Baramulla, August 22, KDC: District Consumer Disputes Redressal Commission (DCDRC) BARAMULLA/Bandipora, headed by President Peerzada Qousar Hussian, has ruled in favor of Habibullah Sheikh, in the case of lack of service against HDFC Bank, Baramulla branch.
The Commission found the bank responsible for failing to honor the two cash certificates issued to the complainant, which was later declared a record in the bank’s system.
The case stems from the complainant’s investment in two cash certificates, one for Rs.2,00,000 in September 2022 and the other for Rs.4,35,000 in May 2024, to secure their savings and earn interest, but on the maturity of the first certificate, the complainant revealed that the bank had no record of investment.
In its order, the Commission strongly established that a bank is strangely responsible for the functions of its employees and believed that only the refusal of liability without sufficient proof was inadequate, especially since the certificates bore the bank’s official seal and signature.
As a result, the Commission has directed HDFC Bank to pay the complainant to pay the full maturity value of the cash certificate with the applicable interest. In addition, the bank has been ordered to pay Rs 50,000 as compensation for mental pain and reduction in service, Rs 20,000 for litigation cost and additional Rs. 10,000 for Consumer Welfare Fund.
The bank has been given four weeks time to follow the order from the date of the receipt and further instructed the bank to maintain its customers’s confidence and is their final accountability for the transactions under their names. (KDC)