IDBI Capital compensates investor for loss of interest


Sheila Mody from Ahmedabad had invested Rs. 7 lakh in a fixed deposit (FD) for one year under the ‘National Housing Bank (NHB)-Sunidhi Scheme’ through IDBI Capital. On the maturity of the investment, she submitted the original FD receipt (FDR) for renewal for another year.

But the courier engaged by IDBI to send the document to NHB lost her original FDR. Sheila applied for a duplicate which the bank issued. The delayed renewal cost her interest though it was not her fault. She wrote to several senior officials of IDBI Capital and NHB. No one cared to respond. Frustrated, she sought help from CERS.

CERS approached both IDBI Capital and NHB and found they were bent on passing the buck to each other. It issued a legal notice to both parties. IDBI Capital stated there had been no negligence on its part but it was willing to reimburse 50% interest as a goodwill gesture. It sent Sheila a cheque for Rs. 14,535. She accepted the amount and donated Rs. 3,000 to CERS as a token of her appreciation.

Tax refund goes to wrong account

Paying income tax is not without its share of troubles, as Vijay Parekh, a resident of Ahmedabad, learnt. Parekh had an account with the Thaltej branch of Bank of India. To his dismay he learnt that his I-T refund had been credited to some other account. He approached the branch and was told to resubmit his PAN card for changing the PAN number.

Despite meeting all the requirements his case kept dragging on. He was told that the matter would be resolved only by the end of the financial year in March. The matter did not get resolved even in April. Finally, the bank manager told him it was beyond the capacity of the branch to rectify the mistake. When CERS took up the complaint, it was resolved within 30 days by Bank of India although the issue had dragged on for over a year.

Onida replaces LCD TV after almost a year


Munish Goel, living in Ahmedabad, purchased a 32-inch Onida Full HD TV for Rs. 25,000 from Dhaval Enterprise. Right from the beginning he faced problems with the picture quality, LCD, remote sensor and display software. Eventually, the TV stopped functioning. He wrote to the region head as well as managing director of Onida seeking refund or replacement, under warranty, but failed to evoke any response.

Goel asked CERS to intervene in the matter. CERS spoke on the phone with the dealer and they agreed to represent the customer’s grievance with the company. When no action was taken by the dealer, CERS directly approached the regional offices of Ahmedabad and Mumbai, regarding the further course of action in the case. After persistent follow-up, the company replaced the television.

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