In a significant ruling aimed at protecting depositors’ interests, the Cooperative Ombudsman Alok Agarwal has directed Achievers Credit Cooperative Society Ltd., Lucknow, to refund the matured recurring deposit of a complainant, Kumari Nidhi, along with up-to-date interest, within 15 days.
The complaint, filed by Kumari Nidhi, stated that she had invested in a 72-month recurring deposit plan of Rs 2,000 per month starting March 7, 2018. After the maturity of the deposit, despite submitting written requests dated October 5 and 22, 2024, the Society failed to refund the deposit or respond to her queries.
Following a notice from the Ombudsman’s office on March 24, 2025, the Society initially failed to respond. In its belated reply on May 9, 2025, the Society claimed it was awaiting bank account details from the complainant. However, Kumari Nidhi had already provided the necessary details via a letter dated May 13, 2025.
Observing procedural delays and lack of cooperation from the Society, the Ombudsman ruled that the full amount along with interest must be paid within 15 days. The Society must also submit a compliance report immediately after the payment.