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Communicate decision on interest rate plea to NGO, SC tells RBI

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New Delhi, Oct 8 (IANS) The Supreme Court on Monday asked the RBI to communicate within six weeks to NGO Moneyline Foundation’s on its plea for refunding the excess interest charged from those raising loans under the floating interest system but not getting the benefit of reduced interest rates.

A bench of Chief Justice Ranjan Gogoi, Justice Sanjay Kishan Kaul and Justice K.M. Joseph directed the Reserve Bank of India (RBI) while hearing a plea by Moneyline Foundation. Sucheta Pandurang Dalal is the other PIL petitioner in the case.

The court said: “We are of the view that, at this stage, the Reserve Bank of India should be directed to communicate its decision in the matter covered by the representation/letter of the petitioner(s) dated October 12, 2017 to the petitioner(s) within six weeks from today”

“Thereafter, the petitioners, if still aggrieved, will be at liberty to approach this court once again.”

The court noted that the RBI by its December 26, 2017, letter had informed the NGO that the issues raised by it through a communication dated October 12, 2017 are under consideration.

The NGO had told the court that since it did not get further response from the bank, it was left with no option but to approach the top court to secure its rights.

The petitioners had sought a direction to the banking institutions and Non-Banking Financial Companies (NBFC) to calculate the amount of excess interest charged to existing borrowers of home, education and consumer goods loan under floating rate regime by denying them the benefit of reduced interest rates from time to time.

The petitioners sought refund of the excess amount charged.

The petitioners also sought that the banking companies and NBFCs be directed that so far as floating rate loans are concerned there can be no conversion charge on customers entitled to avail of lower rate of interest.

Seeking that the periodicity of reset under MCLR system be conducted quarterly, the PIL also sought that borrowers be intimated of change in repo rates and corresponding reset within a day of such change by at least three modes of communication.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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