Direct Nationalized Banks To Provide Loans Up To Rs 5 Lakhs To Advocates : ABAP Urges Finance Minister

Seeking to direct nationalized banks to provide loans up to Rs 5 lakhs to advocates, pan-India lawyers organization Akhil Bharatiya Adhivakta Parishad has made a representation before the Union Finance Minister.

In the said representation, it has requested that an amount upto Rs. 5,00,000/- (Rupees Five Lakhs only) should be provided to advocates on concessional rate of interest, on their personal security, to be repaid in three years commencing after moratorium of six months after its disbursement.

Due to the absence of physical functioning of courts, many advocates, especially those practising at District and Taluka levels, are facing severe financial distress, said ABAP. It also highlighted the tragedy of an advocate committing suicide in Karnataka due to financial distress.

The organization has emphasized that advocates need a financial package for arrangement of electronic gadget like computers etc. to attend virtual courts and to meet out their routine expenses like payment of salary to clerks & office staff, rent etc.