Tripura Gramin Bank Fined for Unauthorised Deductions from Customer’s Account

 

Agartala, March 20: The Unakoti District Consumer Protection Court has directed Tripura Gramin Bank to pay ₹15,000 in compensation to a customer, Dr. Paresh Chandra Modak, for unauthorised deductions from his savings account. The ruling came after Dr. Modak filed a case against the bank for unlawfully deducting ₹120 from his account in 2022 and 2023, in violation of Reserve Bank of India (RBI) regulations.  

Dr. Modak, a resident of Dharmanagar and owner of Modak Homeo Clinic, alleged that the deductions were made without prior notice, as mandated by the RBI. Despite submitting a formal complaint to the bank, no resolution was provided. The issue escalated when the manager of the Dharmanagar branch cited a new policy, effective from November 7, 2022, which allowed deductions for non-maintenance of the minimum balance. However, the deductions in question occurred in September 2022, before the policy’s implementation, rendering them invalid.  

On December 19, 2023, Dr. Modak filed a case at the Unakoti District Consumer Protection Court, seeking compensation for financial loss, related expenses, and mental distress. Representing himself without legal assistance, he claimed ₹20,000 in compensation. The court ruled in his favour, ordering the bank to pay ₹15,000 within two months. Failure to comply will result in an additional 9% daily interest on the amount.  

The incident highlights the importance of vigilance in monitoring bank transactions and adhering to RBI guidelines. Dr. Modak urged customers to remain alert and regularly check their bank statements to avoid similar occurrences. He also emphasised the need for banks to ensure transparency and compliance with regulatory norms to maintain customer trust.  

This case serves as a reminder for financial institutions to uphold ethical practices and for customers to be proactive in safeguarding their financial interests. The court’s decision has been welcomed by consumer rights advocates, who hope it will set a precedent for holding banks accountable for unauthorised transactions.