Bank penalised Rs 15,000 for delaying funds to elderly widower after nominee's death

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An elderly woman held a savings account with Rs 62,541, with her son listed as the nominee. Both the woman and her son passed away, leaving her 83-year-old husband as the sole surviving family member. The aged farmer, unfamiliar with English, sought to claim the funds from the account. However, the bank delayed releasing the money to the bereaved widower despite him being the rightful heir. A consumer forum ordered the bank to pay Rs 15,000 as compensation for the undue delay caused to the elderly man.

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