Bank needs to give benefit of interest rate reduction to all customers even if customer not opted for same

Shekar B.S. Vs Chief General Manager, Syndicate Bank (Karnataka High Court) Bank’s justification is, petitioner has not opted for switchover to a new system. The fact remains that bank has reduced the rate of interest from 11.75% to 8.25% with effect from 24.01.2017. It is a housing loan. The stand taken by the bank that petitioner has not requested earlier to switchover to lesser rate of interest is untenable. Bank is owned by the Central Government and the change in rate of interest from time to time should be made applicable uniformly. In the circumstance, this petition merits conside...