SBI fined Rs 5 Lakh for reversing deposit
There was no prior information to the complainant by the bank about this transaction.
Hyderabad: The SBI has been fined for reversing the interest credited to an account without the consent of the account holder. The District consumer disputes redressal forum, Hyderabad, directed the SBI’s Aliabad Branch to pay a fine of `5 lakh for withdrawing the amount.
According to complainant Poonam Jain, the SBI’s Aliabad Branch in Shalibanda used to credit the interest on the balance amount twice in a financial year. The bank had credited `16,130 as interest and after a month, it withdrew `36,265 by reversing the credited interest.
There was no prior information to the complainant by the bank about this transaction. When the complaint approached the bank about the reversal of the amount, he did not get a proper res-ponse. Subsequently, she approached the forum stating that the transaction was illegal and arbitrary.