Lal Bahadur Shastri had a Bank account in which Bank? Know about his PNB Fiat Car Loan
Lal Bahadur Shastri was an Indian politician and statesman who served as the prime minister of India from 1964 to 1966. Today, on the occasion of his jayanti on 2nd October, we will have a look at this banking details. Here, in this article, we will tell you that Lal Bahadur Shastri had bank account in which bank.
Lal Bahadur Shastri had his bank account with the Punjab National Bank (PNB). There is a famous incident regarding a car loan he took from PNB. He wanted to purchase a Fiat Car.
In 1964, when his family requested a personal vehicle, Shastri checked his PNB account and found he only had ₹7,000. Since a new Fiat car cost ₹12,000 at the time, he applied for a ₹5,000 car loan from PNB to cover the shortfall.
Following his sudden demise in 1966, the bank offered to waive the remaining debt as a mark of respect. However, his widow, Lalita Shastri, strictly declined and chose to repay every rupee in installments using her family pension.
The cream-colored Fiat car bought through his PNB account and loan is currently preserved and on display at the Lal Bahadur Shastri Memorial in New Delhi.
When Shastri’s Special Assistant, V.S. Venkatraman, checked the prices and found a new Fiat 1100 D cost ₹12,000, Shastri applied for the ₹5,000 shortfall from Punjab National Bank. Because he was the Prime Minister, the bank cleared and sanctioned the loan in less than two hours.
Instead of being pleased by the VIP treatment, Shastri immediately summoned the bank officer who had approved it. He gently reprimanded him, stating: “The common man should have the same privilege and promptness. Ensure ordinary citizens get their loans processed just as quickly.”
Shastri refused to bypass standard bureaucratic checks. He insisted on completing all the regular, meticulous banking paperwork himself. He explicitly stated that bank decisions should be based purely on financial merit and standard protocol, not on the political status of the applicant.
When Shastri tragically and suddenly passed away in Tashkent in January 1966, an audit of his personal estate revealed that India’s leader left behind virtually no material wealth. His entire asset list consisted of:
- The outstanding bank loan from PNB
- A few old books
- Some simple clothes
- Receipts for rented accommodation
After his death, PNB formally reached out to his widow, Lalita Shastri, offering to write off the remaining balance as a tribute to the late leader. Lalita Shastri, deeply aligned with her husband’s ethics, declined the waiver. She promised the bank she would pay back every single paisa. Over the next four years, she faithfully paid monthly EMIs directly to PNB out of her modest government family pension until the loan was entirely cleared.
