M.R.AGNIHOTRI, SUSHIL PAUL
UNION BANK OF INDIA – Appellant
Versus
AMAR SINGH – Respondent
Mr. Justice M.R. Agnihotri, President— Union Bank of India has come up in appeal against the order dated 8th December, 1995 passed by learned District Forum, Kamal, whereby complaint filed by one Amar Singh, a Medical Practitioner of Karnal has been allowed and the appellant Bank has been directed to charge interest @ 15.5% per annum on the loan advanced to the complainant for the purchase of a Maruti Car, under "Professional and Self Employed Scheme of the Bank." According to the complainant the loan of Rs. 1,20,000/-was sanctioned to him by the Bank on 18th November, 1993 for the purchase of Maruti Car and according to the letter of allotment interest @ 15.5% was to be charged from him. However a couple of months later he received a letter that the policy of the Bank had since been revised and as per the new policy rate of interest chargeable would be 18.5% on the amount of loan. Aggrieved against this, the complainant approached the District Forum and in reply thereto, the Bank pleaded that the rate of interest @ 15.5% had been mentioned by the Bank official concerned by mistake, which was later detected and brought to the notice of the complainant. Learned District Forum
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