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Axis Bank fined Rs 1 lakh for lapses

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Press Trust Of India New Delhi
Last Updated : Feb 05 2013 | 2:21 AM IST
The Delhi State Consumer Commission has slapped a penalty of Rs 1 lakh on a private sector bank for lapses in finalising the account of an 85-year-old customer.
 
"In our view, a lump sum compensation of Rs 1 lakh for the actual loss, mental agony, harassment and physical discomfort encountered by the appellant due to the negligence, indifferent and insensitive attitude of the respondent shall meet the ends of justice," J D Kapoor, the commission president, said.
 
The commission asked UTI Bank (now known as Axis Bank) to pay the amount to octogenarian Surya Narayan Saxena, a resident of Swasthya Vihar, who alleged that the bank had paid him less interest on a deposit and also reduced balance amount in his saving bank account.
 
Saxena, who was having a savings account with the bank, lodged a complaint with the district forum in March 2006.
 
On the ground that his balance amount had been reduced from Rs 3.83 lakh to 3.29 lakh in March 2003. His another grievance was that he was paid less amount of interest on his fixed term deposit.
 
The commission termed the shortfall of over Rs 50,000 in accounts as "unexplained and truly alarming" to Saxena. Appreciating Saxena for showing patience in pursuing his case, Kapoor said, "In our view, the deficiency and negligence on the part of the respondent is writ large on the face and the poor old man has been put to unnecessary harassment."

 
 

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First Published: Oct 01 2007 | 12:00 AM IST

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