It has become a daily occurrence in India for famous businessmen to take loans from banks and run out of money. Those messages are not new. Examples include Nirav Modi, Mallya and Mehul Choksi. They are hiding abroad and whitewashing the Indian government. India is trying to bring them here. Deporting them would cost billions. It is not easy to break the laws of the countries where they have sought refuge and deport them.
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Dharma is wasted only when those who have taken loans of Rs 10 from banks are seen treating businessmen in this manner. They handle their shirts worse than glamorous shirts. That is how Canara Bank in Trichy works. But the High Court and the Supreme Court sent a good permission. Canara Bank provided a loan of `48.80 lakh to the Social Services Association of Trichy in 1994-95.
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This amount was distributed among the 1,540 members of the association. Allowed for the upliftment of the poorest in society. Borrowers are engaged in activities including animal husbandry, agriculture, milk sales and handicrafts. If the interest on the loan is not repaid within 90 days, it will be treated as a loan. Similarly, the bank has shown seriousness in collecting loans as it pays interest. However, the association’s fixed savings are with the bank. Pointing to this, the Chennai High Court ruled that members should not be harassed by asking for credit.
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However, Canara Bank filed a petition in the Supreme Court against this. The case came up for hearing yesterday in a session chaired by Justice Chandrasooty. The judges who criticized Canara Bank at the time said: Banks provide loans to improve people’s livelihoods. This is an economic activity.
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In this, banks need to understand their moral responsibility and act accordingly. Canara Bank should no longer pursue such an appeal against an association that is more aggressive in lending to large corporations and big business than in lending to those in the community. Do not waste our time and time to take up the case against such an association. ”
