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Eye-watering problem: Agra-based optician's claim threatens to break Indian banks

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.

Continued here


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