Consumer Commission Rules Against Cooperative Bank Over Withdrawal Refusal
1 report, 1 independent
Updated Sep 22
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What happened
A consumer commission in Thiruvananthapuram ruled against Kandala Sahakarana Sangham Cooperative Bank regarding a withdrawal request made by a widow. The commission found the bank liable for 'deficiency in service and unfair trade practice.' The ruling mandates the bank pay Rs 13,87,408, plus 9 percent interest, Rs 25,000 compensation, and Rs 3,000 in costs within 30 days.
From rediff.com
Why it matters
The commission determined that the bank's reason for refusing the funds—an internal enquiry under the Cooperative Societies Act—was not a valid basis to deny a consumer timely access to their deposits. This highlights consumer protection rights regarding financial services.
From rediff.com
Who's involved
- ThiruvananthapuramLocation of the consumer commission proceedings
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The entities involved
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Thiruvananthapuram
city in southern India; the capital of Kerala