Kerala - Thiruvananthapuram   

Banks moot insurance scheme for students

Special Correspondent

THIRUVANANTHAPURAM: The commercial banks in the State have requested the State Government to formulate a scheme for providing comprehensive insurance coverage to students taking education loans.

The Education Department had drawn up a scheme for the students, but it provides insurance coverage against accidents only. The State Level Bankers' Committee (SLBC), which met here on Tuesday, discussed the details of this scheme and felt that a scheme providing comprehensive insurance coverage would be more beneficial to the students.

Minister for Water Resources Thiruvanchoor Radhakrishnan, who represented the Government at the meeting, said the banks should examine how the existing complaints about their disbursal of education loans could be sorted out. He said the banks owed it to society that students in need of financial assistance to pursue higher education were not denied the opportunity.

Chairman and managing director of Canara Bank M. B. N. Rao, who presided over the meeting, said the credit-deposit (CD) ratio in the State had been growing at a fast pace in the recent times. It had touched 64.58 per cent as on September 30 this year.

The domestic deposits too had grown substantially and the declining trend of the last two years in the non-resident deposits had been arrested.The total deposits with the banking system in the State as on September 30 this year came to Rs.70,708 crores, with the non-resident deposits accounting for a share of Rs. 28,819 crores. The total advances were of the order of Rs.45,661 crores. The advances and investments in approved securities/debentures came to s.48,942 crores, taking the C+I:D ratio to the level of 69.22 per cent. Commercial banks disbursed Rs.9,625 crores to priority sector in the first half of the financial year, against a target of Rs.19,271 crores for the entire year. Out of the Rs.9,625 crores disbursed so far, a sum of Rs.3,677 crores was for agriculture, Rs.1,164 crores for the SSI and Rs.4,784 crores to other priority sectors

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