Pay promised return,forum tells credit co-op society

The Pune district consumer disputes redressal forum has ordered Siddhi Co-operative Credit Society on Shivaji Road to pay the maturity amount of Rs 50,000 to Kalpana Tanaji Purane,a resident of Khadki,for failing to double the investment amount of Rs 25,000 within three years as promised .

Written by AADITI JATHAR LAKADE | Published: July 13, 2012 1:02 am

The Pune district consumer disputes redressal forum (consumer court) has ordered Siddhi Co-operative Credit Society on Shivaji Road to pay the maturity amount of Rs 50,000 to Kalpana Tanaji Purane,a resident of Khadki,for failing to double the investment amount of Rs 25,000 within three years as promised .

According to Purane’s complaint filed in the consumer court on January 19 this year,she had invested Rs 25,000 with Siddhi Co-operative Credit Society on June 26,2003. She was promised double the amount (Rs 50,000) on June 27,2009. However,despite following up with the bank in person,verbally and in writing,they refused to repay the maturity amount.

“I had invested the amount after my husband’s demise in hope that I will be able to use it according to my needs,” she said. “On the other hand,they mentioned on my receipt that I had not invested Rs 25,000,but had taken loan from the bank,” Purane stated in her complaint.

With no other option left,Purane approached consumer court and sought Rs 50,000 with 13 per cent interest rate along with compensation of Rs 20,000 and Rs 6,000 towards cost of complaint.

The representatives of Siddhi Co-operative Credit Society denied Purane’s allegations and submitted in court that Purane had opened three fixed deposit (FD) accounts – in her name (Rs 25,000),her son Ajinkya’s name (Rs 25,000) and her second son’s Aditya’s name (Rs 20,000) – with them. Of these,the bank has to pay Rs 90,000 towards the second and the third FD. The bank representatives added that Purane had availed Rs 20,000 loan against the first FD on August 11,2003 and that the loan amount has been disbursed. Since the bank had failed to provide any documentary evidence to corroborate this argument,the court refused to consider it in its judgment.

“Considering the depreciating condition of the bank,its representatives had offered to pay me Rs 25,000 for out-of court compromise,” Purane said.

However,the court observed in its judgment that the bank had kept the investment amount of Rs 25,000 for three years after the maturity amount was due. ‘The bank reaped the interest on this amount for six years and is offering the basic amount of Rs 25,000 to the complainant towards compensation. This amounts to unfair trade practice’.

The court bench of Anjali Deshmukh,president of the forum and S K Kapse member of the forum directed Siddhi Co-operative Credit Society to pay the maturity amount of Rs 50,000 with nine per cent interest rate from June 27,2009,till the date of realisation and an additional amount of Rs 1,000 towards cost of complaint.

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