Karur Vysya Bank penalised for service lapses
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Karur Vysya Bank penalised for service lapses

March 1, 2020

Mysore/Mysuru: The Mysuru District Consumer Redressal Forum has penalised Karur Vysya Bank, Shivarampet Branch in city for lapses in providing service at the bank. 

Firdous Malik, a resident of Irwin Road, had availed a loan of Rs. 8.5 lakh from Karur Vysya Bank in Shivarampet on May.10, 2012 for purchase of a house by pledging his house documents. He had also availed  another loan by pledging 887.700 grams gold jewellery.

But as he was unable to clear the loan, Firdous wrote to the Bank authorities on Oct.20, 2016 asking the Bank to auction the pledged gold ornaments and adjust the amount for clearing both the loans that he had availed. He had also asked the Bank to return him whatever money that remains after loan clearance adjustment. But the Bank authorities, without any prior intimation to Firdous, auctioned  his pledged gold jewellery and even did not bother to inform him about the amount of money got by the auction.

Later, Firdous filed a petition with the Mysuru District Consumer Redressal Forum seeking return of Rs,2,58,226 that was in excess of loan clearance amount and Rs.1 lakh as compensation for service lapse and Rs. 5,000 as expenses, from Karur Vysya Bank. 

The Consumer Forum which heard the petition, found Karur Vysya Bank at fault for service and ordered the Bank to return the pledged house documents to Firdous. The Forum also directed the Bank to get the house registered in Firdous’s name within 45 days of the order and to pay a penalty of Rs.100 per day if the Bank defaulted on it’s order.

The Redressal Forum passed an order directing the Bank to return Rs. 2,58,226 due to Firdous along with an annual interest of 10 percent and also to pay Firdous Rs,35,000 as case expenses, within 45 days.

The Forum also asked the Bank to pay an annual interest of 10 percent on the awarded amount, if it defaulted on payment to Firdous. Senior Advocated K. Eshwar Bhat argued for Firdous Malik.

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