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April 12, 2001
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Money > Business Headlines > Report April 12, 2001 |
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Dena client drags bank to court for violation of normsBS Banking Bureau A customer of Dena Bank has dragged the bank to the Consumer Disputes Redressal Forum for "gross negligence" in clearing a bearer cheque of Rs 50,000 without following proper operating instructions. The customer has complained that a dividend warrant deposited in his account was credited after 40 months in violation of the existing banking norms. The case will come up for hearing on April 30. The customer, who is banking with the Maheshwari Udyan (Bombay) branch of Dena Bank, said in his complaint that a bearer cheque of Rs 50,000, dated February 1, 1999, was given to a diamond merchant on January 30, 1999, and the bank allowed withdrawal of money by the latter without the signature of the first account holder, though the instrument carried the signature of the joint account holder. The complainant said the branch passed the cheque despite instructions being given to the effect that no cheque should be passed without signatures of both the account holders. He further alleged that the bearer had "managed" to obtain cash in "collusion" with the branch officials. The customer stated that the cheque bearing the signature of only one of the joint account holders was given to the merchant so as to serve as a proof that the latter had the earnest money required to participate in an auction. However, G L Khandelwal, general manager (Bombay), said "the customer had telephonically contacted the branch and said the signature of the first account holder will be done later, hence the payment was made." Moreover, he pointed out that the customer had contacted the bank after more than six months of the incident. He also questioned the complainant's intentions. The customer has also complained that a dividend warrant for Rs 380, deposited on August 10, 1996, was credited after 40 months, on December 27, 1999, and interest was given on January 5, 2001, after 52 months. Powered by ALSO READ:
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