In a unique move, officials of four banks jointly demonstrated here on Thursday against a loan defaulter of these banks. The officials of the Union Bank, IDBI Bank, MPFC and Saraswat Co-operative Bank demonstrated at the bungalow of an industrialist who had allegedly not repaid loan of `92 cr taken 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 loans.
The demonstration was staged before the bungalow of CE Fernandes and his wife Everlyn of GEI Power limited, near Aashima Mall on Hoshangabad Road.
According to sources, the Fernandes couple had taken loan of `92 cr from the four banks 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.