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Canara Bank Asked To Pay Rs5 Lakh Compensation to 95-Year-Old NRI for Wrongly Converting FCNR into INR Deposits without Consent

Holding Canara Bank and its officials responsible for deficiency in service and unfair trade practice resulting in mental agony and hardship to a now 95-year-old non-resident Indian (NRI), the national consumer disputes redressal commission (NCDRC) enhanced the compensation to Rs5 lakh from Rs1 lakh. Canara Bank is directed to pay Rs9.09 lakh to the British citizen, including the compensation and award with an interest of 6%pa (per annum) and Rs25,000 litigation costs.

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