SULTANPUR KSHETRIYA GRAMINE BANK Vs. CHIEF POST MASTER

JUDGEMENT

(1.) THE Complainant-Bank, had deposited Rs. 9.00 lakhs with the Chief Post Master, Sultanpur as against the purchase of National Savings Certificates, 6th Issue, for the said amount. THE certificates matured for payment on 1.5.1992 inclusive of interest an amount of Rs. 18,13,500/- became due and payable by the Opposite Party to the Complainant. However, when demand was made by the Complainant on the Opposite Party for payment of the said amount, strangely enough, to its surprise the Bank was told that the Certificates should not have been issued to it at all because under the relevant rules the Complainant Bank was not entitled to invest in National Savings Certificates, 6th Issue scheme, and only individuals could avail the benefits under the Scheme. On this ground the request of the Complainant for being paid the principal amount with interest at the stipulated rate was refused by the Opposite Party and instead, the Complainant was offered payment of the principal with interest at 5% per annum. Being aggrieved by the said refusal by the Opposite Party to comply with the demand made by the Bank the Complainant has come up to this Commission with this petition.

(2.) WE are now informed by the Counsel appearing for the Complainant that subsequent to the institution of this complaint petition the principal amount with interest at the stipulated rate specified in the National Savings Certificate has been paid to the Complainant on 12th June, 1993. But, interest had been calculated only upto 1st May, 1992. This was manifestly not just or fair because the Complainant was entitled to be paid interest uptil the date of actual payment of the principal and interest to him, namely, 12th June, 1993. WE hereby direct the Opposite Party to pay to the Complainant the balance amount payable by way of interest on the aforesaid basis. WE are informed by the Counsel appearing for the Complainant that such balance amount is Rs. 2.53 lakhs. The Opposite Party is directed to make payment of the aforesaid sum to the Complainant Bank within six weeks from today. The Original Petition is allowed to the extent indicated above. The Complainant will get Rs. 2,000/- by way of costs of this petition from the Opposite Party. Complaint allowed.