Apex consumer forum asks Axis Bank to pay `50 lakh to aggrieved customer
NEW DELHI: The apex consumer forum has asked Axis Bank, one of the largest private sector banks in the country, to pay over Rs 50 lakh to a customer for failing to return certain documents submitted by him while availing a loan, even after he repaid the amount.
The National Consumer Disputes Redressal Commission (NCDRC) asked a branch of Axis Bank Ltd to pay an amount of Rs 50 lakh for financial damages, Rs 50,000 for causing mental agony and harassment, and Rs 15,000 towards litigation expenses to Rajesh Gupta.
“The facts of the case establish that the Opposite Party (Axis Bank Ltd) has failed to discharge their obligation towards their customer and have failed to return all the documents, which were entrusted,” presiding member Justice Deepa Sharma said.
The Commission also asked the bank to issue Indemnity Bond (undertaking given by a party entering into a contract promising to bear the losses in case of breach of contract) in favour of Gupta regarding all these documents.
It further said the amount should be paid within four weeks, failing which the amount shall carry an interest rate of 12 per cent per annum.
Gupta had taken a loan of over Rs 67 lakh from the Faridabad branch of Axis Bank in 2012.
He had cleared the loan amount in 2013 and closed his loan account.
However, the bank failed to return the documents-builder Buyer’s Agreement, full and final payment receipt from the seller, and the original allotment letter of his property- to him.
The bank contended that some of the documents available with them had been returned and the rest of the “documents had lost” and that they were unable to return those papers.
It also claimed that the documents, which they failed to return, were only receipts and had no importance.
The Commission ruled that “service is deficient” as in the absence of the documents, it would certainly “not be easy for the complainant (Gupta)” to put his property in the market in case he wanted to sell it.