COMMON MAN FILED CASE AGAINST BANKS IN INDIA | 2020 | INDIAN BANKS GOT SHOCKED BY AGRA MAN

 COMMON MAN FILED CASE AGAINST BANKS  IN INDIA 

The undeclared lockdown brought by the Center is still having a severe impact on poor, middle, and small class families. Everything from house rent to paying off debts in the bank became a problem. However, the Center, which wanted to show some mercy, imposed a six-month moratorium on bank loans. However, it clarified that the interest on the loan to be paid at this time has been waived, which means that the interest must be paid on the interest. 

The moratorium has sparked outrage as an eyewear dealer from Agra in Uttar Pradesh has approached the Supreme Court alleging that interest on interest has ruined his life.

Gajendra Sharma (53) is an eyewear shop located a few kilometers away from the Taj Mahal in Agra. The shop had to close with a lockdown. However, he took a loan from the bank for the house. While the center imposed a moratorium, no business or money was tied up at that time. The pressure is mounting from bank officials to tie up more than Rs 9 lakh now. 

He asked the court why the moratorium relief was useless. A few more have gone to the Supreme Court challenging the moratorium and interest issues. While all this has to be collected from the lenders to the tune of Rs 19 billion. This small trader case is now becoming a sensation. Up to 120 lawyers are expected to intervene in these cases. Now it has scared the banks too. Gajendra said the moratorium had become a burden on interest and asked banks to withdraw them. If Gajendra wins the Supreme Court case it will wrap around the necks of all the banks. Banks will lose Rs 19,000 crore if they have to waive interest on all those who take loans and get a moratorium. With this, tension has now gripped the banks. Banks are trying not to let Gajendra win the case under any circumstances.