The apex consumer commission has directed a cooperative bank in Kerala to pay Rs five lakh as compensation to a man for losing his property’s original title deed which was pledged with it, reports PTI.
The National Consumer Disputes Redressal Commission (NCDRC) also directed the Mayyanad Regional Co-operative Bank to pay Rs 10,000 as litigation cost to Kerala resident Ebrahimkutty.
“The loss of the title deed has been fully established from the material on record… It is ordered that the bank shall be liable to pay a sum of Rs 5 lakh to the complainant for the loss of the title deed along with Rs 10,000 as cost of litigation,” the NCDRC bench headed by Presiding Member B C Gupta said.
According to the complaint filed by Ebrahimkutty, he availed a loan from the Mayyanadu Regional Cooperative Bank, mortgaging his property by pledging his original title deed which the bank lost.