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‘Chidambaram’s declaration ineffective’

The functionaries of Arthak Education Loan Holders’ Association have alleged that the recent declaration made by Union Finance Minister P Chidambaram at a bankers’ meet, has not yielded any result.

Published: 02nd September 2012 12:01 PM  |   Last Updated: 02nd September 2012 12:01 PM   |  A+A-

The functionaries of Arthak Education Loan Holders’ Association have alleged that the recent declaration made by Union Finance Minister P Chidambaram at a bankers’ meet, has not yielded any result. Chidambaram had asked all nationalised banks to give educational loans to all students who have obtained admission to colleges, irrespective of whether they are in the management quota or  not.

“The students who get admissions to colleges in other states, especially in Tamil Nadu and Karnataka, are admitted in the management quota as they have not appeared for the entrance examination of the respective state. The nationalised banks are not ready to give loans to the students who have acquired seats in the management quota. Even after Chidambaram’s declaration, the bank managers cite that they are yet to receive the official intimation regarding the same,” said Jose Francis, coordinator of the association.

Instead of passing such a declaration, the Finance Minister could have taken steps to pass a Bill in the parliament in this regard, he added.

“Regarding the payment of the education loan interest availed of by the students from 2001 to 2009, the state government had declared in  the last budget that if the banks were ready to reduce the interest rate four to five

per cent, the government would pay the dues. But none of the banks have come forward to discuss the matter

with the government,” he added.

Rajan Thomas, secretary of the association said that if such a situation persists, it would be difficult for the students from Kerala to study outside the state.

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