Chennai, March 1 (IANS) With almost all nationalised banks not following the education loan norms, the proposal to set up an information technology (IT) -based monitoring mechanism is a welcome measure, said the convenor of the Education Loan Task Force (ELTF).
"If such a monitoring mechanism is set up it will be good as nationalised banks are not sticking to the education loan lending norms. They also resort to naming and shaming of young students," K. Srinivasan, convenor of ELTF and a former banker, told IANS.
The ELTF guides students on rules and regulations governing education loans offered by nationalised banks free of cost.
Union Finance Minister Arun Jaitley in his budget speech on Saturday outlined the government's proposal to set up a fully IT-based student financial aid authority to administer and monitor scholarship as well as education loan schemes.
He said it would be conducted through the Pradhan Mantri Vidya Lakshmi Karyakram.
"We will ensure that no student misses out on higher education for lack of funds," Jaitley said.
According to Srinivasan, nationalised bank do not submit proper returns to claim interest subsidy on behalf of the poor students.
The banks also threaten the students of naming and shaming them if they fail on loan commitments, he said.
"The scheme offers long-term repayment mode which the banks do not extend to the students," Srinivasan said.
"Unless the prime minister's office is involved in monitoring the scheme, bankers will play with the lives of students," he added.
Collusion with Taliban: Support of terrorists to create instability in India, but will Pakistan burn in its fire
The operation of security forces against terrorists in Jammu and Kashmir is going on continuously. In Shopian on Wednesday, there was an encounter between the security forces and the terrorists, the
'I will never forgive Govinda,' Sunita Ahuja lashed out at the actor again, telling her husband, 'Be careful...'
From divorce rumors to extramarital affairs... Govinda is making headlines more for his personal life than his professional life. While Govinda usually stays away from the limelight, his wife, Sunita
Survey completed on the third day in Gyanvapi: Hindu side claims - Baba was found inside, Muslim side said - nothing like this
The survey of the Gyanvapi campus in Varanasi was completed on the third day on Monday. The report will be submitted to the court tomorrow. When Dr. Sohanlal of the Hindu side came out after the
Awadh Ojha In Politics: Awadh Ojha joined the Aam Aadmi Party, will he try his luck in the elections?
Motivational speaker and famous teacher Avadh Ojha, who coaches IAS, joined Aam Aadmi Party today. He reached AAP headquarters with Aam Aadmi Party convenor and former CM Arvind Kejriwal and former
If war happens, India will be victorious, China gave this reaction on the statement of Army Chief Naravane
The country's army chief Manoj Mukund Naravane said on Wednesday that India's military strength has increased significantly in the last 18 months. He assured that India would return victorious in the
Air Pollution: The Supreme Court reprimanded the CAQM over air pollution, stating that it had failed to fulfill its duties.
The Supreme Court heard petitions related to air pollution in Delhi-NCR on Tuesday. During the hearing, the Supreme Court reprimanded the Commission for Air Quality Management (CAQM) for failing to
Amitabh Bachchan: Amitabh Bachchan furious over Rashmika Mandanna's viral deepfake, Big B demands legal action
Recently, a morphed video of South actress Rashmika Mandanna went viral on social media. On Sunday, November 6, a deepfake video of Rashmika surfaced online. In this fake video, a woman with
3000 kg drugs case: Drug crisis looming over India after Taliban rule, Delhi Police set up a special cell
The 3000 kg of drugs seized from Mundra Adani port on 15th September has raised the concerns of the authorities. Officials fear that after the Taliban rule in Afghanistan, the supply of drugs to the
Which big record can Kohli match Tendulkar's through his fitness, former Indian coach told
Virat Kohli is always compared with Sachin Tendulkar. Sachin Tendulkar has made many records in his name in cricket and it is believed that Virat Kohli can surpass him. In terms of many records, Virat
Stage set for Growth, feels Dr. Reddy's Chairman
Hyderabad, Feb 28 (IANS) Pharma major Dr. Reddy's Laboratories has said that the union budget for 2015-16 has set the stage for growth in the medium to long term.Satish Reddy, chairman of Dr.
