The district consumer forum has come to the aid of a depositor of the scam-hit Madhavpura Mercantile Co-operative Bank (MMCB) whose money got stuck in the bank after it went bust.
The district consumer forum has come to the aid of a depositor of the scam-hit Madhavpura Mercantile Co-operative Bank (MMCB) whose money got stuck in the bank after it went bust.
The forum has asked the bank to pay Ansuya Kansara Rs58,160 with 12% interest calculated from 2001 to the date of payment. The forum has also asked the bank to pay her Rs2,000 towards legal expenses and Rs1,000 as compensation for mental harassment.
In 1999, Kansara had opened a joint account with her husband and put Rs45,000 in a fixed deposit under a scheme offering 12% interest. The fixed deposit would have matured in September 2001 when the bank would have given her Rs58,160. However, the bank closed because of the scam and the negligence of the directors of the bank.
In her complaint, Kansara had stated that when she went to enquire about her money, she was told that once the amount is cleared for payment, depositors would be informed. However, she received no communication from the bank later.
Kansara said she had filed a consumer complaint against the bank as well as Deposit Insurance and Credit Guarantee Corporation (DICGC). She said that the DICGC was also responsible because the bank had insured deposits upto Rs1 lakh with the corporation. In cases where a bank had folded up, it is the responsibility of the DICGC to pay the depositors, she argued.
During the hearing before the district consumer forum, the bank failed to represent itself. The DICGC, however, contended that Kansara's complaint complaint against the corporation was unsustainable as it had no direct dealings with depositors. The corporation said that it pays money to the bank to return to depositors and not to depositors directly.
While asking the bank to pay Kansara, the forum held that if a bank is closed, its head office has to return the deposits. In this case, the bank had not been liquidated yet but was only being investigated by the CBI.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}