Consumer forum asks PNB to compensate for cheque loss

Punjab National Bank admitted that cheque was lost during transit but contended that it could not be held responsible for the lapse

Mandi: Citing deficiency in service, the Consumer Forum of Mandi has directed Suindernagar branch of Punjab National Bank (PNB) to pay Rs5,000 as compensation and Rs2,000 as cost to a person, whose cheque was lost by the bank, reports PTI.

The forum also directed the bank to issue a duplicate cheque to the consumer within thirty days.

A cheque of Rs20,999 was issued to Sunil Kumar in April 2009 by the executive engineer, PWD, Kullu, which Mr Kumar deposited in the account. However, months passed but the money did not reflect in his account. Even after passage of one year the branch also did not take action on his request of issuing a duplicate cheque, said the forum.

The bank admitted that cheque was lost during transit to Kullu branch but contended that it could not be held responsible for the lapse as it had been clearly written on the deposit slips that it would not be liable in such cases.

The forum held that act of bank amounted to "deficiency in service" as it neither ordered any inquiry in to the matter nor issued a duplicate cheque to the customer which caused harassment to him.

Forum directed bank to complete necessary formalities for issuing of duplicate cheque with in thirty days, and further directed the bank to pay Rs5,000 as compensation on account of deficiency in service along with cost of Rs2,000 to the complainant.

User

SBI raises fixed deposit rates in foreign currency by 1.75%

The state-run lender increased interest rate by 1.75% for fixed deposits in foreign currency between 3-4 years to 3.67% from earlier 1.92%

New Delhi: State Bank of India (SBI) raised interest rates on fixed deposits in foreign currency by up to 1.75%, reports PTI. The revision has been done following the changes in the ceiling rates announced by the Reserve Bank of India (RBI) last week.

For FCNR (B) dollar-denominated deposit, interest rate has been increased by 0.75% to 3.05% from 2.30% for a maturity of 1-2 years, SBI said in a statement.

Similarly, for maturity of 2-3 years, the rate has been hiked to 2.56% from the earlier 1.81%, the banks said in separate statements.

Interest rate has been increased by 1.75% for fixed deposits between 3-4 years to 3.67% from earlier 1.92%.

Rate of interest on US dollar deposits, for a maturity of five years, has been revised upwards by similar 1.75% to 4.11%, the bank said.

The new rates are effective from 5 May 2012, the statement said.

Interest rate on fixed deposit in British pound, Japanese Yen, Euro and the Canadian and Australian dollar also been revised upwards by up to 1.75%.

Meanwhile, private sector Federal Bank has also made similar changes.

Last week, the Reserve Bank of India had raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3% to attract inflows.

"Interest rate ceiling on Foreign Currency Non-Resident FCNR (B) deposits of banks has been raised from 125 basis points (bps) (1.25%) above the corresponding LIBOR or Swap rates to 200 bps for maturity period of 1 year to less than 3 years, and to 300 bps for maturity period of 3 to 5 years," RBI had said.

User

Cipla considering price cuts on more cancer drugs

After receiving good response on its price cut for its generic cancer drugs, Cipla is thinking to reduce prices of some more medicines used to treat cancer from its portfolio of 23 drugs

Mumbai: Generic drugmaker Cipla is looking into cutting prices of more cancer drugs after it slashed the prices last week of three treatments by up to 75%, said YK Hamied, the company's chairman and managing director, in an interview, reports PTI.

He said the unexpected response to its move last week to cut the price of its generic version of Bayer's kidney and liver cancer drug Nexavar and two other drugs had prompted him to consider further such moves.

"I am now sitting with my boys to see what reductions we can make in the entire range of cancer drugs. We are making some calculations about pricing, costing and other aspects," he said.

Cipla makes 23 cancer drugs.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)