The Cuddalore District Consumer Disputes Redressal Commission has directed Axis Bank to pay ₹1 lakh in compensation to a farmer for deficiency in service.
In their petition, the complainants A. Ramalingam, 63, and his son Sabarathnam, 35, of Anguchettipalayam in Cuddalore district, said that they had applied for agricultural loan from Axis Bank. Upon procedural completion and field visit, the Bank had agreed to sanction a sum of ₹26.5 lakh as loan and had called for the execution of Memorandum of Title Deeds of property.
Subsequently, the Bank unilaterally cancelled the memorandum of Title deed and returned the original documents and declined the loan. The Bank took the stand that the loan had been cancelled due to internal policy norms.
