Maharashtra Consumer Commission Holds Standard Chartered to Account for Unfair Practices
The Maharashtra State Consumer Disputes Redressal Commission criticized Standard Chartered Bank for its procedural negligence, which led to unfair trade practices. A customer's transaction failed, yet the bank charged interest and retained fees. Both the district and state commissions ruled against the bank, ordering compensation and fee refunds to the customer.
- Country:
- India
The Maharashtra State Consumer Disputes Redressal Commission has firmly criticized Standard Chartered Bank for attempting to capitalize on its 'procedural negligence' by charging a customer interest on money never received. The Commission's decision highlights the bank's 'unfair trade practices' and 'deficient service.'
The SCDRC sustained the district commission's earlier ruling, which penalized the bank for failing to refund processing fees following a botched transaction and for failing to disburse funds. The dispute dates back to 2012 when a yarn processing business attempted to switch its overdraft facility to Standard Chartered, which mishandled the transaction.
Despite the transaction's failure, Standard Chartered imposed interest on the non-disbursed funds. The district commission ruled in favor of the complainant in 2018, mandating the bank refund fees and interest charges, and provide compensation for mental suffering. The state commission affirmed this ruling, finding 'no infirmity' in the district's decision.
Google News