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Consumer forum orders total compensation of ?11 lakh
The Hindu, February 03, 2019

For a loan of ?4 lakh that a couple had borrowed, a consumer forum directed Dena Bank to cough up ?9 lakh as loss in value of their properties and ?2 lakh as compensation after the public sector bank admitted to have misplaced their property documents.

The forum was dealing with a complaint filed by Uday Shankar Sastry and his wife Geetha Shankar, residents of Dayanand Nagar in Malkajgiri.

The complainants said they had taken a housing loan of ?4 lakh from Dena Bank, the respondents, to renovate and extend portions of properties. The bank instructed them to deposit original title deeds of the properties, they added.

Despite repaying the loan in full in August 2017, the complainants alleged that the bank did not return the documents, and instead told them that they were misplaced.

Bank’s defence The bank assured them that they would file a complaint at the local police station, obtain an FIR, and get published a notice about the misplaced documents in two newspapers. It also claimed that the loss of these documents would not affect the transaction.

For its part, the bank admitted that it indeed had misplaced the documents. This, it said, was due to the bank branch moving from one location to another.

Interestingly, the bank claimed that misplacing of documents would not have a bearing on the properties’ value, and those seeking to buy them could approach the bank. The bank in turn would inform them of the loss of documents.

Stating that the bank should ‘adequately’ compensate the complainants to ‘mitigate the loss of original title deeds’, the forum ordered it to pay ?9 lakh as loss in value of properties and ?2 lakh as compensation.

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