SC/ST candidates depend upon PSU banks for education loans
New Delhi, Aug 15 (PTI) Large private lenders like HDFC Bank, ICICI
Bank and Axis Bank lag behind their public sector counterparts in
terms of providing education loans to scheduled caste (SC) and
scheduled tribe (ST) candidates.
While PSU banks like Indian Bank and Canara Bank have been at the
forefront of providing education loans to SC/ST candidates, large
private sector lenders have very little exposure, says Reserve Bank
The outstanding education loans to SC/ST candidates at the end of the
2010-11 fiscal stood at Rs 1.58 crore in case of HDFC Bank, Rs 57 lakh
in case of ICICI Bank and Rs 37 lakh in case of Axis Bank.
ICICI Bank is the largest private sector bank in the country, while
HDFC Bank and Axis Bank are also major lenders with operations
throughout the country.
Compared to the private sector lenders, even relatively smaller PSU
banks like Indian Bank, Andhra Bank and Syndicate Bank have provided
substantial education loans to SC/ST candidates.
The data, which was provided by the Finance Ministry in a written
reply in the Rajya Sabha, said the outstanding education loans to
SC/ST candidates amounted to Rs 484.56 crore in case of Indian Bank,
Rs 146.08 crore in case of Andhra Bank and Rs 109.47 crore in case of
The country''s largest lender, State Bank of India (SBI), however, was
not at the forefront of providing education loans to SC/ST candidates.
The outstanding exposure of SBI was Rs 238 crore at the end of
The Indian Banks'' Association (IBA), a body which represents public
sector, private and foreign banks, had already circulated a Model
Education Loan Scheme with a view to encourage financial inclusion.
Under the scheme, Indian nationals that secured admission to
professional and technical education in India or abroad through an
entrance test and merit-based selection process are eligible for an
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