Credit society fails to pay maturity sum, gets fined

Ludhiana: The district consumer disputes redressal commission has ordered GATS Urban co-operative thrift and credit society to pay a composite cost of Rs 7,000 to a customer after it “failed” to pay him the maturity amount.
Commission president K K Kareer and member Jaswinder Singh also ordered the respondent to pay the maturity amount of more than Rs 2.34 lakh along with interest at an annual rate of 8% from March 16, 2021. Complainant Surinder Pal Singla, 79, is from Urban Estate, Dugri. In his complaint to the commission on October 26, 2021, Singla said the opposite party, which is a co-operative society, had told him that his deposit of Rs 2 lakh made on March 16, 2018, will mature on March 16, 2021 and then he will get an annual interest of 11.50%.
After the maturity date, the complainant approached the respondent time and again for the payment along with the promised interest but the society failed to make the payment. Being a senior citizen, the complainant was in dire need of money. He claimed in this complaint that the non-payment of the maturity amount amounted to deficiency of service, for which the respondent should be directed to pay him back his deposit of Rs 2 lakh along with 11.5% annual interest and Rs 1 lakh as damages.
Upon getting the notice, the respondents did not appear despite the summons, and were proceeded against ex parte.
The commission, after hearing the arguments of the counsel for the complainant and going through the case record, said that the respondent was liable to pay Singla the demanded 11.5% interest. It was held liable to pay him Rs more than 2.34 lakh on maturity of the deposit on March 16, 2021. The opposite party has failed to make the payment.
The commission remarked that: “In the given circumstances, it will be just and proper if the opposite party is directed to pay the maturity amount of Rs 2,34,500 along with interest 8% annual interest from March 16, 2021, till the actual payment, along with composite cost of Rs 7,000.”