S RAVINDRAN Vs. MANAGER BANK OF INDIA

JUDGEMENT

(1.) The Complainant appeals.

(2.) The case of the complainant is as follows:- He opened an account under Jama Vaibhav Yojana scheme (save now buy later) in the opposite party Bank on 6.4.90, that is a recurring deposit account with monthly instalments. On maturity, the complainant would be eligible for a consumer loan and its quantum would be related to the maturity value of the deposit. He deposited Rs, 100/- per month for three years and he could borrow upto Rs, 16,829/- repayable by monthly instalments within 60 months period. When the scheme came to maturity in March, 1993, he applied for a consumer loan on 13.5.1993 for Rs. 12,618/- for the purchase of a TVS moped and other articles and he wanted the balance margin money of Rs. 4,207.40 to be invested in a Fixed Deposit for one year. To his surprise he was informed by the opposite party that the scheme was closed and that he could not be given a loan. After approaching in vain the bank several times he complained to the District Forum for an order; (1) to give a loan of Rs. 12,622,20 recoverable in 60 monthly instalments without interest and to keep the margin money of Rs. 4,207,40 in a Fixed Deposit for one year and (2) to give a compensation of Rs. 16,829.60 since he waited patiently for three years expecting that he will have the benefit of the loan.

(3.) The District Form after hearing the parties fully came to the conclusion that as per the rules of the bank the fully came to the complainant was not entitled to the loan he applied for and accordingly dismissed the complaint by order dated 4.2.94. Aggrieved by that order the complainant has preferred this appeal.