When business evaporated at Gajendra Sharma\'s eyeglass shop a couple of miles from the Taj Mahal during India\'s strict COVID-19 lockdown, he was relieved to hear about a pandemic debt moratorium that would give him breathing room on his home loan.
Now, however, the 53-year-old optician\'s $13,500 debt risks destabilising India\'s banks, authorities warn.
That is because a complaint he brought challenging the loan relief plan, grouped with those of other borrowers and now before the Supreme Court, could mean a $27 billion hit to lenders - more than half their annual profits - that could shake the nation\'s financial system, the industry and regulators fear.
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Thursday 28th March 2024
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Eye-watering problem: Agra-based optician's claim threatens to break Indian banks