Bankers body AIBOC is going to have a meeting over Supreme Court ruling on interest free loans.

Interest Free Loans: Bank employees have recently received a major blow from a decision of the Supreme Court. The Supreme Court had termed interest-free and low-interest loans given by banks to employees as a benefit. Also, orders were given to bring it under the ambit of income tax. This decision of the Supreme Court will affect about 10 lakh employees of banks. Now the bank union has started exploring legal avenues to deal with the impact of this decision. A big meeting is going to be held on this issue on Sunday.

All India Bank Officers Confederation called a meeting

All India Bank Officers Confederation (AIBOC) said on Friday that this virtual meeting is going to be held on Sunday. The union told Financial Express that we are also considering increasing the number of lawyers to raise our case prominently. There will be a detailed discussion about the Supreme Court's decision in the meeting to be held on Sunday. State Bank of India (SBI) Chairman Dinesh Khara said that we can appeal against the decision of the Supreme Court. Right now we are seriously considering every aspect of the decision. It would be appropriate to comment on this decision only after reaching the final decision.

Will become a big financial burden for bank employees

The Bank Federation is also trying to find out whether the impact of this decision will be on the loans given earlier only or the loans given in the future will come under this scope. If this decision is implemented on already existing loans, it will become a huge financial burden for the bank employees. Besides, recovery from retired bank employees will also become a big issue. Bank employees have said that similar benefits are also available to employees of other departments including insurance companies and railways. Tax has not been imposed on them yet.

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