Consumer Wins ₹40,000 Compensation as LIC Housing Finance Fails to Rectify PAN Linkage Error in Kalaburagi
The Commission also ruled that if the PAN linkage error is not rectified within 45 days, the company will have to pay an additional penalty of ₹500 per day to the complainant until compliance with the order
A consumer in Kalaburagi has been awarded ₹40,000 in compensation by a commission due to a PAN linkage error by LIC Housing Finance. The financial institution was directed to correct the error within 45 days. Failure to comply will result in an additional penalty of ₹500 per day. This ruling highlights the importance of timely resolution of financial errors and consumer rights. The commission's decision underscores the accountability of financial service providers. The case emphasizes the need for accuracy in linking financial documents like PAN cards. This compensation aims to address the inconvenience and potential issues caused to the customer.
This ruling holds a major financial institution accountable for an administrative error, setting a precedent for consumer protection and timely grievance redressal.
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