The District Consumer Forum has imposed a fine of Rs 5 lakh on the Sanyogitaganj branch of the Central Bank of India. In exchange for the loan, the property documents were mortgaged to the bank. After paying the full amount, when the customer asked for the documents, the bank told that they were lost.
The case was heard before Forum President Sarita Singh, members Shailendra Singh, Kundan Singh Chauhan. Prajapat Nagar resident Basant Lambate had filed a complaint before the forum through advocate NB Likhar. It was mentioned that in 2013, a loan of Rs 9 lakh 89 thousand was taken from the Central Bank.
The bank had mortgaged the documents of his house as guarantee for the loan. After repaying the loan amount, he received a reply from the bank that his property documents were not available. The forum ruled that it was gross negligence on the part of the bank to lose the documents after the loan was repaid, but it was also not true that due to the loss of the documents, the value of the house reduced by 40 to 50 percent.
For this negligence of the bank, a fine of Rs 5 lakh is imposed, which will be given to the complainant. This money will be given within 30 days otherwise interest at the rate of 8 percent will also have to be paid.
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