After the new Haryana Panchayati Raj Act debarred defaulters from contesting panchayat elections, cooperative banks in Haryana received Rs 53 crore from about 10,000 people in a matter of just three days reports Times of India.
Looking at defaulters lining up to clear dues, the banks were hoping to swell their coffers by around Rs 400 crore, but they will now have to wait until the Supreme Court disposes of the case filed against the stiff educational qualifications of the new act.
Haryana principal secretary (cooperation) said a person from Yamunanagar who had taken loan for a banquet hall deposited Rs 40 lakh to get a no-objection certificate to contest the panchayat polls.
Cooperative banks give loans up to Rs 20 lakh for crops, agricultural implements and tools, and non-agricultural purposes on low interest rates.
