THIRUVANANTHAPURAM: The State Bank of Travancore (SBT) Staff Union has opposed the bank’s decision to hand over a chunk of the bank’s student loan Non-Performing Assets (NPAs) to Anil Ambani’s Reliance Asset Reconstruction Company.“The availability of educational loans had transformed the state’s higher education sector.
“It has provided better educational avenues for students from low income families. But the lack of employment avenues has made re-payment of loans difficult,” the union said in a statement.The union said the bank has chosen to assign the responsibility of recovering Non-Performing Assetss to a corporate giant even though there are many legitimate ways to do so. Such corporates will not have a humane approach towards the defaulters, the union noted.
Cautioning that harassment by the private company will force the common man to take drastic steps, the union, affiliated to the Bank Employees Federation of India, urged SBT to re-consider its decision.