K.S. Ramachandran of Mysore, a senior citizen, tried to withdraw Rs. 10,000, and Rs, 5000 from the State Bank of India, ATM in 2017. But each time, he did not get the money, though he got a receipt through an SMS from his bank Indian Overseas Bank, to tell him that this amount had been withdrawn from his account! Twice he faced the same problem. He also tried to withdraw Rs. 5000 and the same thing happened.
He complained to the State Bank of India and to his own bank but both banks refused to sort out this mess.
He finally complained to the district consumer disputes redressal forum Mysore which found the Indian Overseas Bank guilty of deficient service. Its President H.M. Shivakumar Swamy said that according to the Reserve Bank of India rules, the IOB should have dealt with the issue of the failed transaction at the ATM by recrediting the amount to Ramachandran’s account within 7 working days after receiving his complaint.
He said the complainant was entitled to be paid up Rs. 100 per day if IOB did not follow the forum’s order immediately. It has to credit Rs. 15,000 to his account and pay compensation of Rs. 26,000 for the delay of 261 days from the date of filing his complaint. The bank would have to pay him Rs. 2000 for deficient service, Rs. 1000 for causing him mental agony and Rs. 1000 as costs.
It it did not follow the court order it would have to pay interest at 10 per cent on the total amount of Rs. 41,000 and also undergo imprisonment along with a fine!
I Trust a library but not a bank!