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.
Mumbai Cruise Drugs Case: Shah Rukh Khan's son Aryan Khan sent to NCB custody till 7 October
Mumbai Cruise Drugs Case: Aryan Khan, son of Shahrukh Khan, arrested in the Cruise Drugs Party ca
Bully bai app case: BTech student turns out to be the main accused, Delhi Police arrested from Assam
Delhi Police has got a big success in the Bully Bai app case. The IFSC team of Delhi Police Speci
Raveena, who killed her husband Praveen along with her YouTuber lover Suresh Raghav, was not only
Congress leader Rahul Gandhi has termed the new draft guidelines of the University Grants Commiss
In the capital, Dehradun, the process of intermittent rains from Thursday evening continues till
Salaar Twitter Review: A day after the release of Shah Rukh Khan's 'Dinky', finally Rebel Star Pr
Indian team's star wicketkeeper batsman and Delhi Capitals captain Rishabh Pant will be seen in a
The Sri Lankan team has been announced for the three-match T20I series against India (Ind vs Sl T
Tripura Bypolls: CPI(M) alleges rigging in Tripura by-polls, announces boycott of counting
CPI (M) has announced a boycott of vote counting in Tripura by-elections alleging large-scale rig
Jharkhand Chief Minister Hemant Soren shared an emotional post on the demise of his father and Jh
