Unprecedented: Four banks stage demo at defaulter’s bungalow to recover loan
Special Correspondent
NewsBits.in
Bhopal: You might have heard use of coercive tactics and violence by financial institutions including banks against small loan defaulters, but in the case of a big industrialist, some Bhopal banks resorted to an unprecedented move.
Officials of four banks staged demonstration before home of the industrialist who has allegedly defaulted on Rs 92 crores loan taken collectively from these banks.
The officials not only carried placards and banner highlighting the default by the industrialist and his wife, but also raised slogans against the couple. This must be the first time that banks have resorted to such tactic to recover loan amount.
The demonstration was staged before the bungalow of CE Fernandes and his wife Everlyn of GEI Power Limited close to Aashima Mall on Hoshangabad Road.
According to sources, the Fernandes couplem had taken collective loan of Rs 92 crore from four banks – Union Bank, IDBI Bank, MPFC and Saraswat Co-operative Bank for his business in the year 2012. But they failed to repay even a single installment of the loan.
Although legal proceedings have been started against the defaulting couple, the bank officials decided to stage the demo to bring the situation before the public so that the industrialist couple could be shamed into repaying the loan. (Photo courtesy: bhaskar.com)
