Ganga Nagar Central Coop. Bank Ltd vs Pushpa Rani & Anr

The Supreme Court held that the Ganga Nagar Central Cooperative Bank Limited was liable to compensate depositors of the Cooperative Mini Bank, as it had supervisory control over the Mini Bank and had guaranteed repayment up to Rs.10,000 under the Coffers Card Scheme. The Court affirmed the findings of the State Commission, which modified the District Forum's order to hold the Bank jointly and severally liable for the amount due to the depositors. The interest rate was adjusted from 12% to 9% per annum, reflecting the Bank's liability under the scheme despite its claims of non-responsibility.