Bank told to clear PF dues of retired manager with interest, pay Rs 75K in compensation
The commission also awarded him Rs 50,000 as compensation and Rs 25,000 towards litigation costs.
Venkatacharyulu, who worked as a branch manager, was suspended in 2007 and later dismissed from service before retirement. Despite completing 36 years of service by 2008, his retirement benefits were withheld. He alleged that the bank adjusted his provident fund (PF) contributions against a clean overdraft (COD) loan without consent, and denied him interest for nearly five years.
According to Venkatacharyulu, his own PF contribution of Rs 4.37 lakh was transferred in March 2013 to settle the COD account without paying interest from April 2008. The bank's contribution of Rs 7.4 lakh was also held back. Additionally, other amounts, including Rs 37,277 from a National Savings Certificate and Rs 46,072 from an insurance claim were adjusted without informing him.
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The commission ruled that Venkatacharyulu qualifies as a "consumer" and the bank as a "service provider" under the Consumer Protection Act.
It noted that the bank failed to prove he alone caused the financial loss it cited to justify the recovery.
"In fact, another employee admitted to using his password to carry out transactions," the commission observed. "There was no proper apportionment of individual liability, and the bank had no legal right to recover the full amount from the complainant."
The panel further said denying PF interest violated Article 300A of the Constitution, which protects a person's right to property. "Withholding dues without interest is unjust," it stated, ordering the bank to pay up with interest from 2008 onwards.
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