Banking service -- PPF account - Deposit in excess of the ceiling of Rs. 60,000 - Request by respondent/complainant for transfer of excess deposit to RESS declined by Bank - Held that it would be unfair on the part of the bank to retain the deposited money and still not paying interest thereon - Order of State Commission holding respondent entitled to interest @9% upheld...........
Banking service -- Bank guarantee - In the absence of collateral securities Bank have not granted the Bank guarantee - As soon as this was done by the complainant,the Bank issued the guarantee - Unable to sustain the order of the State Commission giving relief to the respondent...........
Banking service -- Bank guarantee - Refund of security - What the Bank is interested in is the security of their advances/limits - As long as they were satisfied that enhanced value of the property covers the limits then they should have released the excess security, which they did subsequently - Not having earlier refunded the excess security to the complainant enabling..........
Banking service -- Deficiency in service - Debiting of account - Without instructions - Affidavit in evidence of Chief Manager of petitioner-Bank not indicating the name of person whom the oral instructions given together with date - In the complaint as also in affidavit the respondent has denied of having consented or authorised the Bank to debit the said amount in S.B...........
Banking service -- Loan - Non release of - Since the appellant has not complied with several terms and conditions of loan there does not appear any deficiency in service on the part of respondent - Bank...........
Banking service -- Dishonour of cheque - Instructions given by petitioner-complainant for stop payment of cheque in question which was for Rs. 1,45,000/- while amount of Rs. 1,311/- was lying in balance - Endorsement by Bank 'no sufficient fund' instead of 'stop payment' - Plea that he had to defend for offence under Section 138 of the NI Act - Stop payment endorsement..........
Banking service -- Deficiency in service - Letter of Credit - Non honouring of - Held that in dynamic situation the interpretation to a commercial document has to be consistent and workability of the L.C. - More importantly, intention of the parties has to be given weight - Purpose of L.C. is to enable the Bank to make the payment to the supplier on receipt of goods -..........
Banking service -- Credit card - Deficiency in service - Even when the account was settled between the parties complainant continued receiving statements showing the amount as outstanding and not correcting despite having informed from time to time - Deficiency in service writ large and too serious to be ignored - Complainant held entitled to compensation of Rs. 30,000/-..........
Banking service -- Cheque - Non payment of - Non closure of account - Dispute between petitioner society and former office bearer in which respondent Bank made party - By the time the cheque was submitted and letter for closure of account and payment of the amount lying in credit in that account was sent the limitation for filing appeals against the orders of the court was..........
Banking service -- Cheque - Lost in transit - Appellant - bank rightly held negligent in delivering services to the complainant - Cheque for amount of Rs. 50,000/ - An amount of Rs. 25,000/ - would be just compensation - Appellant not liable to pay compensation of the entire cheque amount...........
