Consumer commission orders bank to pay Rs 37,000 for IPO application error

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In 2022, a woman applied for 130 shares in an IPO, but her bank erroneously recorded her application for only 65 shares. She alleged this mistake caused her a financial loss of over Rs 42,000 and resulted in mental and physical harassment. The Gujarat State Consumer Disputes Redressal Commission recently reviewed her complaint. The commission partially allowed her appeal, directing the bank to compensate her. It awarded her Rs 37,000 for the grievance, not the larger sum she had sought.

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