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Amid bank scam saga ongoing; how a former PM’s family repaid loan

Best known for his austere lifestyle, Shastri's widow had to sell her pension to repay a Rs 5,000 car loan from the bankBest known for his austere lifestyle, Shastri's widow had to sell her pension to repay a Rs 5,000 car loan from the bank

Amid bank scam saga ongoing; how a former PM’s family repaid loan

Even as the banking system and its ability to check and prevent scams of the order that is being alleged in case of Nirav Modi is under scanner, it is interesting to note that one of the loyal customers of the bank was India’s former prime minister Lal Bahadur Shastri.

Best known for his austere lifestyle, Shastri’s widow had to sell her pension to repay a Rs 5,000 car loan from the bank.

Sources informed that the while there was the provision of a office car, it was not to be used regularly for personal use. Thus the demand came for a Fiat which at the time cost Rs 12000.

Now the Shastris has mere Rs 7000 in the bank account which made it mandatory for them to acquire loan of Rs 5000.

The story goes back to 1964.

Prime Minister Shastri applied for a Rs 5,000 loan which was sanctioned the same day.

But soon tragedy struck the family. Shastri passed away on January 11, 1966 in Tashkent where he had gone to sign the declaration to settle the 1965 war between India and Pakistan.

The loan remained unpaid.

It was however, paid back Shastri’s wife from the pension she received after husband’s death.

This was also confirmed by Anil Shastri, son of the former Prime Minister Lal Bahadur Shastri.

Among its early board of directors was Lala Lajpat Rai, who played a distinguished role in India’s freedom struggle.

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