While hearing a petition, filed by Mathiyazhagi from Kelur in Villupuram, the Madras High Court on Friday slammed the Indian Overseas Bank for not considering her loan application to study engineering for the academic year 2011-12. While the court had earlier order that the bank should consider her application, the bank filed a review petition against the order. During the hearing the court said that the banks let the poor toil for money, while they easily sanction loans for millionaires. While 48 companies have defaulted about Rs 48,000 crore loan from banks, not much cases were filed against the poor for defaulting education loans, the court also reportedly noted.
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