Tripura

West Tripura

CC/50/2016

Sri Ratan Datta. - Complainant(s)

Versus

The Chief Manager, Central Bank of India & 1 another. - Opp.Party(s)

Self

05 Oct 2016

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM
WEST TRIPURA :  AGARTALA

CASE   NO:   CC- 50 of 2016

Sri Ratan Datta,
S/O- Late Sudhir Chandra Datta,
Ramnagar Road No. 6,
Agartala, West Tripura.             ....…...Complainant

          VERSUS

1. The Chief Manager,
Central Bank of India,
Agartala Branch,
66/A Central Road,
Agartala, Tripura.
                
2. The Assistant General Manager,
Reserve Bank of India(Agartala Branch),
Jackson Gate Building, Lenin Sarani,
Agartala.                     .........Opposite parties.

 

      __________PRESENT__________

 SRI A. PAL,
PRESIDENT,
  DISTRICT CONSUMER  
DISPUTES REDRESSAL FORUM,
      WEST TRIPURA, AGARTALA. 

SMT. Dr. G. DEBNATH
MEMBER,
  DISTRICT CONSUMER 
DISPUTES REDRESSAL FORUM, 
  WEST TRIPURA,  AGARTALA.

SRI U. DAS
MEMBER,
  DISTRICT CONSUMER 
DISPUTES REDRESSAL FORUM, 
  WEST TRIPURA,  AGARTALA.

C O U N S E L

    For the Complainant        : Complainant in Person.
                          
For the O.Ps            : Sri Amritlal Saha,
                      Sri Kajal Nandi,
                      Sri Abheek Saha,      
                      Advocates.

    JUDGMENT  DELIVERED  ON: 05.10.16

J U D G M E N T

        This case arises on the petition filed by one Ratan Datta U/S 12 of the Consumer Protection Act. Fact of the case in short is that one Suman Chandra Das, relative of the petitioner being a student for Technical Education applied for bank loan under Cent Vidyarthi Scheme. Application was filed before the Branch Manager, Central Bank of India, Agartala Branch. Suman Chandra Das was favoured with the bank loan of Rs.2,63,000/- under the 'Cent Vidyarthi' Scheme. Petitioner being guardian was made guarantor. As per terms and conditions of the loan agreement the amount is to be paid in 60 monthly installments @ Rs.5960/-. Interest starting after 60 months from the date of disbursement, 12 months after the completion of course or 6 months after the employment which ever is earlier. But when after 4 years in the year 2015 the student Suman Chandra Das and the guardian Ratan Datta intended to refund the amount O.P. Bank charged interest from the date of disbursement and refused to receive the loan money  Rs.2,63,000/-. Being aggrieved by the decision of the Central Bank this petition filed. 
        Reserve Bank of India was also made party. But as no relief claimed against the Reserve Bank of so Reserve Bank's name was striken out. 
        Manager, Central Bank appeared & filed W.S. denying the claim. It is stated that petitioner agreed to pay the installments @ Rs.5960/- with interest after 5 years. As per O.P. bank circular, interest is to be charged on monthly basis. Accordingly, interest was calculated as per RBI guideline. Petitioner therefore, is not entitled to get any relief.

        On the basis of contention raised by both the parties following points cropped up for determination;
        (I) Whether the petitioner is under obligation to pay interest from the date of disbursement of the loan amount sanctioned in favour of student Suman Chandra Das i.e., from 12.08.11?
        (I) Whether the petitioner is entitled to get compensation for deficiency of service and also facility for interest free loan for a period of 5 years?

        Petitioner approached the RBI and Bank Ombudsman but no relief given. Then he approached this Forum  for getting redress.

        We have gone through the evidence recorded and also the documents given. By both the parties. 
        Petitioner side produced the photocopies of sanction letter, information regarding study loan, communication with the Branch Manager, Central Bank of India, Insurance Policy certificate, Scheme of Interest Subsidy of Education loan to students belonging to weaker section. 
        Petitioner also examined one witness i.e., the petitioner of this case. 

        O.P. produced rejection letter issued by RBI  Ombudsmen, statement of account.
        On the basis of all these evidence on record we shall now determine the above points:

            Findings and decisions:
        We have gone through the Central Scheme for interest subsidy loan announced by ministry of HRD for providing interest free education loan for Technical and probational courses for study in India. In the scheme it is written that the scheme is applicable only for studies in recognized Technical & Professional courses in India. Interest subsidy scheme will be available once for the undergraduate, postgraduate or for graduate plus postgraduate. The scheme shall be applied from 2009 – 2010 Academic year. Benefit of the scheme will be applicable for the students belonging to economically weaker section with annual income upper limit Rs.4.5 lakhs per year. In this case it is admitted fact that the student Suman Chandra Das studied B-Tech. The duration of the course was 4 years. It is also admitted fact that Suman Chandra Das student belonged to economically weaker section and his family income is below 4.5 lakhs from all sources. Being satisfied with all these criteria the term loan was sanction by O.P. Central Bank. In the sanction letter it is clearly written that Rs.2,63,000/- sanctioned amount is repayable in 60 months with monthly installments Rs.5960/- plus interest starting after 60 months from the date of disbursement of the loan.  In the sanction letter it is also clearly written that interest will be calculated after 12 months of the completion of course or 6 months after getting employment whichever is earlier. From the scheme it is clear that the interest payable by the student belonging to economically weaker section for availing loan for technical course in India for the period of moratorium i.e., course period plus 1 year or 6 months after getting job whichever is earlier. Interest subsidy is available to economically backward student. The Central Govt. decided to pay this interest to the bank on behalf of the student. We have gone through the bank statement as filed by O.P. From the bank statement it is found that during the course period 2011 to 2015, O.P. bank received subsidy interest from the Central Govt. about Rs.45,690/-. After receiving  the subsidy from the Central Govt. the Central Bank again calculated interest over the disbursed amount from the date of disbursement and insisted that the interest is to be paid from the date of disbursement. 

        In the written statement para-4 it is clearly written that loan under 'Cent Vidyarthi'  scheme was sanctioned to Suman Chandra Das and his guardian. It is payable in 60 months installments plus interest starting after 60 months from the date of disbursement. Therefore, it is clear that interest is to calculated  after 60 months not before that. Study period was 4 years. Student did not get any job within 6 months. So for another one year no interest can be charged and after the moratorium period of 60  months interest  is to calculated as per Cent Vidyarthi scheme. From the above discussion and appreciation of documents and evidence before us it is clear that Suman Chandra Das and his guardian was under no obligation to pay any interest from the date of disbursement of the loan but after 5 years i.e., from 12.08.16 interest only can be charged. It is surprising that the bank authority after receiving the subsidy interest from the Central Govt. again charging interest from the student violating the 'Cent Vidyarthi' scheme provision. This  is deficiency of service. Petitioner wanted to pay the amount of loan after study period of 4 years but the O.P. bank refused to receive the same which is again deficiency of service. For such deficiency of service petitioner is entitled to get compensation.
        
        From the careful consideration of the activities of the bank, we consider that the bank authority Central Bank of India shall pay compensation amounting to Rs.20,000/- to the petitioner. We also direct the Bank authority to receive the principal amount Rs.2,63,000/- disbursed on 12.08.2011 if the same is paid within a period of 5 years i.e., on 12.08.2016 interest is to be calculated after 12.08.16 before that no interest can be charged from the petitioner. The direction is to be followed within one month, if fail the compensation amount is to be paid  with interest @ 9 % P.A. Supply copy of the judgment.      
         
                    Announced.

SRI A. PAL
PRESIDENT,
DISTRICT CONSUMER  DISPUTES 
REDRESSAL FORUM,
WEST TRIPURA,  AGARTALA.

 

SMT. DR. G. DEBNATH,
MEMBER,
 DISTRICT CONSUMER DISPUTES 
REDRESSAL FORUM, 
WEST TRIPURA, AGARTALA    SRI U. DAS
MEMBER,
  DISTRICT CONSUMER 
DISPUTES REDRESSAL FORUM, 
  WEST TRIPURA,  AGARTALA.