Bank ordered to pay ₹3 lakh compensation for failure to return property documents

Bank ordered to pay ₹3 lakh compensation for failure to return property documents
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The Mandya District Consumer Disputes Redressal Commission has directed a public sector bank to pay compensation of ₹3 lakh for its failure to return the original documents pertaining to a property in Bengaluru deposited with the bank for raising a house building loan.
According to a complaint filed by Suguna, a resident of Arakere village in Srirangapatna, her late husband A.M. Ramachandriah had obtained a house building loan for his property in Judicial Layout in Jakkur Allalasandra in Bengaluru.
Though Mr. Ramachandraiah died after the loan was sanctioned, his legal representatives had cleared the entire outstanding loan amount on February 21, 2018. Though Ms. Suguna and her children had completed all the formalities to receive the property documents deposited with the bank by submitting the necessary application form with Mr. Ramachandraiah’s death certificate and the affidavits of the three legal heirs, the bank authorities had not returned the documents.

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