In a recent incident, the Vashi branch of Bandhan Bank had to pay Rs 20,000 in compensation to a senior couple due to a dispute over interest on their fixed deposit (FD). The couple, Rama Gupta, 64, and her husband Deepak Gupta, who reside in Kopar Khairane, faced difficulties when the bank refused to credit a day’s interest on their FD account. Their determination to resolve the issue led them to the Reserve Bank of India (RBI), which ultimately sided with them.
The Background of the Complaint
The elderly couple opened an FD account with the Bandhan Bank’s Vashi branch through online banking on January 15, 2024. However, the bank issued a receipt showing the date as January 16. According to RBI regulations, banks are required to provide interest starting from the date the FD is opened, which in this case should have been January 15.
Anuj Kumar Gupta, the couple’s son, explained their struggle to resolve the issue. “We requested the bank multiple times to fix the problem,” he said. When there was no positive response from the bank for several days, they decided to file an official complaint on January 24.
Bandhan Bank’s Response
In response to their complaint, the bank claimed that due to their internal rules, transactions are processed until 11:10 PM each day. Since the FD process was initiated at 11:12 PM, the bank argued that the couple was not eligible for interest on that particular day. They also advised Anuj that if he was not satisfied with their resolution, he could approach the Banking Ombudsman at the RBI.
Taking this advice to heart, Anuj and his parents escalated the issue to the RBI, presenting their grievance for further investigation.
RBI’s Intervention
The RBI took the matter seriously and conducted a thorough review of the documents and the complaint. After assessing the situation and verifying the details with Bandhan Bank’s officials, the RBI issued an order in favor of the Gupta couple. They were entitled to the missing interest amount of Rs 187, which was credited to their account on March 15, 2024.
Additionally, the RBI directed the bank to compensate the elderly couple for the mental stress caused by the situation, awarding them Rs 20,000 in total—Rs 10,000 each. This compensation was credited to their account on September 19, 2024.
Bank’s Acknowledgment
Rikhab Chopra, the branch manager of Bandhan Bank, confirmed the incident and explained, “There was a default in timing in the system for the End of Day (EOD) process. This is why the issue occurred, but it has now been resolved, and the interest money has been credited to the couple’s account.”
Conclusion
This case highlights the importance of consumer rights and the role of regulatory bodies like the RBI in addressing grievances. It also serves as a reminder to banks to ensure their internal processes are functioning correctly to prevent such disputes in the future. The Gupta couple’s perseverance in seeking justice ultimately led to a favorable resolution and compensation, demonstrating that it is crucial to advocate for one’s rights as a customer.
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