Atul Nanda & Anr. vs. Reserve Bank of India & Ors. dated 2008-08-19
It is directed that the State Bank of India, HSBC Bank and the Standard Chartered Bank shall publish the same in following terms at their joint cost in at least two leading newspapers which are published from Delhi and Mumbai within a period of one week from today :- “On the basis of the various policies framed by the Banks and the RBI directions, it is directed that: (a). For the local cheques credit and debit shall be given on the same day or at the most on the next day. (b). The maximum period for collection of outstation cheques shall be 7/10/14 days. And, if there is any delay in collection of the said chques beyond the period of 7/10/14 days, interest at the fixed deposit rate, or at a specified rate as per the respective policy of the banks, is to be paid to the payee of the cheques; (c). The salient features of the policy with regard to the collection period of outstation cheques and interest payable thereon in case of delay shall be published on the notice board in a precise manner in bold/visible letters at conspicuous place in every branch. All the banks are, therefore, directed to comply with the same within a period of two weeks, if they have not complied with the aforesaid RBI directions uptil now. (d). A copy of the complete policy shall be made available by the Branch Manager, if the consumers require the same for reading. (e). The salient features highlighting the rights of the consumers shall also be displayed on the notice board of each branch of the Banks. (f). RBI would monitor the directions given by it as well as this Commission.” read more +
Maruti Udyog Ltd vs. Ravinder Raj & Anr. dated 2008-08-07
Appeal against order passed by the State Commission directing the petitioner to pay the extra amount charged by the dealer due to delay in delivery---complainant booked a Maruti Car with the dealer by paying an initial booking amount---During the intervening period, the price of the vehicle escalated by Rs.6,000/- and odd and he had to pay an extra amount of Rs.7000/- for taking the delivery of the car---since the price were revised consequent to the increase in the Central Excise Duty and this increase in the price was retained neither by Maruti Udyog Ltd. nor by the dealer but the same was deposited with the governmental authorities---Revision Petition allowed. read more +
