Banking service -- Deficiency in service - Compensation - Transfer of money - Not acting upon the instructions of the respondent given vide his registered letter to transfer a sum of Rs. 90,000/ - from his account to the account of his friend - Plea of the appellant Bank of having not received the registered letter held to be a false plea - Receipt of registered letter by..........
Banking service -- Bank Loan - For agricultural purpose - Respondent committing default in making payment loan amount - The appellant Bank held fully justified to recover the amount of the defaulted account from the other account of the account holder maintained in the appellant Bank - The appellant Bank held to have committed no deficiency in service by withdrawing the..........
Insurance claim -- Bankers Indemnity Insurance Policy - The act of the Bank opening new savings account on 29.5.2000 without proper introduction and identification and allowing withdrawal of heavy amount from savings account prior to clearance of D.D. which is dated 29.5.2000 deposited by account holder breaches of normal banking procedure - It is clear that the loss is..........
Negotiable Instruments Act, 1881, Section 138 -- Dishonour of cheque - Six instruments issued in the nature of cheques for repayment of loan - Instruments were drawn of Urban Co-operative Credit Society which was doing banking business - Held, Co-operative Society doing banking business will be governed by the provision of S.5(b) of Banking Regulation Act - It would be a..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13 -- Recovery of Debts due to Banks and Financial Institutions Act, 1993, S.21, Banking Regulation Act, 1949, Ss. 21 and 35-A - One time settlement scheme floated by RBI for recovery of NPA's - Guidelines issued for implementation of said scheme, accepted by all..........
Banking Regulation Act, 1949, Section 5(1), 21, 35A, 46(4) -- RBI directions - Every banking company is bound to follow the policy determined by RBI in public interest or in the interest of depositors - Banks are bound to comply with all the directions of RBI...........
Negotiable Instruments Act, 1881, Section 138 -- Dishonour of cheque - Suspicious circumstances surrounding the transection - No satisfactory explanation tendered by the holder of the instrument - Conviction is not legally permissible, solely banking upon the statutory presumption - Court is expected to examine whether the transaction covered by the cheque is genuine and..........
Indian Penal Code, 1860, Section 415 -- Abuse of prevalent banking practice by itself not sufficient to attract ingredients of cheating...........
Banking service -- Bank loan - Non disbursement of loan which was sanctioned under Social Sector Scheme - Petitioner fulfilled the pre requisite by depositing margin money of Rs. 30,000/ - and spent some amount on the restructuring of his premises at the instance of the Bank to suit the requirement of a manufacturing unit - Respondent bank also received a sum of Rs.16,000/..........
Banking service -- Vehicle finance - Default in payment - Forcible possession of the vehicle and sale of the same - Findings of the Fora below about the highhanded of the petitioner Bank and allowing the complaint and award of compensation upheld - As the petitioner had dragged the complainant up to the level of National Commission exemplary cost of Rs. 25,000/ - awarded -..........
