Hyderabad: The Hyderabad District Consumer Disputes Redressal Forum 2 has ordered Gokul Cooperative Urban Bank in Secunderabad to return the money in their fixed deposit to the depositors who filed a complaint. N. Jayalakshmi, a resident of New Bhoiguda, alleged that in 2010 she took out two fixed deposits of Rs 2,500 each, maturing in January 2016. After the maturity of the deposits, Ms Jayalakshmi asked for FDRs to be released, but the bank allegedly dodged the matter.
The district consumer forum held that the bank, despite receiving notices to appear before it, failed to do so. It ordered the bank to return Rs 5,500 for two FDRs with an interest of 8 per cent additionally from the date of maturity. It also ordered the bank to pay compensation of Rs 5000 to Ms Jayalakshmi. In another case, based on the petition by R. Soma Sundaram, a resident of New Bhoiguda, the forum ordered the bank to return a sum of Rs 2 lakh covered under two FDRs, along with the agreed interest and subsequent interest of 8 per cent from the date of maturity. It ordered the bank to also pay a compensation of Rs 5,000 and costs of Rs 3,000.
The Reserve Bank of India had in October extended the curbs on Gokul Urban Cooperative Bank till April 4, 2017. RBI told Gokul Co-operative Urban Bank Ltd., Secunderabad, it shall not, without prior approval in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowing of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.
The RBI allowed a sum not exceeding Rs 1,000 of the balance in savings bank or current account or any other deposit account, to be withdrawn by a depositor. The depositor could renew the existing term deposits on maturity in the same name and same capacity. However, the bank can continue to undertake banking business with restrictions till its financial position improves.
