Supreme Court holds District Cooperative Bank liable for employee actions, orders compensation of Rs 25,000 to a man after three decades. Bank failed to release fixed deposit receipts worth Rs 1,60,000 in Varanasi. Petitioner awarded refund with interest and damages by district consumer forum in 1997. Apex court overturns NCDRC s ruling, emphasizing bank s vicarious liability for employee conduct.
The Supreme Court recently held that recipients of a fixed deposit cannot suffer at the cost of the criminal conduct of the Bank officials and that, in such an event the Bank would be held vicariously.
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