Complainant/respondent deposited 6 gold bars weighing 1089.85 gram with 0.995 purity with opp.party No.3, a branch of the appellant on 19.5.2009 pursuant to the scheme floated by the appellant under the name and style of “State Bank of India Gold Deposit Scheme”.  Respondent was assured by the appellant that the Gold Deposit Certificate would be sent to him.  According to the respondent he never received the certificate.  He repeatedly approached the appellant for issuance of the certificate but in vain.  Opp.party No.3 subsequently handed over a photocopy of the certificate to the respondent.  Respondent then sent a lawyer’s notice to the appellant to which the appellant replied that the certificate had already been issued and he was directed to issue Indemnity Bond to issue the duplicate certificate.  Respondent, being aggrieved, filed the complaint before the State Commission.

          State Commission allowed the complaint and directed the appellant to deliver the Gold Deposit Certificate or duplicate of it mentioning that it has received 1085.111 gram of gold with effective date of payment of interest @ 1.5% cumulative from 19.5.2009 with clear indication that the original is lost at their end and the same would be treated as original for all purposes.  Appellant was directed to pay compensation of Rs.1 lakh along with costs of Rs.10,000/-.

          Counsel for the appellant submits that first portion of the order has been complied with and a duplicate Gold Deposit Certificate has been given to the respondent on 25.7.2012 with the endorsement that the original has been lost and the same be treated as original for all purposes.            Present appeal has been filed limited to the point of compensation only.  Counsel for the appellant submits that the compensation awarded is on a higher side.

          Limited notice was issued to the respondent regarding the amount of compensation.

          Heard the counsel for the parties.  In our view, compensation of Rs.1 lakh awarded is on the higher side.  In lieu of the loss of the deposit certificate, appellant gave the duplicate certificate mentioning therein that the duplicate certificate issued be treated as original for all purposes.  Since the duplicate certificate has been issued, compensation of Rs.1 lakh is on the higher side and accordingly we reduce the same to Rs.50 lakh.

          With this modification, the appeal is disposed of.