West Bengal

Dakshin Dinajpur

CC/47/2012

Sri Animesh Panchanan, S/O- Ashesh Panchanan - Complainant(s)

Versus

The Branch Manager, State Bank of India, Balurghat Branch - Opp.Party(s)

31 May 2013

ORDER

As per prayer, the complainant was sanctioned a sum of Rs.3,90,000/- (Rupees Three lacs ninety thousand) only vide Loan A/c No. 31643951228 enabling him to purchase a 4 (four) wheeler. Thereafter he started repaying loan amount with interest by depositing Rs. 5,000/- to 6,000/- on diverse dates. For his own satisfaction, he on 7.9.2012 collected a copy of statement of his loan account for the period from 1.3.2011 to 6.9.2012 and became surprised to know that interest @ 12% p.a. was being charged in respect of his loan. The OP in violation of agreement and having no right went on increasing the rate of interest time to time. As a result, despite his payment of Rs.73,000/- up to 6.9.2012 the outstanding principal amount of the loan stood at Rs.3,54,000/-.

 

            He on 7.9.2012 and several times thereafter visited the Bank with request to furnish him a copy of loan agreement with the rate of interest to be charged on the loan but was flatly refused even on 24.9.2012. According to him, the amount of money he deposited in the Bank was adjusted mainly towards interest charged at the increasing  rate and therefore the principal amount of loan was not decreasing as expected. Despite request even on 24.9.12 the Bank authority refused to make any adjustment of the excess amount of interest charged with the principal amount and thereby no option was left to him but to file this complaint u/s 12 CP Act, 1986, dt. 27.9.12.

 

            Having denied all the material allegations the OP Bank contested this case but admitted that, in fact, some errors and anomalies are there in respect of calculating interest in the loan and simultaneously has undertaken to make adjustment against the loan amount (vide Para- 10 of written version). The reason for such error has been attributed to server problems of the Bank and to no Bank official

 

 

                                                                                                Contd…P/3

 (vide Para- 11 of the written version). Disputing the existence of any deficiency in rendering service to the valued customer the OP has prayed for dismissal of the complaint.

 

            Admittedly, the complainant had taken a loan of Rs.3,90,000/- vide Loan A/c noted above. Neither the complainant nor the OP has furnished copy of loan agreement or any other scrap of paper to show the agreed rate of interest in respect of loan, be it fixed or floating. However, from the Bank statement for the period from 1.3.2011 to 6.9.2012 as furnished by the complainant and also from the brief statement in respect of the rate of interest charged from 25.4.11 to 24.2.12 as appearing in the petition  of complaint in Para-5, it appears that the complainant is being charged interest at an increasing rate.

 

            Be that as it may, the OP by his written objection admitted that some errors and anomalies have been found in respect of calculating the interest on loan and assured that the errors would be rectified and excess amount if already paid would be adjusted  against the loan amount. In view of such statement made in the written version duly reiterated by Ld. Advocate for the OP during argument, we have no hesitation to dispose of the case by directing the OP to make correct calculation of interest and to adjust the excess amount , if any, with the loan amount.

 

            The complainant has also alleged that despite repeated requests he was not supplied with a copy of loan agreement and was also not informed in writing of the rate of interest the complainant is supposed to pay in respect of his loan amount. Having heard both sides we are also of the view that the Bank OP may be directed to furnish such documents and information to the complainant.

 

            Though we do not find that the complainant made requisition for such documents and informations in writing. Yet the allegations of the

 

 

                                                                                                Contd…P/4

 

 complainant that despite request he was not supplied with documents and informations practically go undemolished. Be that as it may, we find no harm or difficulty on the part of the OP Bank if it is directed to furnish such documents and information to the complainant. We also think this step beneficial to the Bank and the complainant loanee as well because in that event both of them would be vigilant to avoid further mistakes to take place.

 

            Undisputedly, the complainant is a ‘consumer’ of OP and the stated above bundle of facts appear to have constituted cause of action for the filing of this case.

 

            The petition  of complaint is, therefore, liable to be allowed and it is allowed  accordingly. Hence, it is.

 

                                                O R D E R E D

 

            That the OP Bank i.e. the loan granting / lending branch of the OP Bank is directed to calculate the interest accrued on the loan amount given to the complainant for the period from the date of advancing the loan to the date of this judgment at the agreed rate of interest, be it fixed or floating. If in case of any excess amount of interest is found to have been charged then such amount  would be adjusted against principal amount of loan as it stood on the date of advancing of loan.

 

            The OP will reflect such calculation in the Loan A/c and will supply a copy thereof to the complainant together with a copy of loan agreement and will also furnish the applicable rate of interest with copy of such circular.

 

            Having regard to entire facts and circumstances of the case and the amiable attitude of the OP as reflected in its written version we refrain from passing any order awarding any compensation to the complainant.

                                                                                                Contd…P/5

 

            Let this order be complied with within a month from this date of order.

 

            Let plain copies of this order be furnished to the parties forthwith free of cost.