STATE BANK OF INDIA Vs. PRAKASH DHONDIRAM BHOSALE

JUDGEMENT

(1.) The complainant obtained an FDR of Rs. 4 lacs from the petitioner Bank, in his personal name on 03.03.2007. The FDR was effective from 24.02.2007 and was to mature on 24.05.2007. The case of the complainant is that on 24.05.2007, he visited the concerned branch and submitted the original FDR to the Bank, for renewal for a further period of six months by putting a signature on its back side. Thereafter, vide letter dated 15.11.2007, the complainant claimed the amount of the FDR, but there was no response from the Bank. The aforesaid letter dated 15.11.2007 was followed by a subsequent letter dated 17.11.2008 and a legal notice dated 24.11.2008. Since there was no response from the Bank, the complainant approached the concerned District Forum, alleging deficiency on the part of the petitioner Bank.

(2.) The complaint was resisted by the petitioner Bank primarily on the ground that the FDR was obtained by the complainant, after raising funds from one Dulux Polymer Industries and later, vide endorsement dated 24.05.2007, the complainant requested the Bank to transfer the proceeds of the FDR to the account of the Dulux Polymer Industries.

(3.) The District Forum, vide its order dated 19.05.2009, directed the petitioner Bank to pay within 45 days, the amount of the FDR alongwith interest, compensation amounting to Rs. 3,000/- and cost of litigation amounting to Rs. 2,000/-, to the complainant.