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Thread: Kolhapur District Central Co-operative Bank Limited

  1. #1
    Sidhant's Avatar
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    Default Kolhapur District Central Co-operative Bank Limited

    CONSUMER DISPUTES REDRESSAL COMMISSION

    MAHARASHTRA STATE





    FIRST APPEAL NO.931/2008 Date of Filing:-02/07/2008

    IN CONSUMER COMPLAINT NO.607/2007 Date of Order:-13/08/2009

    DISTRICT CONSUMER FORUM, KOLHAPUR





    1) Kolhapur District Central Co-operative Bank Limited,

    Head Office 1092/E, Shahupuri,

    Kolhapur,

    Tahsil-District-Kolhapur



    2) Branch Manager,

    Kolhapur District Central Co-operative Bank Limited,

    Mahila Shakha, Bindu Chowk,

    Kolhapur,

    Tah-District-Kolhapur ... Appellants (Org.Opponents)



    -Versus-



    Sou. Urmila Vijaysingh Khanwilkar,

    R/o 2486, ‘D’ Ward, Vasantshila Apartment,

    Shukrawar Peth, Kolhapur.

    Tah-District-Kolhapur ... Respondent (Org.Complainant)





    Corum :- Mr.P.N.Kashalkar, Hon’ble Presiding Judicial Member,

    Mr.S.R.Khanzode, Hon’ble Judicial Member.



    Present :- Ms.A.B.Kololgi, Adv. for the Appellants.

    Mr.Vijaysingh Khanwilkar, Representative of the

    Respondent.



    O R D E R

    Per Mr.P.N.Kashalkar,Hon’ble Presiding Judicial Member



    1) Sou.Urmila Vijaysingh Khanwilkar, had deposited Rs.10,450/- vide deposit receipt No.070994 on 12/12/1997 with appellant/Bank for a period of ten years. The said deposit was styled as Bhartiya Suvarna Mahotsav Thev Yojana. It was to mature on 12/12/2007 and on maturity the complainant was to get an amount of Rs.50,000/-. However, the Bank refused to pay interest at the rate of 16% per annum on the ground that the said fixed deposit was subject to R.B.I.’s directions with regard to payment of interest. Initially, agreed rate of interest was 16% per annum but R.B.I. reduced the said rate of interest. Hence, dispute arose and the lady filed consumer complaint and claimed refund of principal amount with interest at the rate of 16% per annum. The Forum below passed order in favour of the complainant. Aggrieved thereby, the Bank has filed this appeal.



    2) We heard submissions of Ms.Archana Kololgi, Adv. for the appellant/Bank and Mr.Vijaysingh Khanwilkar, respondent’s husband.



    3) We are finding that the stand taken by the Bank is proper. No doubt Bank initially agreed to pay interest at the rate of 16% per annum. But then the said F.D.R. was issued subject to condition that interest will fluctuate in accordance with R.B.I. directions issued from time to time. The Bank was required to amend the rate of interest as per directions issued by R.B.I. The R.B.I. reduced the rate of interest on deposit amount. The Bank was prepared to refund principal amount with interest at the rate of 8% per annum for a period of 1 year and 1 month and 11 days but depositor was not ready to accept the amount with reduced rate of interest at the rate of 8% per annum. She wanted interest at the rate of 16% per annum for the entire deposit period. The claim of the depositor was contrary to the guidelines issued by the R.B.I. The Bank is strictly following the R.B.I. guidelines with regard to the rate of interest. We, therefore, hold that directions to pay interest at the rate of 16% per annum for the entire period as directed by the Forum below is improper. We hold that the depositor is entitled to get interest on her deposit at the rate of 16% per annum for a period of 8 years and 9 months and 20 days and for the remaining period of 1 year and 1 month and 11 days, the depositor/respondent is entitled to get interest at the rate of 8% per annum. Thus, we pass following order.

    O R D E R

    1) Appeal is partly allowed.



    2) The appellant is directed to pay sum of Rs.56,187/- (Rs.10,450/- original deposit amount + interest at the rate of 16% per annum up to 30/9/2006 Rs.41,596/- and further interest for 1 year 1 month 11 days Rs.4,141/-) in lieu what has been ordered by the Forum below. The amount already paid to the respondent shall be adjusted accordingly towards satisfaction of the award.



    3) Appellant/Bank to comply with order within four weeks from the date of receipt of order.



    4) Inform the parties accordingly.





    ( S.R.Khanzode ) (P.N.Kashalkar )

    Judicial Member Presiding Judicial Member



    Malve/

  2. #2
    ayaz_nilofar Guest

    Default about flat/water

    hi,

    this is ayaz a shaikh
    cell :-9970040239
    place-kolhapur,state:- mah

    I have taken a flat in shahupuri 6th lane sudharshan appatment , while purchasing told us he will provide us water 24 hrs, but no water & no still flat doc received.........! day to day there is figting he says we have given u key its ur duty !


    so please do my needful

    regards,
    a.a. shaikh

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