LAWS(NCD)-2015-9-6

A. RAMKRISHAN Vs. PUNJAB NATIONAL BANK

Decided On September 02, 2015
A. Ramkrishan Appellant
V/S
PUNJAB NATIONAL BANK Respondents

JUDGEMENT

(1.) THIS revision petition has been filed by the petitioner against the order dated 17.5.2010 passed by the Tamil Nadu State Consumer Disputes Redressal Commission, Chennai (in short, 'the State Commission') in Appeal No. 720 of 2008 - The Branch Manager, PNB v. A. Ramakrishnan by which, while allowing appeal, order of District forum allowing complaint was set aside.

(2.) BRIEF facts of the case are that Complainant/petitioner made 5 FDRs in the erstwhile Nedunkadi Bank Ltd. as shown in the complaint with interest @ 12.5% in first 3 FDRs & 11.5% in next 2 FDRs, but after maturity, OP/respondent paid less maturity amount of Rs. 1,47,132/ -. Alleging deficiency on the part of OP, complainant filed complaint before District Forum. OP resisted complainant and submitted that as per RBI orders and guidelines, OP took over Nedungadi Bank Ltd. and one year was fixed as "Moratorium Period". It was further submitted that as per notification dated 31.1.2003 issued by RBI regarding amalgamation, OP paid interest as per scheme and prayed for dismissal of complaint.

(3.) HEARD learned Counsel for the parties and perused record.