PRESENT: 

     1.   SMT. ASHA SHETTY, PRESIDENT

2.  SMT. SULOCHANA V. RAO, MEMBER

3. SRI. K. RAMACHANDRA, MEMBER

BETWEEN:

Advocate for the Complainant Sri. Thimmayya P.

Advocate for the Opposite Parties: Sri.Manoraj.R.

ORDER DELIVERED BY SMT. ASHA SHETTY, PRESIDENT.

1.       The facts of the complaint in brief are as follows:

          The Complainant claims to have deposited certain sum of money with Opposite Party No.1 Bank, the details of which are given in the schedule here below:

          Immediately on the maturity of the above Fixed Deposit, Complainant approached the Opposite Parties for withdrawal of the amount.  At that time, the Opposite Parties told that, there is a shortage of funds in the Bank and requested to come after one month.  Thereafter, so many times the Complainant met the Opposite Parties but every time, the Opposite Parties given assurance only and lastly Opposite Parties refused to pay the Fixed Deposit amount saying that there is no fund in the bank.  The Opposite Parties have failed to repay the deposit amount with interest on the date of maturity or within a reasonable time thereafter in spite of repeated demands.  He, therefore, contends that the Opposite Parties have committed deficiency in service and hence complaint filed by the Complainant under Section 12 of the Consumers Protection Act, 1986 (herein after referred to as “The Act”) seeking direction to the Opposite Parties to pay the matured amount of Rs.5,500/- with further interest thereon at the rate of 10½% p.a. from the date of deposit till the date of payment plus compensation and cost.  

2.       Version notice served to the Opposite Parties.  Opposite Parties appeared through their counsel but not filed any version nor contested the case.

3.       On the basis of the complaint that the points arise for our consideration in this case are:  

1. Whether the Complainant is a consumer?

2. Whether the Opposite Parties have committed deficiency in service?

(iii)        What order?

4.       In the course of enquiry, Complainant – Sri.Jayarama Shetty filed affidavit reiterating what has been stated in the complaint and got marked Ex C1 & C2. Ex.C1 True copy of the Fixed Deposit No.650 and Ex. C2 True copy of the Mahajar dated 9.8.2007. Opposite Parties appeared through their counsel but not filed any version nor contested the case.  We have heard arguments, perused the pleadings, document and evidence placed on record by the Complainant and answer the points are as follows:

REASONS

5.    Points No.(i) to (iii):

The fact that the deposit was made in the name of the Complainant, with the Opposite Party bank, as evidenced from the deposit certificate produced by the Complainant.  Financial service is one of the services specifically mentioned in Clause (o) of Section 2(1) of the Act.  It is a settled law that when a company/firm/Bank transacting non-banking financial business accepts deposits from the public, the person who has deposited money with such company/firm/Bank, hires the service of that Company/firm/Bank, which has accepted the deposits.  We have, therefore, no hesitation to hold that service undertaken to be rendered by the Opposite Party is a service within the meaning of the Act and the Complainant is a consumer.  The Ex.C1 produced by the Complainant in the case goes to show that the deposit matured for repayment on the date mentioned therein, which date has already expired and the same is not denied by the Opposite Parties.  The Opposite Party Bank has failed to repay the same on the date of maturity or within a reasonable time thereafter is a deficiency in service.  In view of the aforesaid reasons we hold that, the Opposite Parties are jointly and severally liable to pay to the Complainant a sum of Rs.5,500/- being the deposited value under the fixed deposit No.650 with interest thereon at 8% p.a. from the date of deposit till the date of realization.  In the present case, interest considered by this Forum itself is treated as compensation and therefore, separate amount for compensation is not awarded.  We assess Rs.1,000/- as litigation expenses. 

6.       In the result, we pass the following:

O R D E R

The Complaint is allowed.  The Opposite Parties are jointly and severally liable to pay to the Complainant a sum of Rs.5,500/- (Rupees Five thousand five hundred only) being the deposited value under the fixed deposit No.650 with interest thereon at 8% p.a. from the date of deposit till the date of realization and Rs.1,000/- as litigation expenses.  Payment shall be made within 30 days from the date of this order.

The F.D.R., if any, deposited by the Complainant be returned fourth with by substituting the certified.

Copy of this order as per statutory requirements, be forward to the parties free of costs and file shall be consigned to record room.

(Dictated to the stenographer, typed by him, revised and pronounced in the open court on this the 15^thday of February 2008).

PRESIDENT

                                 (SMT. ASHA SHETTY)

         MEMBER                                       MEMBER

(SMT.SULOCHANA V.RAO)          (SRI. K.RAMACHANDRA)