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India's Supreme Court has created a 70bil-rupee (RM6.1bil) fund for the disabled from money it says banks 'illegally' accumulated by rounding off interest rates payable by borrowers, it was reported yesterday.
The Government will encourage financial institutions to show more empathy when going after guarantors to recover bad debts. Deputy Finance Minister Datuk Dr Ng Yen Yen said some overzealous banking institutions found it more convenient to initiate actions against the principal borrowers and guarantors to recover loans although in most cases, the latter were largely ignorant or innocent parties.
Chinese guilds and associations had to take legal action to recover repayments on study loans given out to the children of their members, I>China Press/Ireported.