In a significant ruling, the Cooperative Ombudsman Alok Agarwal has directed the Loni Urban Multi-State Credit & Thrift Cooperative Society Ltd., Ghaziabad, to refund the maturity amount of a recurring deposit (RD) to its depositor, Pramod Singh Rawat, within 15 days.
The decision came after the Society failed to respond to multiple notices issued by the Ombudsman’s office regarding the matter.
According to the complaint filed by Pramod Singh Rawat on 28th November 2024, he had opened a 36-month tenure RD of Rs 3,200 per month on 29th June 2021 at the Society’s Chhiddarwala, Rishikesh Collection Branch under Policy No. DBL7EFC16D5.
Upon the RD’s maturity on 29th June 2024, Rawat requested the Society via email on 18th October 2024 to release his maturity amount. However, the Society neither refunded the amount nor responded to his request, prompting him to approach the Ombudsman.
The Ombudsman’s office issued a notice to the Society on 12th December 2024, seeking a response by 6th January 2025, followed by a reminder on 8th January 2025 with a final deadline of 16th January 2025. Despite these reminders, the Society failed to respond, strengthening the case against them.
After reviewing the case and available records, the Ombudsman, Alok Agarwal, found that the Society had unjustly withheld the depositor’s funds and had no valid justification for its inaction.
In his order, the Ombudsman has directed the Society to refund the RD maturity amount along with up-to-date interest within 15 days from the issuance of the order. Additionally, the Society is required to submit a compliance report to the Ombudsman’s office immediately after making the payment.
This ruling serves as a crucial reminder for cooperative societies to adhere to financial commitments and regulatory compliance, ensuring depositor rights are upheld.
