§ Mr. NEWMANasked the Under-Secretary of State for India whether a concern known as the Bank of Upper India, at Meerut, is in fact a money-lending institution owned by certain Eurasian and native financiers; whether the said bank is permitted to lend money to officers at a high rate of interest; whether the premises are situate within the limits of the cantonment; and what rent, if any, is paid by the financiers who own the bank for the site which their bank occupies?
§ Mr. MONTAGUThe Bank of Upper India has its headquarters at Meerut, and branches at a number of other places in Northern India. The Secretary of State has no reason to suppose that it differs from other important Indian banks either as regards the classes of persons by whom its shares are held or as regards the nature of the business which it transacts. The Secretary of State has no information as to the situation of the bank's premises at Meerut or as to the terms on which the site is held.
§ Mr. NEWMANIs the bank owned by Eurasian and native financiers?
§ Mr. MONTAGUI have no reason to suppose that it differs from other Indian banks. I have no particular information. It is not a Government dispute.
§ Mr. NEWMANI will put the question again.
§ Mr. MONTAGUThe hon. Member, I think, is imparting in an imperfect manner information which he possesses. If he cares to give me the information I will make inquiry.
§ Mr. KEIR HARDIEIs it illegal for an Eurasian or native of India to operate a bank in India?
§ Mr. MONTAGUI never heard it seriously suggested.