On Tuesday again the Finance Minister reiterated that the public sector banks must clear education loans within a period of 15 days to one month and banks should also set up an online system for speedy clearing of loans.
In his reply given to Rajya Sabha Chidambaram, said, "As per the norms prescribed under the Model Education Loan Scheme, the banks are required to dispose of loan applications within a period of 15 days to one month." However he said as per the reports from the PSU banks time period condition is being taken care of where the applications were found complete in all respects.
The Finance Minister stated, the government has directed the banks to set up an online system of loan applications. This will make possible for the students to download the loan application form, apply online and learn the status of their loan application, Chidambaram said, online facility is now being provided by all major public sector banks.
As per the report received from the RBI he said educational loans worth Rs 18,992 crore were excellent as on November 23, sanctioned by the public sector banks.
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