..........Thanks to a law that was born a decade after Dickens died and then amended a century later, Indian banks slap a curt notice, threatening criminal proceedings, to force a borrower to pay up once a 'post-dated cheque' - a product of the retail loan boom - bounces. The law makes no difference between crafty borrowers trying to dupe banks and those who have missed their loan EMIs for having lost jobs. But with lakhs of cheque-bouncing cases clogging the courts, the law ministry is trying to figure out whether it makes sense to tweak the law and refer these default disputes for arbitration. It's an idea that has rattled banks............
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