OM PRAKASH Vs. ALLAHABAD BANK DALIGANJ BRANCH LUCKNOW

JUDGEMENT

(1.) In this revision, challenge is to the order dated 28.9.2005 of Consumer Disputes Redressal Commission U.P., Lucknow dismissing appeal of the petitioner/complainant against the order of a District Forum dated 30.6.2004 whereby respondent/opposite party was directed to pay the amounts of three FDRs with interest prevailing at the relevant period for saving bank accounts. Dates of maturity and maturity amounts of the FDRs were as under : Date of maturity Amount on maturity 12.12.1995 Rs. 11,397 9.10.1995 Rs. 4,870 4.10.1997 Rs. 10,325

(2.) Admittedly, for renewal of FDRs the petitioner had approached the respondent bank on 8.8.2004. Order under challenge would show that the State Commission while dismissing the appeal of petitioner and also preferred by respondent bank relied on the circular dated 7.6.2001 issued by the Reserve Bank of India which is binding on all banks in India. Copy of that circular is at pages 34 and 35. Relevant portion of this circular is reproduced below:

(3.) In the complaint petitioner sought payment of interest at the rate prevailing on the date(s) of maturity of three FDRs which was 12% p.a.