DISTRICT CONSUMER DISPUTES REDRESSSAL FORUM

WEST TRIPURA : AGARTALA

 

CASE NO:  CC-   25   of   2017

 

Smt. Kamala Sarkar,

W/O- Late Dinesh Chandra Sarkar,

West Pratapgarh,

P.O. A.D. Nagar,

West Tripura. …..….…...Complainant.

 

            VERSUS

 

      1. Tripura State Co-operative Bank Ltd.,

Head Office - Post Office Chowmuhani,

Agartala, West Tripura

Represented by the Managing Director,.

 

      2. Branch Manager,

Tripura State Co-operative Bank Ltd., 

Battala, Agartala, West Tripura. ..........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 : Sri Amritlal Saha,

 Sri Kajal Nandi, 

 Advocates.

 

For the O.P. No.2 : Sri Gouri Sankar Bhattacharjee,

 Sri Monoj Debnath,

 Advocate.

 

 

 

 

 

JUDGMENT  DELIVERED  ON:  07.08.2017.

 

 

J U D G M E N T  

This case arises on the petition filed by one Kamala Sarkar. Petitioner's case in short is that she has Savings Account on the Co-operative Bank, Battala Branch, Agartala. She purchased 2 Cash Certificates on 01.10.13 for total amount of Rs.7,71,000/-. Date of Maturity was 01.04.2021, rate of interest 9.80%. On 16.09.16 she along with her son went to Battala Branch for pre-matured encashment of the certificates. The Branch Manager assured to arrange payment of the amount but there was delay in  payment. So she made application on 05.10.16 and then made application to the O.P. No.1, Managing Director on 01.12.16 but payment was not made. She claimed the certificate value along with the interest as per interest for the period up to 2016.

 

2. O.P. No.1 and 2 appeared, filed W.S denying the claim. It is stated that she never deposited in fixed deposit scheme by purchasing 2 certificates. However it is admitted that on 01.10.13 complainant wanted to purchase 2 certificates. She met the manager and after discussion the complainant desired to invest the money lying in her SB Account in the Fix Deposit Scheme. She filled up the form but did not deposit Rs.4 lacs and Rs.3,71,000/- for the 2 certificates. 2 cash certificates were written but complainant could not deposit the money from the SB account by use of cheque. Complainant did not furnish the cheque for deposit. Photocopy of the certificates were handed over to her by the bank and she was requested to submit the cheque. But the complainant failed to do so. So, the cash certificate was not activated and the amount was lying in the savings account. As the money was not deposited against the Fix Deposit Certificate so she can not claim the interest. Bank is ready to pay the interest as per rate of  savings not as Fix Deposit.  

 

3. On the basis of contention raised by the parties following points cropped up for determination:

(I) Whether the deposit of cheque was necessary for transferring the amount of Rs.7,71,000/- from the Savings Account of the complainant?

(II) Whether there is any deficiency of service and petitioner is entitled to get compensation?

 

4. Petitioner produced Accounts Statement, letters to the Managing Director, Co-operative Bank, photocopy of the Certificates, letter to the Branch Manager also the pass book issued by the Co-operative Bank.

Petitioner also produced the statement on affidavit of Kamala Sarkar.

 

5. O.P. on other hand produced the statement on affidavit of Sunil Debbarma, Branch Manager of Battala Branch of State Co-operative Bank & Subal Debbarma, Gr-IV Officer of Tripura State Co-operative Bank, Battala Branch, Agartala.

 

6. It is to be mentioned during the pendency of the case petitioner Kamala Sarkar died. Her death certificate also produced. After her death her son, Nantu Sarkar applied for substitution as a legal representative. Being son he was interested to proceed with the case and he was allowed.

 

7. Accordingly the case proceeded. Written argument filed by the O.P. and on the basis of evidence and arguments placed before us we shall now decide the above points.

 

Findings and decision;

8. It is admitted fact that 2 photocopy of the Fix Deposit Certificate was handed over to the petitioner. This facts comes out from the written statement filed by the O.P. No.2. The photocopy was handed over on the assurance of the son of the petitioner Nantu Sarkar that the petitioner would withdraw the amount by producing cheque. Photocopy of 2 cash certificates also produced before us. We have gone through the photocopy of the cash certificates and found that rate of interest is written 9.80 % in the certificate issued on 2013. Date of maturity was 01.04.21. Matured value is Rs.8,26,835/-. Another certificate was issued on the same date on 01.10.13 & maturity date also same and matured amount is Rs.7,66,890/-, interest rate is 9.80%. Certificate number, account number everything correctly written, nomination also was there. From the version of both the parties it is clear that certificate was issued by the Branch Manager of the Co-operative Bank but original certificate was not handed over as stated by the O.P. But according to petitioner original certificate was also handed over and it was taken over by the O.P. in the year 2016 when petitioner wanted to withdraw the amount before maturity.

 

9. The contention of the O.P. is that before depositing the money against the cash certificate account the certificate was issued by the Branch Manager. This is total negligence and deficiency of service if it is done. Certificate can not be issued without receiving the amount against the account number as shown in the certificate. There is no need for deposit of amount through cheque or cash. The amount may be transferred from the SB account to Fix Deposit Account on application of the account holder. Accordingly petitioner applied through prescribed form. 

 

10. In the written objection it is admitted that bank authority took initiative to issue the cash certificate.  The petitioner also filled up the form for investing her money for 90 months Fixed Deposit. So in the form when it is applied for transfer of the amount from her account as the amount was lying in her SB account there is no bar for transfer of the amount without cheque . 

 

11. We have gone through the statement of account and found that by the way of transfer of Rs.3 lacs and Rs.3,50,000/- was credited to the account of petitioner on 07.09.13. If on transfer amount can be credited in the SB account there is no bar for crediting the amount on transfer from SB to Fix Deposit Account. Petitioner applied for this transfer on 01.10.13 but from the scrutiny of her statement of account it is found that the Co-operative Bank authority did not transfer the amount and the amount remained in the SB account though Fix Deposit Certificate was issued. This is also gross negligence and deficiency of service.

 

12. We have gone through the Pass Book issued by the State Co-operative Bank and found that the amount of Rs.7,72,365/- was lying in the account of petitioner on 07.09.13. there was Rs.21,58,161/- in the account on 18.12.13.

 

13. O.P.W.2, Subal Debbarma in his statement on affidavit stated that against the filled up requisite forms the Branch Manager took the initiative and he was asked to prepare two certificates which is written but the complainant did not withdraw the amount from her SB Account. She did not deposit the amount against the said certificate. From his evidence it is clear that he was under impression as cheque facility was available against her account so unless cheque is deposited the money can not be transferred from her SB account to her Fix Deposit Account. This is not right. When she applied for transferring the amount and it was approved by the Branch Manager then such transfer could have been done. O.P.W.2 also stated that on request of the complainant 2 certificates were handed over on good faith. Original was kept. Without deposit of money certificate can not be issued. All these facts clearly reflects negligence and deficiency of service of the bank. The bank could not pay the Fixed Deposit interest as it was not activated in the computer but for this petitioner was not responsible. 

 

14. From the above discussion it is clear the 2 cash certificate was issued by the Bank against 2 Fixed Deposit Certificates. Number also given but the money was not transferred against the fixed deposit account by mistake and negligence of the Bank staffs. Petitioner suffered for the deficiency of service of the Bank staff. We therefore, direct the O.P. Bank authority to pay the Fix Deposit interest as approved rate for pre-matured withdraw up to 2016. Payment is to be made to the nominee as mentioned also done in respect of Fix Deposit Certificate. For the deficiency of service O.P. Bank is to pay Rs.3,000/- to the legal representative and Rs.2,000/- as cost of litigation. Total Rs.5,000/-. O.P. Bank is also directed to pay the interest accrued on the 2 cash certificate for Rs.7,71,000/- on the approved rate of the bank for the period  from 01.10.13 to 01.11.16.

 

15. Payment is to be made with in 2 months if not made it will carry interest @ 9% P.A.

 

 

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.