Dear Sir, we had FD around 5.5 lakhs in above mentioned cooperative, while 3 was matured in January 2019 , but still we haven’t received payment, please suggest what to do for this refund, many times we had gone to branch also, they also haven’t received salary as they said please guide what to do???
I C Naik
Cooperative Society is a service provider to the depositors under Consumer Protection Act 1986. Nonreturn of money upon maturity of fixed deposit has been held to be a deficiency in service and the concerned society is liable to be prosecuted under that Act with a prayer to make order of refund with damages.