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Cholamandalam Finance to Pay Compensation to Client for Non Issue of No Dues Certificate

No doubt the consumer forums are getting their act together and are functioning effectively for a common man as in a recent case Cholamandalam DBS Finance Ltd (Chola) has been ordered by a Delhi consumer forum to pay Rs 25,000 as compensation to one of its customers for not issuing a no dues certificate to him despite getting settled its loan to him and withdrawing over Rs 22,000 instead from his bank.

The District Consumer Disputes Redressal Forum also asked the firm to return over Rs 22,000 to the customer. This speaks that checks and balances are not in place at companies like Cholamandalam DBS Finance which is handling Crores of clients money.

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