Pune: In a significant consumer protection case, an elderly couple in Pune successfully reclaimed their fixed deposit amount after an arduous 26-year battle.
The breakthrough came after the intervention of the Grahak HitRakshanaya Foundation, a consumer rights organization, which pressured Pune People’s Co-operative Bank to fulfill its legal obligations.
The case revolves around Vinayak Pawar and his wife, Meera Pawar, residents of Ambegaon Budruk. In 1998, Meera Pawar had invested ₹40,000 in a fixed deposit at the bank’s Bibwewadi branch, aiming to secure financial support for their retirement.
According to Reserve Bank of India guidelines, the bank was obligated to return the deposit along with accrued interest after the maturity period.
However, the bank neither informed the Pawars about the maturity nor returned the amount. When the couple realized this oversight, they submitted a formal request for repayment. Despite their efforts, the bank continued to delay and refused to disburse the money.
Frustrated by the inaction, Vinayak Pawar approached the Grahak HitRakshanaya Foundation. Advocate Mahendra Dalalkar, the foundation’s president, took up the matter and sent a notice to the bank.
The notice highlighted the bank's failure to provide proper service and warned of legal action under consumer protection laws if the amount was not refunded promptly.
The bank finally responded, repaying the fixed deposit amount along with accrued interest. Advocate Dalalkar confirmed that this resolution was achieved after years of negligence by the bank, which caused significant hardship to the elderly couple during their retirement years.
