Chennai: Bank fined Rs 25K for wrong transfer of money
In reply, Branch Manager of the Bank stated that the complaint was not maintainable.
Chennai: Seven years after a nationalized bank mistakenly transferred Rs 5.08 lakh to a Chinese firm from an account of a city businessman, the District Consumer Disputes Redressal Forum, Chennai (South) directed the bank to refund amount along with a fine of Rs 25,000.
In the petition V. Bharani of Anna Nagar, he was holding a Current Account in M/s. Indian Bank, SIDCO Building, Guindy since 2011. On October 22, 2012, to his shock, the bank erroneously debited US$ 7,177.50 from his account unauthorizedly. He immediately informed the officials and met Branch Manager, who admitted the transaction happened by mistake and assured that US$ 7,177.50 would be remitted.
The bank forwarded an email dated October 25, 2012 stating that an email to Bonnie of M/s. Likey Electronics Technology Limited, China and requested to refund US$ 7177.50, the unauthorisedly debit transaction.
He said, “I even visited China for getting back the amount. However it was ended in vain”. The bank failed to remit the amount back into his account causing him mental agony. In a reply to his notice the bank manager informed him that he would settle the amount. As there was no response he filed the petition.
In reply, Branch Manager of the Bank stated that the complaint was not maintainable. The manager said Bharani is a proprietor of M/s. Allied Care Products, Anna Nagar. Based on his request on October 17. 2012, the bank transferred US$ 7177.50 from his to M/s. Likey Electronic Technology for purchase of micro SD memory cards. Hence, the amount was transferred on October 22, 2012 to the beneficiary.
Three days later, Bharani came to the bank and requested the Desk Officer to stop payment on the ground that beneficiary company was a fraudulent company. On humanitarian ground alone, the bank issued an email stating that the transaction made erroneously.
The bench comprising president M. Mony and member R. Baskarkum-aravel said considering the facts and circumstances of the case, this Forum is of the view that the Bank committed negligence and shall refund the US$ 7177.50 with compensation of Rs 15,000 for causing him mental agony with cost of Rs 10,000.