Hyderabad: In a first, social worker applies for election loan

Hyderabad: Generally, one applies for a bank loan for education purposes, to start a business, build or buy a home. So when social worker Venkatanarayana applied for a bank loan to pay for his election expenses, officials of the Nallakunta branch of the Canara Bank were naturally taken aback.

Mr Venkatanarayana told the bank that he wants to contest the Secunderabad Lok Sabha seat in the upcoming elections, but has no money for the election expenses.

The Nallakunta branch officials told this newspaper that Mr Venkatanarayana, who is a customer of the bank, had applied for a loan for the same purpose in 2014 too. He wanted to contest the Assembly elections then.

Mr Venkatanarayana was told that Reserve Bank rules did not permit giving a loan for such a purpose. A loan can be given based on his deposits in their bank, though, but Mr Venkatanarayana was not interested in that.

The bank manager had even given a letter to Mr Venkatanarayana informing him that banking rules do not permit giving loans for election expenditure purposes. Despite knowing this, Mr Venkatanarayana has applied again for the loan and with the same bank. Bank officials say he wants to start a movement on this issue and applied for bank loan.