DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KANDHAMAL, PHULBANI

                                                                                        C.C. NO. 10 OF 2014

Present:      Rabindranath Mishra              - President.

                    Miss Sudhira laxmi Pattanaik - Member.

Sri Narayan pradhan, aged -62 years

S/O: Late Sadhu Charan Pradhan

At- College Road, PO/PS: Phulbani Town

Dist: kandhamal.                                                 ………………….  Complainant.

                            Versus.

Branch Manager,

U.C.O Bank, Phulbani Branch.

At/PO/PS- Masjid Road, Phulbani Town.

Dist: Kandhamal.                                                 ………………..  OPP. Parties

For the Complainant: Sri Purna Chandra Tripathy, Advocate, Phulbani.

For the OPP. Parties: Sri V.V Ramadas and his Associates,

Date of Order: 30-01-2015

                                                                                                 O R D E R

                                    The case of the Complainant in brief is that the Petitioner had purchased 3 numbers of STDRs vide No. 081303000001550 for Rs.80,000/-, 81303000001548 for Rs.1,00,000/- and 081303000001549 for Rs. 1,00,000/- on  25/11/2003 in favor of Executive Engineer, R.W. Division Phulbani for a period of 12 months. The maturity date of the said STDRs was on 25-11-2004 and maturity value was Rs, 84,492/-, Rs.1,05,615/-and Rs.1,05,615 respectively. These STDRs were pending with the Executive Engineer, R. W. Division, Phulbani till June 2011 as the same were pledged to the Government for different contract works. On receipt of these STDRs the Complainant presented the same before the OPP. Party and requested for encashment. Hence, the OPP. Party credited the amount to the tune of Rs. 1, 03,967/-, Rs.1, 29,958 and Rs. 1, 29,958/- respectively towards STDRs in the S.B Account No. 7827 of the Complainant on 20-06-2011. The rate of interest was 5.5 % at the time of purchase for which there was differential amount of interest of Rs.59, 474/- as the interest was compounded in each quarter. The Complainant approached the OPP. Party to pay the differential amount time and again but the OPP. Party failed and lingering the matter. Hence, on 13-03-2014 the Complainant sent a pleader notice through his Advocate but no reply was given by the Opposite Party. Hence, the Complainant has filed this complaint claiming a differential interest amount of Rs. 59,474/- and further interest along with Rs.5,000/- as

                                                                                                        -2-

compensation for his mental agony and harassment and Rs. 5,000/- towards cost of litigation.

                                    The case of the Opposite parties as per his version is that the OPP. Party has correctly calculated the interest as per the guidelines of R.B.Is directive and norms. As the Bank was fully computerized in the year 2006, no earlier manual records of closed account were available with the bank. The Complainant is a willful defaulter and it is his duty to get the STDRs renewed timely to get the interest. The Complaint is barred by law of limitation and the Complainant is not a Consumer and the complaint is not maintainable as per law. Hence, the complaint may be dismissed with cost being devoid of merit.

                                    We have heard the learned counsels of both the parties in this case. We have gone through the complaint petition, version of the Opposite Party and documents filed by the Complainant in support of his case. No affidavit was filed by the parties in token of their evidence.

                                    The Complainant has filed 3 separate calculation sheets in respect of 3 STDRs in which there is differential amount of Rs. 59,474/- . No objection was raised by the Opposite Party regarding the said calculation of the interest by the Complainant. The total amount towards said STDRs was credited to the S.B account of the Complainant on 20-06-2011. The Opposite Party has not furnished any calculation sheet in support of his case. So, the case of the Complainant is well established in absence of any counter to it. Hence, in our considered opinion the Complainant is entitled to get the differential amount of Rs. 59,474/- as claimed till 20-06-2011 towards interest. We are not allowing any further interest on the said amount. Accordingly the Complaint is allowed in part.

                                    Hence, the Opposite Party is directed to pay Rs. 59,474/- to the Complainant towards differential interest of the STDRs bearing No. 081303000001550,81303000001548 and 081303000001549 within 30 days from the receipt of this order unless the Complainant shall be entitled to get 10 % annual interest on the said awarded amount since the date of order till realization .

                                    The C.C is disposed of. Supply free copies of this order to both the parties at an early date.

                                                                           MEMBER                                            PRESIDENT