whereas as per the loan agreement the rate of interest was settled @10% .  The OPs assured the complainant  for making correction in her loan account by applying correct rate of interest but they did not do so despite so many   requests to them.  The complainant also demanded complete account statement of her account which was not provided by the OPs. Thus, alleging deficiency in service on the part of OPs, the complainant has sought following reliefs:- 

i)      OPs be directed to refund the excess amount which was charged by the OPs by charging excess rate of interest and also to supply the correct amount statement and balance,

ii)     OPs be directed to pay to the complainant a sum of Rs.25000/- as compensation   on account of mental agony, harassment and to pay Rs.5500/- as litigation expenses.

2.             In reply, the OPs have taken preliminary objections on the grounds of maintainability , cause of action, locus standi and suppression of material facts. On merits, it has been stated that the complainant never paid installment regularly after 30.04.2008 as per loan agreement. As per loan agreement, if complainant will  not pay installments regularly then the OPs  bank has right to recover the interest @13% instead 10%.  The  complainant know about his account details from the very beginning and she intentionally  has not deposited  the installments  regularly even as per loan agreement  and conditions admitted  by the complainant if complainant not paying the installments , the Ops bank will recover the interest @13% per annum  in place of 10% . In 2007, the rate of interest  is 10% and thereafter the OP No.2  has revised the interest @11% and thereafter  as per notification no.1236 dated 09.05.2012 , the OP No.2 revised their rate of interest is 13% instead of 11%. As per loan agreement it is necessary for the complainant to deposit  the certificate  regarding using  of loan amount with the OPs bank within the period of 12 months  after getting  the loan from the OPs but complainant failed to deposit the said certificate with the OPs bank till today.  It has been denied that the OPs bank is charging interest @10% for the  new customers.

3.             The complainant has tendered in his evidence documents Ex.C-1 to Ex.C-6 and closed evidence. On the other hand, OPs have tendered documents Ex.OPs/1 to Ex.OPs/9 and closed evidence.

4.             In the present complaint, the complainant has alleged that the OPs have charged excess rate of interest i.e. 13% and 16% on his loan account whereas the agreed rate of interest at the time of availing the loan was 10%. So, the main point of controversy in the complaint is with regard to the excess rate of interest charged  by the OPs on the loan account of the complainant.

5.             After having heard the arguments of the learned counsel for the parties and on going through the documents placed on record, we find that since the opening of the account the rate of interest has been changed from time to time. As per document Ex.OP-2 the rate of interest  charged on 28.09.2007 was 10% whereas subsequently  the rate of interest  has been mentioned as 16%  as on 28.09.2012 and 15.03.2013 as per document Ex.C-3. We have gone through the evidence tendered by the OPs  and we do not find at any stage any document  with regard to the change of rate of interest as 16% in such loans.  As per document Ex.OP-6 which is dated 09.05.2012 the revised  rate of interest has been mentioned  for  the housing loan as 13%. So, we find that the mention of the rate of interest as 16% is against the norms of the OPs  whereas at the time of opening of the account the agreed rate of interest was 10% as per document Ex.OP-8 but  in this document it has been mentioned that the revised rate of interest will be charged as per bank rules and regulations. So, in this case the revised rate of interest as per document Ex.OP-6 is 13% and not 16% and as such we find that the OPs are deficient in service.

6.             So, in view of the above discussion, we allow the complaint and direct the OPs to charge 13% rate of interest as per revised guidelines and excess amount charged on account of excess rate of interest be refunded to the complainant. We further direct the OPs to pay to the complainant a consolidated amount of Rs.7500/- on account of compensation and litigation expenses.

7.             This order of ours shall be complied with within 30 6days from the receipt of copy of the order. Copy of the order be supplied to the parties free of charge. File be consigned to records in due course.

                Announced.

March 14, 2016.

 

 

 

     ( Sarita Garg)        ( K.C.Sharma)     (Sukhpal Singh Gill)                                                                                       

 Member                 Member                    President

      BBS/-