In a significant ruling, the Office of the Cooperative Ombudsman under the Ministry of Cooperation has directed Chatrapati Multi State Cooperative Credit Society Ltd., Beed, Maharashtra, to refund a depositor’s money along with applicable interest within 30 days.
The order came in a complaint filed by Pratiksh Anil Asher, who had invested Rs 4 lakh in fixed deposits in July 2020. Despite requesting premature closure in June 2025, the society neither returned the funds nor provided a clear response.
During proceedings, the society argued that premature withdrawal would only be allowed if the depositor agreed to forgo interest and accept only the principal amount.
However, documents submitted by the complainant showed that the deposit terms allowed premature withdrawal with only a 2% reduction in interest.
The Ombudsman found the society was not honouring its own contractual terms and failing to refund the deposit. It has now ordered full payment with due interest and asked the society to submit a compliance report after execution.
