This is related to MALIAKA MULTI STATE CREDIT COOPERATIVE SOCIETY LTD
MSCS/CR/371/2020.
For the banking industry there is the bank Ombudsum for solving grievances. Similarly for the insurance sector there is the IRDA for solving grievances now the housing industry has RERA. Is there anybody/authority for solving the grievance of MULTI STATE CREDIT COOPERATIVE SOCIETY. If so could you please send me the name address and email id of such body.
I have a RD with the above referred credit society and their regulation is if the R D is prematurely closed then no interest whatsoever is payable. please confirm if this regulation is permissible under the society cooperative bye laws.
I C Naik
The deposit with a bank is governed by written term s and conditions as per the receipt issued by the concerned bank. So, rules of premature withdrawal of deposit amounts to termination of contract before its agreed date. It is within the rights of Bank accepting a deposit from its depositor. There is nothing anybody or an authority to dictate terms on a bank.