Banks To Fix ‘Problems’ In Student Credit Card Loans In 14 Days Calcutta News

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Calcutta: Chief Secretary of State HK Dwivedi met with representatives of private banks on Saturday to iron out problems that beneficiaries of the student credit card program would face in obtaining unsecured loans for higher education.
Bank officials, who attended the meeting in Nabanna, reportedly assured Dwivedi that the loan repayment system would be streamlined within two weeks.
The credit card system, a flagship initiative of the government of Mamata Banerjee in Bengal, was among the promises made in the Trinamool congressional manifesto ahead of the parliamentary elections earlier this year. Under this program, economically weak but deserving students can receive a loan of up to Rs 10 lakh at a nominal interest rate, depending on the repayment term.
However, soon after the program rolled out, district officials complained about banks’ reluctance to allow unsecured loans – such as a mortgage on a land deed / house or a fixed deposit of an equivalent amount – although the state is the guarantor of every student in need of this financial assistance.
The government had issued standing instructions to the state-level committee of bankers on the need for hassle-free student loans, but it received a lukewarm response. After complaints poured in at a review meeting on Friday, the chief secretary decided to intervene.


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