CC Filed on 06.11.2007<br /> Disposed on 17.04.2008<br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated 17.04.2008<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No.277/2007<br /> <br /> Sri. Gundaiah,<br /> S/o Late Narasimhaiah,<br /> Aged about 72 years,<br /> Businessmen,<br /> DVG Road,<br /> Bagepalli Town & Taluk,<br /> Chikkaballapur District. Complainant<br /> (By Advocate Sri. B.N.Dathathreya & Others)<br /> <br /> V/S<br /> 1. The Managing Director,<br /> The Kolar District Co-operative <br /> Central Bank Ltd., <br /> Kolar District,<br /> Kolar.<br /> 2. The Branch Manager,<br /> The Kolar District Co-operative <br /> Central Bank Ltd.,<br /> Branch at Bagepalli,<br /> Bagepalli – 561 207. Opposite Parties<br /> (By Advocate Sri. Bisappa Gowda & Others) <br /> <br /> ORDERS<br /> <br /> This is a complaint under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay a sum of Rs.98,727/- to the complainant with current and future interest at 13% per annum from the date of complaint till the date of realization with costs etc.,<br /> CC No.277/2007<br /> 2. The opposite party No.1 is a banking institution having its head office at Kolar and branches all over Kolar District. Opposite party No.2 is one of the branches situated at Bagepalli Town. Opposite party No.2 collected deposit from complainant, the particulars of which are as follows: <br /> Nature of Deposit Amount of Deposit in Rs. Date of Deposit Date of Maturity Rate of Interest per annum Maturity Amount in Rs.<br /> Ksheera Nidhi Deposit Sl. No.6536 40000 31.03.2001 31.09.2006 13% 80844<br /> <br /> It is alleged by complainant that even after maturity of deposit the opposite parties failed to repay the amount inspite of repeated demands. <br /> <br /> 3. The opposite parties appeared through counsel. They admitted the receipt of deposit and the maturity value. They contended during argument that due to financial crises the deposit could not be repaid within time. Further they contended that under provisions of the Karnataka Co-operative Societies Act 1959, the present complaint is not maintainable. <br /> <br /> 4. We heard the learned counsel for parties and perused the records. The non-payment of deposit after its maturity by a banking institution for any reason amounts to deficiency in service. The contention of the opposite parties that the complaint is not maintainable under the provisions of Karnataka Co-operative Societies Act 1959, is not well founded. The complainant can approach this Forum for redressal of his grievance inspite of certain remedies available under the Karnataka Co-operative Societies Act 1959. <br /> <br /> CC No.277/2007 <br /> The subsequent interest may be awarded at 8% per annum on the maturity amount subsequent to the date of maturity. Separate compensation need not be awarded as interest is payable. <br /> <br /> 5. For the above reasons we pass the following:<br /> O R D E R<br /> <br /> The complaint is allowed with costs of Rs.1,000/-. The opposite parties shall pay Rs.80,844/- (Eighty Thousand Eight Hundred Forty Four only) to complainant with interest at 8% per annum on the said amount from 01.10.2006 till the date of payment within 45 days from the date of this order. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 17th day of April 2008.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />