C B AGGARWAL Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) The present appeal, filed by the appellant, under Sec.15 of the Consumer Protection Act, 1986 (hereinafter referred to as 'the Act') is directed against order dated 2nd June, 1995, passed by District Forum-I, in Complaint Case No.1789/93, entitled Shri C. B. Aggarwal V/s. The Manager, Central Bank of India, Janakpuri, New Delhi.

(2.) The facts, relevant for the disposal of the present appeal, lie in a narrow compass. The appellant had filed a complaint under Sec.12 of the Act before the District Forum and, in that complaint, the main grievance of the appellant was regarding non-payment of proper interest by the respondent. It was stated by the appellant that in response to an advertisement given by the respondent in the press in April, 1992, regarding Stock Investment Scheme, the appellant visited the Janakpuri, New Delhi Branch of the respondent Bank and on 2.5.1992, opened a Savings Bank Account, for the purpose of obtaining Stock Investments under the Stock Invests (SI) Scheme, which was made operational by the respondent w. e. f.1.5.1992, by initially depositing a sum of Rs.35,000/-. Subsequently, in the above said account further deposits were made by the appellant. The grievance of the appellant in the complaint was that on the sum which was lying deposited in the above said account, the appellant should have been given interest @ 12% instead of 6% allowed by the respondent. The appellant, in the complaint, also claimed a sum of Rs. one lac as compensation and the cost of litigation.

(3.) The claim of the appellant in the District Forum was resisted by the respondent and the stand taken by the respondent in the District Forum was that since the deposits in question were made by the appellant in his Savings Bank Account, the respondent Bank paid interest @ 6% i. e. at the saving bank rate. It was stated on behalf of the respondent Bank that the whole scheme and the fact that the prevalent rate of interest was 6% p. a. was explained to the appellant by the Officers of the respondent Bank at the time of opening the above mentioned account by the appellant on 7.5.1992.