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RBI clarification on education loans

By Our Special Correspondent

THIRUVANANTHAPURAM, JULY 26. When the Reserve Bank of India (RBI) issued instructions to the scheduled commercial banks to sanction educational loans to meritorious and deserving students, it had made it clear that they "may not insist on security for educational loans up to Rs.4 lakhs".

The RBI made this clarification in a statement issued by N. Krishna Mohan, Regional Director for Kerala and Lakshadweep, here today. He said the loans were to be repaid over a period of five to seven years starting from one year after the course period or six months after getting job, whichever was earlier.

Mr. Krishna Mohan wanted complaints, if any, about banks avoiding the sanctioning of loans as per the RBI's instructions to be addressed to the Banking Ombudsman, Reserve Bank of Indian, Bakery Junction, Thiruvananthapuram-695 033. He said the RBI would monitor the situation closely to ensure implementation of the scheme.

The banks had sanctioned loans totalling Rs.526.48 crores to 36,640 students of the State as on March 31, 2004, he pointed out.

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