NCDRC

NCDRC

RP/3708/2009

SUNDARAMMAL - Complainant(s)

Versus

O.1867 NAKALAMUTHANPATTI PRIMARY AGRICULTRUAL CO-OPERATIVE BANK LTD. & ORS. - Opp.Party(s)

MR. G. SIVABALAMURUGAN

11 Nov 2009

ORDER

Date of Filing: 05 Oct 2009

NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSIONNEW DELHIREVISION PETITION NO. No. RP/3708/2009
(Against the Order dated 17/11/2008 in Appeal No. 811/2008 of the State Commission Tamil Nadu)
1. SUNDARAMMALW/o. Shri Rajendra Prasad Narasimmapuram Paraipatti Sippiparai Post Sankarankovil taluk Tiruelveli Distt. Tamil Nadu ...........Appellant(s)

Vs.
1. O.1867 NAKALAMUTHANPATTI PRIMARY AGRICULTRUAL CO-OPERATIVE BANK LTD. & ORS.Nakkalamuthanpatti Sippiarai Post Sankarankovil Taluk Tirunelveli Distt. Tamil Nadu Through Its Special officer ...........Respondent(s)

BEFORE:
HON'BLE MR. JUSTICE ASHOK BHAN ,PRESIDENTHON'BLE MR. B.K. TAIMNI ,MEMBER
For the Appellant :MR. G. SIVABALAMURUGAN
For the Respondent :NEMO

Dated : 11 Nov 2009
ORDER

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          The respondent’s Banking Society reduced the rate of interest of Fixed Deposits to 7.5% in terms of direction issued by National Bank for Agricultural and Rural Development (NABARD).  The State Commission modified the order of the District Forum and granted interest @ 7.5% in terms of the Circular issued by NABARD as the same is binding.  The consumer fora cannot go into the correctness or otherwise of the instructions issued either by the Reserve Bank of India or by the NABARD which is the highest body in so far as the rural banking is concerned.  Revision petitions stand dismissed.

 

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            However, petitioners are put at liberty, if so advised, to challenge the Circular issued by NABARD before appropriate forum.



......................JASHOK BHANPRESIDENT
......................B.K. TAIMNIMEMBER