tag:blogger.com,1999:blog-40303972456843453662024-02-20T15:33:57.554+05:30Education Loan Task Force (ELTF)ELTF is a voluntary body to create public awareness. ELTF provides only guidance. ELTF does not undertake to get loans.Unknownnoreply@blogger.comBlogger68125tag:blogger.com,1999:blog-4030397245684345366.post-4797063559407265292018-09-02T16:16:00.000+05:302018-09-02T16:16:23.020+05:30Portal to claim Interest Subsidy for FY 2017-18 is open from 1st Sep 2018 till 28th Sep 2018<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhujmP4KF1-WU6H4ZA1wmhyRwUoZyK498R9Bi0VQLzfPTnrNbB43SMwIcWdR4imjhzwYT70E1CEiC3vMfx0y7NGV2wNR3PGA2Vwt4EcdmUXfZDih8SlGmW1FqhzF2ZcoVLdIeuVCsn1bz12/s1600/interest+subsidy+2018.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="1000" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhujmP4KF1-WU6H4ZA1wmhyRwUoZyK498R9Bi0VQLzfPTnrNbB43SMwIcWdR4imjhzwYT70E1CEiC3vMfx0y7NGV2wNR3PGA2Vwt4EcdmUXfZDih8SlGmW1FqhzF2ZcoVLdIeuVCsn1bz12/s640/interest+subsidy+2018.jpg" width="640" /></a></div>
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<span style="font-family: Verdana, sans-serif;">Ministry of HRD has advised Canara Bank to open the Interest Subsidy portal from 1st September 2018 to 28th September 2016 for primary claims of Interest Subsidy on Education Loan for Financial Year 2017-18. As per guidelines, the Branch Managers have to identify the eligible student borrowers and submit the claim for interest subsidy for FY 2017-18 through Canara Bank portal. In the past, many branch managers did not claim the subsidy for eligible students. Because of this, many eligible students did not get the subsidy from the Government. In those cases where the Banks had failed, ELTF has advised the aggrieved students to file a petition with 'District Consumer Forum' claiming damages and compensation from the Banks. </span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">In view of this, eligible students may submit a letter to the Branch Managers under copy to the respective Regional Managers, requesting them to claim the interest subsidy from the Government for FY 2017-18. If the Bank does not submit the claim within the period, the students will not get any subsidy. Though it is the responsibility of the Branch managers to submit the claim, in their own interest, students are advised to ensure that the branches submit the claim within the stipulated date. </span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Eligibility</b></span></div>
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<span style="font-family: Verdana, sans-serif;">Students who have availed education loan under IBA scheme to pursue professional or technical courses are eligible for interest subsidy during the study period plus one year, if the parental income is less than 4.50 lakh per annum. Interest subsidy is eligible for students purusing higher education within India in the approved Institutions. </span></div>
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<span style="font-family: Verdana, sans-serif;">It is sufficient if the student submits the income certificate signed by Thasildar or competent authority only once at the time of availing the loan. They need not submit the income certificate every year. </span></div>
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<span style="font-family: Verdana, sans-serif;">ELTF does not entertain any direct contacts from the students and parents. If they want any further clarification on interest subsidy, they have to approach the managers only. If the Branch Managers do not respond properly or do not give proper information, the students can complain to the Regional Manager and also to the Chairman of the Bank in writing. ELTF does not deal with individual grievances. </span></div>
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<span style="font-family: Verdana, sans-serif;">Students can also submit their complaints to Prime Ministers Office through the portal http://pgportal.gov.in. </span></div>
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<span style="font-family: Verdana, sans-serif;">For any policy guidelines which are not available in the site www.eltf.in, the students can write to us at info@eltf.in.</span></div>
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<span style="font-family: Verdana, sans-serif;">By K. Srinivasan, Convenor, ELTF</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-83151511180523687172018-08-31T13:29:00.000+05:302018-08-31T13:29:08.454+05:30ELTF Nominates Kavipriya as Goodwill Ambassador to Promote Education Loan Awareness<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFtRg_qe1idMY6DVoV8jwuxiX2rEk39MUgRZOZtTLaZJkWYmjuRuVW1oxEiSqTCKnnkz90JzQuhNC3Ia35oPXW3P5YNGpJkZbSRFrTZawlXn2DlMo0txy8NAp0mu3VcQDHPAN7ZmnoKonb/s1600/kavipriya4+copy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="ELTF Nominates Kavipriya as Goodwill Ambassador to Promote Education Loan Awareness" border="0" data-original-height="929" data-original-width="1600" height="369" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFtRg_qe1idMY6DVoV8jwuxiX2rEk39MUgRZOZtTLaZJkWYmjuRuVW1oxEiSqTCKnnkz90JzQuhNC3Ia35oPXW3P5YNGpJkZbSRFrTZawlXn2DlMo0txy8NAp0mu3VcQDHPAN7ZmnoKonb/s640/kavipriya4+copy.jpg" title="ELTF Nominates Kavipriya as Goodwill Ambassador to Promote Education Loan Awareness" width="640" /></a></div>
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<span style="font-family: Verdana, sans-serif;">Education Loan Task Force (ELTF) has nominated Ms Kavipriya Anandan, a multi-faceted personality as <i><b>‘Goodwill Ambassador’</b> </i> for the Academic Year 2018-19 to promote Education Loan Awareness, especially among the poor and financially needy students. Kavipriya is an Entrepreneur, Beauty Pageant Winner, Film Maker, Author, Classical Dancer, Communication Strategist, Motivational Speaker and Social Worker. She is also the Founder of the ‘Adding Smiles’ Group of companies. (www.addingsmiles.com). </span></div>
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<span style="font-family: Verdana, sans-serif;">Although the Government of India has developed a student-friendly Education Loan Scheme with Interest Subsidy, to enable financially needy students to pursue higher education, the Scheme has not been gaining the required awareness among the students. As <b><i>Goodwill Ambassador,</i></b> Kavipriya will promote awareness about the Scheme through video presentations, events, posters and infographics among the students. </span></div>
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<span style="font-family: Verdana, sans-serif;">Accepting the nomination, Kavipriya said, “It gives me immense honour, pride and responsibility to be a Goodwill ambassador for ELTF. I promise to use the power of words and media to spread awareness of the opportunities that every student is entitled to; to get the education everyone deserves.”</span></div>
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<span style="font-family: Verdana, sans-serif;">ELTF congratulates Kavipriya on her nomination as <b><i>‘Goodwill Ambassador’</i></b> for the academic year 2018-19 to promote Education Loan Awareness.</span></div>
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<span style="font-family: Verdana, sans-serif;">By K. Srinivasan, Convenor, Education Loan Task Force (ELTF)</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="http://www.eltf.in/">www.eltf.in</a> <a href="mailto:info@eltf.in">info@eltf.in</a> </span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-40026001186852367672018-06-11T11:33:00.000+05:302018-08-04T11:37:27.219+05:30ELTF Submits a Petition to Improve Education Loan Scheme, to Hon’ble Chairman of Finance Committee <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjV02uQsAv5I17QunYL3F7ZRIgVAgk_MABefQHPuItF2hr_JsF4dfaXCK1q_VoN3Cw9dbdg8x6js-BeaiOo9XxzYMncu6Vhyphenhyphen9U_dw0VUWl93Dzex5wbqeHOgXbzocdERxvgd_sELuKmpos/s1600/presenting+memorandum+to+dr+moily.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="Prime Point Srinivasan, Publisher & Mg. Editor of PreSense and Convenor of Education Loan Task Force presents a petition to Dr Veerappa Moily. Shri Rajeev Shankarrao Satav, Shri Bhartruhari Mahtab and Smt. Supriya Sule, Award winning Parliamentarians look on." border="0" data-original-height="1067" data-original-width="1600" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjV02uQsAv5I17QunYL3F7ZRIgVAgk_MABefQHPuItF2hr_JsF4dfaXCK1q_VoN3Cw9dbdg8x6js-BeaiOo9XxzYMncu6Vhyphenhyphen9U_dw0VUWl93Dzex5wbqeHOgXbzocdERxvgd_sELuKmpos/s640/presenting+memorandum+to+dr+moily.JPG" title="Prime Point Srinivasan, Publisher & Mg. Editor of PreSense and Convenor of Education Loan Task Force presents a petition to Dr Veerappa Moily. Shri Rajeev Shankarrao Satav, Shri Bhartruhari Mahtab and Smt. Supriya Sule, Award winning Parliamentarians look on." width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Verdana, sans-serif; font-size: x-small;"><b>Prime Point Srinivasan,
Publisher & Mg. Editor of PreSense and Convenor of Education Loan Task
Force presents a petition to Dr Veerappa Moily.
Shri Rajeev Shankarrao Satav, Shri Bhartruhari Mahtab and Smt. Supriya
Sule, Award winning Parliamentarians look on.</b></span></td></tr>
</tbody></table>
<div style="text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Education Loan Task Force (ELTF) is one of the
initiatives of your ezine PreSense. On
behalf of ELTF, Prime Point Srinivasan, Mg. Editor of PreSense and Convenor of
ELTF presented a memorandum on 9th June 2018 during Sansad Ratna Award function, to Dr Veerappa Moily, Chairman, Finance Committee listing
out the problems faced by students while availing and servicing education
loans. Dr Veerappa Moily spontaneously
assured that he would take up this matter with the Finance Committee <a href="https://www.blogger.com/null" name="_GoBack"></a>immediately and also take it up with the Governor of Reserve
Bank of India</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-68645054594939990832018-01-02T21:42:00.000+05:302018-01-03T11:14:41.397+05:30How to handle when Banks did not claim interest subsidy on Education loans? - FAQ<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfS3ffcPvTv4zfwWajyIU3X9C-GRHtz2MpZjniiHS2lrCWVqJawse3jCuLAg7AwAL-w3fy9z1s6iS-mvOaRsCS09rBqebPu7jdPhrLOpI-kjzrHIPD86Zw-2ipF2gq1uzr5g1GEnaDVHZN/s1600/interest+subsidy+not+claimed.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="1500" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfS3ffcPvTv4zfwWajyIU3X9C-GRHtz2MpZjniiHS2lrCWVqJawse3jCuLAg7AwAL-w3fy9z1s6iS-mvOaRsCS09rBqebPu7jdPhrLOpI-kjzrHIPD86Zw-2ipF2gq1uzr5g1GEnaDVHZN/s640/interest+subsidy+not+claimed.jpg" width="640" /></a></div>
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<span style="font-family: "verdana" , sans-serif;">ELTF has been receiving hundreds of mails from the students seeking our advice on the following two aspects.</span></div>
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<span style="font-family: "verdana" , sans-serif;">1. Banks have not claimed eligible subsidy from the Government within due date, thereby denying the interest subsidy to the students; and</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">2. Though the Government of India has promised 100% interest subsidy during the study period plus one year for eligible students, the Government has not settled full amount.</span></div>
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<span style="font-family: "verdana" , sans-serif;">To avoid repeating the same response, we want to give our views on the two major issues concerning the students.</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><b>Interest Subsidy Scheme</b></span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">Government of India has introduced an Interest Subsidy Scheme since 2009, to provide 100% interest subsidy to the eligible students during the study period plus one year. Since many banks did not submit the claim to the Nodal Bank, with the initiative of ELTF, the Government allowed 'one time opening' of the portal in 2015 to enable the Banks to submit the past claims as one time measure. In spite of this permission, many banks failed to submit the pending claims in time. Due to the negligence of banks, the eligible students have been denied their eligible interest subsidy. </span><br />
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<span style="font-family: "verdana" , sans-serif;">ELTF also receives complaints that the Managers have not been creating awareness about the interest subsidy and not advised the students to submit the income certificate. It is the responsibility of the Bank to create awareness and file the claim for eligible students. </span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">In many other cases, though the Banks might have filed their claims in time, the Government has not settled 100% interest subsidy as promised by them. Only around 25% of subsidy is reimbursed by the Government. </span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">ELTF has taken up these issues in Parliament through supporting MPs and also directly with Hon'ble Prime Minister. </span></div>
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<span style="font-family: "verdana" , sans-serif;">We have given full details about Interest Subsidy Scheme in the following links. We also give the links of other official sites for more information.</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<a href="http://www.eltf.in/2015/09/clarifications-on-education-loan.html" target="_blank"><span style="font-family: "verdana" , sans-serif;">http://www.eltf.in/2015/09/clarifications-on-education-loan.html </span></a></div>
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<span style="color: #222222; font-family: "verdana" , sans-serif;"><a href="http://www.iba.org.in/HRD/ModalitiesScheme.pdf">http://www.iba.org.in/HRD/ModalitiesScheme.pdf</a></span></div>
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<a href="http://mhrd.gov.in/sites/upload_files/mhrd/files/upload_document/IBAM.pdf"><span style="font-family: "verdana" , sans-serif;">http://mhrd.gov.in/sites/upload_files/mhrd/files/upload_document/IBAM.pdf</span></a></div>
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<a href="http://www.iba.org.in/HRD.asp"><span style="font-family: "verdana" , sans-serif;">http://www.iba.org.in/HRD.asp</span></a></div>
<div style="text-align: justify;">
<a href="http://www.canarabank.com/english/bank-services/priority-portal/interest-subsidy-educational-loans/"><span style="font-family: "verdana" , sans-serif;">http://www.canarabank.com/english/bank-services/priority-portal/interest-subsidy-educational-loans/</span></a></div>
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<div style="text-align: justify;">
<b style="color: #222222; font-family: Verdana, sans-serif;">Status of the Interest Subsidy</b></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">The eligible students may verify the status of their interest subsidy through the links given below. </span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">For enquiry regarding CSIS Subsidy claims made up to 2013-14:</span></div>
<div style="background-color: white; color: #222222;">
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><a href="https://canarabankcsis.in/CSIS_Old_Data_Enquiry/" style="color: #1155cc;" target="_blank"><span style="text-decoration-line: none;">https://canarabankcsis.in/CSIS_Old_Data_Enquiry</span>/</a><span style="color: #1f497d;"></span></span></div>
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<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif;">For enquiry regarding CSIS Subsidy claims made after 2013-14:</span></span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><a href="https://canarabankcsis.in/SubsidyEnquiry/SubsidyEnquiry.aspx" style="color: #1155cc;" target="_blank"><span style="color: black;"></span><span lang="EN-IN" style="color: #1b05bb;"><span style="text-decoration-line: none;">https://canarabankcsis.in/SubsidyEnquiry/SubsidyEnquiry.aspx</span></span></a><a href="https://epayment.canarabank.in/MHRD/CSISACDetails.aspx" style="color: #1155cc;" target="_blank"></a></span></div>
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<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><b>Students can claim damages and compensation</b></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">Now, no claim can be submitted upto FY 2016-17. If the Banks have failed to submit the claims fully or partially or failed to inform the students about the subsidy procedures, they can approach 'District Consumer Forum' and file a complaint against the Branch and the Managing Director of the Bank claiming damages and compensation. This is a simple and cost effective legal process. Students can visit District Consumer Forum personally and meet the officials and take guidance. Or they can approach their advocate.</span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">If the Government has not settled 100% subsidy, the students can file case against the Bank and Government of India in the High Court.</span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">They can also file a complaint against the Bank with the Banking Ombudsman.</span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">Details are given in this link to get legal remedies:</span></div>
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<br /></div>
<div style="text-align: justify;">
<a href="http://www.eltf.in/2017/08/legal-remedies-available-to-students.html" style="color: #1155cc; font-family: Verdana, sans-serif;" target="_blank">http://www.eltf.in/2017/08/legal-remedies-available-to-students.html</a><span style="font-family: "verdana" , sans-serif;"> </span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Not withstanding the deficiency of services by Banks or Government, students can not stop the repayment of the loan. As per IBA Scheme, repayment can be done in 180 months with telescopic repayment schedule. The students are advised to follow the repayment schedule and seek legal remedy for the interest subsidy problems. </span></div>
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<span style="font-family: "verdana" , sans-serif;">- By K. Srinivasan, Convenor, ELTF</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-30857667301737198282017-09-27T11:23:00.002+05:302017-09-27T11:23:55.290+05:30SBI not credited 534 crores of interest subsidy to Education Loan borrowers, after receiving from Government - Needs CBI enquiry<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkabk6h1HmUERYMBRyL_iYvZoGCNFglGZfM3K3XtQCaGj0UWJS3fpHHzW7rm9RtBMCADdvJU74V7Up1zjeQkIQeY4YOyIdsy0G65OMWCiMLXpa1V-_3uAlNC9DbnmqwL0Wwo4cvUtmhyqr/s1600/TOI+story+24092017+jpeg.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1477" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkabk6h1HmUERYMBRyL_iYvZoGCNFglGZfM3K3XtQCaGj0UWJS3fpHHzW7rm9RtBMCADdvJU74V7Up1zjeQkIQeY4YOyIdsy0G65OMWCiMLXpa1V-_3uAlNC9DbnmqwL0Wwo4cvUtmhyqr/s640/TOI+story+24092017+jpeg.jpg" width="590" /></a></div>
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<span style="font-family: "verdana" , sans-serif;">26 Sep 2017</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">This is the mail sent to Central Vigilance commissioner, Delhi under copy to Ministry of Finance and Ministry of Human Resources Development. </span></div>
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<span style="font-family: "verdana" , sans-serif;">Dear Sirs</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">During the 7 years period between 2009 and 2016, State Bank of India has not credited Rs.534 crores of Education Loan Interest Subsidy received from Government of India, to the eligible student borrowers. They have denied legitimate subsidy to eligible poor students. It is also understood that SBI has not returned the amount to the Government also. If this happens at individual level, this will be called 'misappropriation' leading to criminal offense.</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">Times of India, Chennai edition has carried a front page story on 24th September 2017. We attach herewith the pdf version of the story. The story can be read in the following link also.</span></div>
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<span style="font-family: "verdana" , sans-serif;"><a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://epaperbeta.timesofindia.com/Article.aspx?eid%3D31807%26articlexml%3DRs-534cr-SBI-edu-loan-subsidy-fails-to-24092017001060%23&source=gmail&ust=1506577190155000&usg=AFQjCNEXSBKidEswRMbyL9pj6GJ3gT2p_A" href="http://epaperbeta.timesofindia.com/Article.aspx?eid=31807&articlexml=Rs-534cr-SBI-edu-loan-subsidy-fails-to-24092017001060#" style="color: #1155cc;" target="_blank">http://epaperbeta.timesofindia<wbr></wbr>.com/Article.aspx?eid=31807&<wbr></wbr>articlexml=Rs-534cr-SBI-edu-<wbr></wbr>loan-subsidy-fails-to-24092017<wbr></wbr>001060#</a></span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
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<span style="font-family: "verdana" , sans-serif;">This is only a tip of the iceberg. There may be similar 'misappropriations' in other banks also denying legitimate subsidy to eligible poor education loan borrowers. In view of this, Education Loan Task Force (ELTF) requests Central Vigilance Commissioner (CVC) and Ministry of HRD to consider the following:</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">1. CBI enquiry may be ordered to investigate as to why State Bank of India did not credit the eligible subsidy to the borrowers over a period of 7 years and how the money was appropriated. The Senior Executives responsible for such lapses should be prosecuted for misappropriating the Subsidy amount. </span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">2. Investigate all the Banks for such lapses to find out whether the entire subsidy amount received from the Government is credited to the beneficiaries.</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">3. CAG may be requested to audit all the interest subsidy accounts of all the borrowers in the banks and suitable action may be initiated against the officials for any lapses. (CAG has authority to audit any institution which receives Subsidy from the State or Central Government)</span></div>
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<span style="font-family: "verdana" , sans-serif;">Yours faithfully</span></div>
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<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">K. Srinivasan</span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: "verdana" , sans-serif;">Convenor, ELTF</span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-87304597283590403162017-08-31T14:31:00.000+05:302017-08-31T14:31:55.347+05:30Legal Remedies available to students through District Consumer Forum / District Courts / High Court<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiv0lZ8jAR8J3gtZceJs5hc2wtcL8fuE13tTXmuw0pvQZhq0OyXGTK1S3iyu5PqC4JoLUyW2yEj8wJsChJWIuX2d39pA9a214HIOH7VXF9azHaRnw-NgIfP4wVOnbqtQr6YRTKoOhoVkA8t/s1600/consumer+protection.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="300" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiv0lZ8jAR8J3gtZceJs5hc2wtcL8fuE13tTXmuw0pvQZhq0OyXGTK1S3iyu5PqC4JoLUyW2yEj8wJsChJWIuX2d39pA9a214HIOH7VXF9azHaRnw-NgIfP4wVOnbqtQr6YRTKoOhoVkA8t/s640/consumer+protection.jpg" width="640" /></a></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(Shri Jagannath Badrinath, Advocate, Madras High Court writes on the legal remedies available for students, when they find deficiency of service from the Banks.)</span></div>
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<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<u><span style="font-family: Verdana, sans-serif;">THE FOLLOWING ARE THE LEGAL
REMEDIES AVAILABLE TO THE STUDENTS – <o:p></o:p></span></u></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">1.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><!--[endif]-->The District Consumer
Forum as a Consumer – if there is a case where the bank has committed any
deficiency of service and negligence prima facie on part of the Bank.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">2.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><!--[endif]-->The District Munsif
Court or Local District Courts as a Plaintiff – if there is a prima facie case
there is a breach of contract and negligence and a case for damages can be
filed in the local District Munsif Court or District Court<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">3.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><!--[endif]-->The High Court – As a
normal citizen to enforce the legal rights as guaranteed under Article 226 of
the Constitution of India against the Bank<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><u><span style="line-height: 150%;">AN OVERVIEW
ABOUT CONSUMER PROTECTION</span></u><span style="line-height: 150%;">:-<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">(EXTRACTED FROM THE CONSUMER PROTECTION WEBSITE)<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">The Consumer Protection Act, 1986 (In short,‘The Act’) is a benevolent
social legislation that lays down the rights of the consumers and provides
their for promotion and protection of the rights of the consumers. The first
and the only Act of its kind in India, it has enabled ordinary consumers to
secure less expensive and often speedy redressal of their grievances. By
spelling out the rights and remedies of the consumers in a market so far
dominated by organized manufacturers and traders of goods and providers of
various types of services, the Act makes the dictum, caveat emptor (‘Buyer
Beware’) a thing of the past. To provide inexpensive, speedy and summary
redressal of consumer disputes, quasi-judicial bodies have been set up in each
District and State and at the National level, called the District Forums, the
State Consumer Disputes Redressal Commissions and the National Consumer
Disputes Redressal Commission respectively. At present, there are 629 District
Forums and 35 State Commissions with the National Consumer Disputes Redressal
Commission (NCDRC) at the apex. NCDRC has its office at Upbhokta Naya Bhawan,
'F' Block, GPO Complex, INA, New Delhi-110 023. Each District Forum is headed
by a person who is or has been or is eligible to be appointed as a District
Judge and each State Commission is headed by a person who is or has been a
Judge of High Court. The provisions of this Act cover ‘goods’ as well as
‘services’. The goods are those which are manufactured or produced and sold to
consumers through wholesalers and retailers. The services are in the nature of
transport, telephone, electricity, housing, banking, insurance, medical
treatment, etc. A written complaint, can be filed before the District Consumer
Forum for pecuniary value of upto Rupees twenty lakh, State Commission for
value upto Rupees one crore and the National Commission for value above Rupees
one crore, in respect of defects in goods and or deficiency in service. The
service can be of any description and the illustrations given above are only
indicative. However, no complaint can be filed for alleged deficiency in any
service that is rendered free of charge or under a contract of personal
service. The remedy under the Consumer Protection Act is an alternative in
addition to that already available to the aggrieved persons/consumers by way of
civil suit. In the complaint/appeal/petition submitted under the Act, a
consumer is not required to pay any court fees but only a nominal fee. Consumer
Fora proceedings are summary in nature. The endeavor is made to grant relief to
the aggrieved consumer as quickly as in the quickest possible, keeping in mind
the provisions of the Act which lay down time schedule for disposal of cases. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">If a consumer is not satisfied by the decision of a District
Forum, he can appeal to the State Commission. Against the order of the State Commission
a consumer can come to the National Commission.</span>
<span style="line-height: 150%;">Functioning of District Forum, State Commission and National
Commission is consumer friendly, and thus a consumer can file a complaint and
also address arguments in person. In genuine cases where the complainant/
appellant/ petitioner before the National Commission is unable to engage the
services of an advocate legal aid is provided by the Commission free of charge.<o:p></o:p></span></span></div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">RIGHTS OF THE CONSUMERS:- <o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; text-align: justify; width: 100%px;">
<tbody>
<tr>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 150%;">Right to Safety</span></b><span style="line-height: 150%;"><br />
Means right to be protected against the marketing of goods and services,
which are hazardous to life and property. The purchased goods and services
availed of should not only meet their immediate needs, but also fulfill long
term interests. Before purchasing, consumers should insist on the quality of
the products as well as on the guarantee of the products and services. They
should preferably purchase quality marked products such as ISI, AGMARK, etc<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="padding: 2.35pt 0in 0in 0in;" valign="top">
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 150%;">Right to be Informed</span></b><span style="line-height: 150%;"><br />
Means right to be informed about the quality, quantity, potency, purity, standard
and price of goods so as to protect the consumer against unfair trade
practices. Consumer should insist on getting all the information about the
product or service before making a choice or a decision. This will enable him
to act wisely and responsibly and also enable him to desist from falling prey
to high pressure selling techniques.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="padding: 2.35pt 0in 0in 0in;" valign="top">
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 150%;">Right to Choose</span></b><span style="line-height: 150%;"><br />
Means right to be assured, wherever possible of access to variety of goods
and services at competitive price. In case of monopolies, it means right to
be assured of satisfactory quality and service at a fair price. It also
includes right to basic goods and services. This is because unrestricted
right of the minority to choose can mean a denial for the majority of its
fair share. This right can be better exercised in a competitive market where
a variety of goods are available at competitive prices<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="padding: 2.35pt 0in 0in 0in;" valign="top">
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 150%;">Right to be Heard</span></b><span style="line-height: 150%;"><br />
Means that consumer's interests will receive due consideration at appropriate
forums. It also includes right to be represented in various forums formed to
consider the consumer's welfare. The Consumers should form non-political and
non-commercial consumer organizations which can be given representation in
various committees formed by the Government and other bodies in matters
relating to consumers<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="padding: 2.35pt 0in 0in 0in;" valign="top">
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 150%;">Right to Seek
Redressal</span></b><span style="line-height: 150%;"><br />
Means right to seek redressal against unfair trade practices or unscrupulous
exploitation of consumers. It also includes right to fair settlement of the
genuine grievances of the consumer. Consumers must make complaint for their
genuine grievances. Many a times their complaint may be of small value but
its impact on the society as a whole may be very large. They can also take
the help of consumer organisations in seeking redressal of their grievances.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="padding: 2.35pt 0in 0in 0in;" valign="top">
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 150%;">Right to Consumer
Education</span></b><span style="line-height: 150%;"><br />
Means the right to acquire the knowledge and skill to be an informed consumer
throughout life. Ignorance of consumers, particularly of rural consumers, is
mainly responsible for their exploitation. They should know their rights and
must exercise them. Only then real consumer protection can be achieved with
success.<o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">IN THE CONSUMER FORUM:-<o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; text-align: justify; width: 100%px;">
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<tr>
<td style="padding: 0in 0in 0in 0in;">
<div class="MsoNormal" style="line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">To provide simple, speedy and inexpensive redressal of consumer
disputes, the CPA envisages a 3-tier quasi-judicial machinery at the
National, State and District levels.<o:p></o:p></span></div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: 15pt; text-align: justify;"><span style="font-family: Verdana, sans-serif;">National
Consumer Dispute Redressal Commission, known as <b>National
Commission</b>,
deals with complaints involving costs and compensation higher than Rs.
One Crore.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 15pt; text-align: justify;"><span style="font-family: Verdana, sans-serif;">State
Consumer Dispute Redressal Commission, known as <b>State
Commission</b>,
deals with complaints involving costs and compensation higher than Rs.
Twenty Lakh and less than Rs. One Crore.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 15pt; text-align: justify;"><span style="font-family: Verdana, sans-serif;">District
Consumer Dispute Redressal Forum, known as <b>District Forum</b>, deals with
complaints involving costs and compensation less than Rs. Twenty Lakh.<o:p></o:p></span></li>
</ol>
<div class="MsoNormal" style="line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Consumers can file different types of complaints depending on
their specific grievance by visiting the Consumer Court at the district,
state or national level along with the documents required for filing the
complaint. Following is a list of documents that the prospective complainants
need to carry with them to the Consumer Court at the time of filing the
complaint.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in;"></td>
</tr>
</tbody></table>
<div class="auto-style37" style="line-height: 150%; margin: 0in 0in 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The basic, quick, fast and effective remedy is before the
District Consumer Form for Negligence of the Bank – <span style="background: white;">Following is a list of documents that the prospective complainants need
to carry with them to</span><span style="background: white; line-height: 150%;"> the
Consumer Court at the time of filing the complaint</span><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-left: .5in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">1.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]-->FEE FOR
MAKING COMPLAINANT,IF REQUIRED(KINDLY CONTACT LOCAL DISTRICT CONSUMER FORUM TO
CHECK WITH THE RESPECTIVE DISTRICT CONSUMER FORUMS AND STATE COMMISSIONS
PERTAININNG TO THE NAME IN WHICH IT HAS TO BE GIVEN)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-left: .5in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">2.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]-->COMPLAINT
WITH AFFIDAVIT<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-left: .5in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">3.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]-->SUPPORTING
DOCUMENTS IN FAVOUR OF THE COMPLAINT E.G. RECEIPT, VOUCHER ETC.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-left: .5in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">4.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]-->LIMITATIONS,
IF ANY (2 YEARS FROM CAUSE OF ACTION)<o:p></o:p></span></div>
<div style="background: white; border-bottom: solid windowtext 1.0pt; border: none; margin-left: .25in; margin-right: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 15pt; margin-left: 0.25in; padding: 0in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">5.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]-->INDEX<o:p></o:p></span></div>
</div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">CHECKING AND TRACKING YOUR CONSUMER
CASE CAN BE DONE IN THE FOLLOWING WEBSITE:- <o:p></o:p></span></div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><a href="http://cms.nic.in/ncdrcusersWeb/login.do?method=caseStatus">http://cms.nic.in/ncdrcusersWeb/login.do?method=caseStatus</a> <o:p></o:p></span></div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">TRACKING THROUGH SMS:- <o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; text-align: justify; width: 100%px;">
<tbody>
<tr>
<td style="border-bottom: solid #333333 1.5pt; border: none; padding: 0in 0in 3.75pt 0in;" valign="top"></td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in;">
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;">Now you can get case status through SMS even if you don't have
internet connection. The PULL SMS service allows you to request for and
receive information about Next Hearing Date of the cases filled in
NCDRC/State Commission/District Consumer Forum by sending SMS through your mobile.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in;"></td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in;">
<div class="MsoNormal" style="line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Verdana, sans-serif;">Instruction for Pull SMS service:<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in;">
<div class="MsoNormal" style="line-height: 18.75pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">To get the information about the case, send SMS to <b>7738299899</b> in the
following format<br />
<b><span style="color: #009f00;">CONFONET StateID/DistrictID/Case Number</span></b><br />
Case number should be case sensitive and match exactly as provided by
consumer forum.<br />
<b>Note:-</b> For
sending SMS, Charges will be applicaple as per your mobile network provider
policy.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18.75pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">For example 1- If your case number is <b>RP/1/2014</b> and filed at <b>NCDRC</b>, then send SMS<br />
<b><span style="color: #009f00;">CONFONET 0/0/RP/1/2014</span></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18.75pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">For example 2- If your case number is <b>FA/1/2014</b> and filied at <b>State Commission, Andhra Pradesh</b> the
send SMS<br />
<b><span style="color: #009f00;">CONFONET 16/0/FA/1/2014</span></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18.75pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">For example 3- If your case number is <b>CC/1/2014</b> and filied at <b>Guntur, Andhra Pradesh</b> the
send SMS <b><span style="color: #009f00;">CONFONET 16/512/CC/1/2014</span></b><o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="auto-style37" style="border: none; line-height: 150%; margin-bottom: .0001pt; margin: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;">
<br /></div>
</div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">UPDATION THROUGH SMS AND EMAIL:- <o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; text-align: justify; width: 100%px;">
<tbody>
<tr>
<td style="padding: 0in 0in 0in 0in;"></td>
</tr>
<tr>
<td style="border-bottom: solid #333333 1.0pt; border: none; padding: 0in 0in 2.35pt 0in;">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-line-height-alt: 9.35pt; text-align: justify;">
<span style="color: #10250a;"><span style="font-family: Verdana, sans-serif;">Auto SMS/E-mail<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in;">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-line-height-alt: 9.35pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><!--[if gte vml 1]><v:shapetype id="_x0000_t75"
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</v:shapetype><v:shape id="Picture_x0020_1" o:spid="_x0000_i1026" type="#_x0000_t75"
alt="icon" style='width:3.75pt;height:3.75pt;visibility:visible;
mso-wrap-style:square'>
<v:imagedata src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image001.gif"
o:title="icon"/>
</v:shape><![endif]--><!--[if !vml]--><img alt="icon" border="0" height="5" src="file:///C:/Users/User/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif" v:shapes="Picture_x0020_1" width="5" /><!--[endif]--> Whenever your case gets new date the complainant,
respondent and respective advocates will get an alert SMS from the confonet
application subject to the availability of the contact details consumer have
provided to the consumer forum.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-line-height-alt: 9.35pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><!--[if gte vml 1]><v:shape id="Picture_x0020_2"
o:spid="_x0000_i1025" type="#_x0000_t75" alt="icon" style='width:3.75pt;
height:3.75pt;visibility:visible;mso-wrap-style:square'>
<v:imagedata src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image001.gif"
o:title="icon"/>
</v:shape><![endif]--><!--[if !vml]--><img alt="icon" border="0" height="5" src="file:///C:/Users/User/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif" v:shapes="Picture_x0020_2" width="5" /><!--[endif]--> Whenever the your case gets new date the complainant,
respondent and respective advocates will receive the order through E-mail
from the confonet application subject to the availability of the email
details consumer have provided to the consumer forum.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-line-height-alt: 9.35pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Consumers are requested to provide updated email id and contact
details to the consumer forum while filing the case.<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="auto-style37" style="border: none; line-height: 150%; margin-bottom: .0001pt; margin: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: 18pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><u><span style="background: white;">Consumer Protection Act :- KEY HIGHLIGHTS</span></u></b><u><span style="background: white;"><o:p></o:p></span></u></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">Definition of Consumer under
the Act:</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">A person who buys any goods or
services for a consideration which has been paid or promised or partly paid and
partly promised or under any system of deferred payment is a Consumer.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white;">Note:</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="background: white;"><span style="font-family: Verdana, sans-serif;">A person who obtains such goods
for resale or for any commercial purposes will not be a consumer. However, if
such goods are bought by a person exclusively for the purpose of earning his
livelihood by means of self-employment then such a person will be considered as
a consumer.<o:p></o:p></span></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; margin-left: 30.0pt; margin-right: 30.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; line-height: 18pt; padding: 0in; text-align: justify;">
<span style="background: white;"><span style="font-family: Verdana, sans-serif;">IN THE PRESENT CASE, THE CONSUMER IS THE STUDENT
WHO HAS TAKEN THE EDUCATIONAL LOAN AND THE BANK (INDUSTRY) IS THE ONE WHICH HAS
BEEN NEGLIGENT AND DEFICIENT IN THEIR SERVICES WHILE DEALING WITH THE
EDUCATIONAL LOAN.<o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 18pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What are the functions of the Consumer Clubs in
schools / colleges?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">Consumer Clubs have to be
activated through some structured activities. Active Consumer Clubs may go
beyond this and also take up innovative activities. The following basic
structure of functioning is recommended:</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Monthly meetings and
demonstrations for one hour after school hours on the First Thursday of each
month. Each month a topic / activity may be scheduled as in the model calender.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Days of National and
International importance to consumers may be celebrated in the School /
College. Poster / Speech / Essay competitions can be organised at school level
by the Consumer Club.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Field visits to local markets /
Consumer Courts and door to door campaign in the local community etc., may be
organized for atleast 4 days in a year. It can be done on Saturdays by prior
arrangement.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Minutes of each activity have
to be recorded by the Student and Teacher Co-ordinator jointly to document.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; margin-left: 66.0pt; margin-right: 30.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; line-height: 18pt; padding: 0in; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">A Consumer Club notice board
shall be opened to be updated daily by the teach and students with consumer
related news.</span><span style="background: white;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What are the steps to be taken
by the consumers against defectiveness?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="background: white;"><span style="font-family: Verdana, sans-serif;">On noticing the defectiveness
of the commodity / service provided the consumer has to approach the concerned
Commercial / Government organisation requesting for rectification / change of
commodity / return back of money, in writing. (with acknowledgement) If the
concerned organisation failed to take appropriate action, the District
Collector shall legally initiate action.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">Who can make complaint?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">A consumer as defined under
Consumer Protection Act, 1986</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">A registered Voluntary Consumer
Association</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Central Government</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">State Government / Union
Territory</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">one or more consumers
representing numerous consumers having the same interest.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">When the complaints can be
made?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">A complaint may be made in
writing under the following circumstances:</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Loss or damage is caused to the
consumer due to unfair trade practice of a trader.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">If the article purchased by a
consumer is defective.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">If the services availed of by a
consumer suffer from any deficiency.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">When the price paid by a
consumer is in excess of the price displayed on the goods or when the price is
in excess of the price fixed under any law in force.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Goods, which will be hazardous
to life and safety, when used are being offered for sale to the public in
contravention of the provisions of any law.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What is District Consumer
Protection Council?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">District Consumer Protection
Council is the council constituted under Consumer Protection Act, 1986 for each
district. District Collector acts as its Chairman, District Supply and Consumer
Protection Officer as Member-Secretary, and all the M.P.s, M.L.A.s and
officials of all Government Departments having Consumer interface of the
Concerned District as members along with the VCOs functioning in the District.
This Council shall meet twice in a year as per Consumer Protection Act, 1986. Representations
given by the VCOs during the meetings.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">Where complaints can be
registered?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div style="text-align: center;">
<table border="1" cellpadding="0" cellspacing="1" class="MsoNormalTable" style="border: 1pt outset black; text-align: justify; width: 80%px;">
<tbody>
<tr>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">District Consumer Protection
Council<o:p></o:p></span></div>
</td>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">Action will be initiated legally
through the Department concerned on the petitions regarding the defects filed
before this Council which function under the chairmanship of the District
Collector<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td colspan="2" style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt;" valign="top">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">Price of the commodity or value of
the services and value of compensation claimed<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">District Consumer Forum<o:p></o:p></span></div>
</td>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">for a claim of Compensation upto
Rs.20 lakhs<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">State Commission<o:p></o:p></span></div>
</td>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">for a claim of Compensation above
Rs.20 lakhs and upto to Rs.1 crore<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">National Commission<o:p></o:p></span></div>
</td>
<td style="border: inset black 1.0pt; mso-border-alt: inset black .75pt; padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Verdana, sans-serif;">for a claim of Compensation above
Rs.1 crore<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="line-height: 18pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">How to register the complaints?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Complaint can be registered
within 2 years from the date on which the cause of action has arisen.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Stamp paper is not required for
declaration</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">.Complaint can be registered,
in person, by the complainant or through his authorised agent or by post
addressed to the Redressal Agency.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Lawyers are not necessary.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What are the particulars that
should be furnished along with the complaint?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">The complaint should contain
the following particulars: </span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">The name and complete address
of the complainant</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">The name and complete address
of the opposite party/parties</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Date of purchase goods or
services availed </span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Amount paid for the above
purpose</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Particulars of goods purchases
with numbers or details of services availed</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">The details of complaint,
whether it is against Unfair Trade Practice / supply of defective goods /
deficiency in service provided / collection of excess price, should explicitly
be mentioned in the complaint petition.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Bills / receipts and copies of
connected correspondence, if any,</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">The relief sought for under
this Act.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What are the relief provided
under the Act:</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">The District Forum / State
Commission can order the following reliefs:</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To remove the defects in the
goods pointed out.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To replace the goods.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To return to the complainant
the price of the goods</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To pay such amount of
compensation for the loss or injury suffered by the consumer.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To remove the defects or
deficiency in the services</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To discontinue the unfair trade
practice or not to repeat it</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To withdraw the hazardous goods
from being offered for sale</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">To provide the cost of
expenditure incurred by the complainant</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What is the appeal provision?</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Aggrieved by the orders issued
by the District Consumer Redressal Forum appeal petition may be filed before
State Consumer Dispute Redressal Commission within 30 days from the date of
receipt of orders</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Aggrieved by the orders issued
by the State Consumer Dispute Redressal Commission appeal petition may be filed
before National Consumer Dispute Redressal Commission within 30 days from the
date of receipt of orders.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Aggrieved by the orders issued
by the National Consumer Dispute Redressal Commission appeal petition may be
filed before Supreme Court of India within 30 days from the date of receipt of
orders</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">No fee is charged for
registering an appeal petition before State / National Consumer Dispute
Redressal Commissions.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">The appeal petition has to be
filed with the grounds for appeal with copies of orders of the lower redressal
agencies and registering procedures are same as is being done in the case of
registering complaint.</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">What are the Rights of
Consumers as stipulated under Consumer Protection Act 1986.</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">Consumer is having the rights
as indicated below: </span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">1. Right to Safety</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">2. Right to be Informed</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">3. Right to Choose</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">4. Right to be heard</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">5. Right to seek Redressal</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">6. Right to Consumer Education</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">Based on the amendments to the
UN guidelines, more rights have emerged</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="background: white;">7. Right to Basic needs</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="background: white;"><span style="font-family: Verdana, sans-serif;">8. Right to a health
environment<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 30pt; margin-right: 30pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><span style="background: white; color: maroon;">Where to obtain further
details regarding Consumer Protection:</span></b><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">Through website in
www.fcamin.nic.in, www.core.nic.in</span><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-left: 66pt; margin-right: 30pt; text-align: justify; text-indent: 0in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;">·<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><span style="background: white;">You may contact your District
Collector and the Chairman, District Consumer Protection Council and also the
Voluntary Consumer Organisation of locality with valid reputation</span><span style="display: none;">Bottom of Form</span><span style="background: white;"><o:p></o:p></span></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; line-height: normal; margin: 6pt 0in 0.0001pt; padding: 0in; text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin: 6pt 0in 0.0001pt; text-align: justify;">
<b><span style="font-family: Verdana, sans-serif;">DISTRICT CONSUMER FORUM FEES:- <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 36.7pt; margin-right: 0in; margin-top: 6.0pt; text-align: justify; text-indent: -36.7pt;">
<span style="font-family: Verdana, sans-serif;"><b><br />
9A. </b><b> </b><b>Fee for making complaints before District Forum</b><b> </b>- (1) Every complaint filed under sub-section
(1) of section 12, sub-section (1) of section 17 and clause (a) in sub-clause (i) of section 21 of the Act shall be accompanied
by a fee as specified in the table given below in the form of crossed Demand
Draft drawn on a nationalised bank or through a crossed Indian Postal Order drawn in favour of the Registrar of the State Commission and
payable at the respective place where the State Commission or the National
Commission is situated.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 55.95pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -18.9pt;">
<span style="font-family: Verdana, sans-serif;">(2) The concerned authority referred to in sub-rule
(1) shall credit the amount of fee received by it into the Consumer Welfare
Fund of the respective State and where such fund is not established into the
Receipt Account of the State Government and in the case of the National
Commission, to the Consumer Welfare Fund of the Central Government.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">TABLE<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
<div style="text-align: center;">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; text-align: justify; width: 580px;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><b>Sl.
No.</b><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><b>Total
Value of goods or services and the compensation claimed</b><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><b>Amount
of fee payable</b><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">(1)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">(3)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 1; page-break-after: avoid; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b>District Forum</b><b><o:p></o:p></b></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(1)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Upto one lakh rupees – For complainants who are under the Below
Poverty Line holding Antyodaya Anna Yojana Cards<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Nil<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Upto one lakh rupees – For complainants other than AntyodayaAnna Yojana card holders.<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.100<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(3)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Above one lakh and upto five lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.200<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(4)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Above five lakh and upto ten lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.400<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(5)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Above ten lakh and upto twenty lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.500<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 1; page-break-after: avoid; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b>State Commission</b><b><o:p></o:p></b></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(6)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Above twenty lakh and upto fifty lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.2000<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(7)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Above fifty lakh and upto one crore rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.4000<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 1; page-break-after: avoid; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b>National Commission</b><b><o:p></o:p></b></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.35pt;" valign="top" width="42">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(8)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 322.4pt;" valign="top" width="430">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Above one crore rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.5000<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">TABLE<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div style="text-align: center;">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; text-align: justify; width: 580px;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><b>Sl.
No.</b><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 2; page-break-after: avoid; text-align: center;">
<b><span style="font-family: Verdana, sans-serif;">Value of goods or services and<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><b>the
compensation claimed</b><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;"><b>Amount
of fee payable</b><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" valign="top" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">(1)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" valign="top" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">(3)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" valign="top" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" valign="top" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 1; page-break-after: avoid; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b>District Forum</b><b><o:p></o:p></b></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" valign="top" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(1)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" valign="top" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(1) Upto one
lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.100<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" valign="top" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" valign="top" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">One lakh rupees and above but less
than five lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.200<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" valign="top" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(3)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" valign="top" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Five lakh rupees and above but
less than Rs.10 lakh<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.400<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 32.0pt;" valign="top" width="43">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">(4)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 321.75pt;" valign="top" width="429">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Ten lakh rupees and above but not
exceeding twenty lakh rupees<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 81.25pt;" valign="top" width="108">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif;">Rs.500<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; margin-left: 37.05pt; margin-right: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 17.1pt; margin-right: 0in; margin-top: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify; text-indent: -17.1pt;">
<span style="font-family: Verdana, sans-serif;">(3) The complainants who are
under the Below Poverty Line shall be entitled for the exemption of payment of
fee only on production of an attested copy of the Antyodaya Anna Yojana cards.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin: 6pt 0in 0.0001pt 36.7pt; text-align: justify; text-indent: -36.7pt;">
<b><span style="font-family: Verdana, sans-serif;">PROCEDURE AS CONTEMPLATED IN THE CONSUMER
PROTECTION ACT,1986:-<o:p></o:p></span></b></div>
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</div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif; font-weight: bold;"><br /></span></div>
<span style="font-family: Verdana, sans-serif;"><div style="text-align: justify;">
<b style="text-indent: -36.7pt;">12. </b><b style="text-indent: -36.7pt;"> </b><b style="text-indent: -36.7pt;">Manner in which complaint shall be made.—(</b><span style="text-indent: -36.7pt;">1) A complaint in relation to any goods sold or
delivered or agreed to be sold or delivered or any service provided or agreed
to be provided may be filed with a District Forum by –</span></div>
<o:p></o:p></span><br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 72.7pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(a) </i></b><b><i> </i></b><b><i>the consumer to whom such goods are sold or
delivered or agreed to be sold or delivered or such service provided or agreed
to be provided;</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 72.7pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(b) </i></b><b><i> </i></b><b><i>any</i></b><b><i> recognised </i></b><b><i>consumer association whether the consumer to
whom the goods sold or delivered or agreed to be sold or delivered or service
provided or agreed to be provided is a member of such association or not;</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 72.7pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(c) </i></b><b><i> </i></b><b><i>one or more consumers, where there are numerous
consumers having the same interest, with the permission of the District Forum,
on behalf of, or for the benefit of, all consumers so interested; or</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 54.7pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(d) </i></b><b><i> the </i></b><b><i>Central Government or the State
Government, as the case may be, either in its individual capacity or as a
representative of interests of the consumers in general. </i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -19.95pt;">
<span style="font-family: Verdana, sans-serif;"><b><i><span lang="EN-GB">(2) </span></i></b><b><i><span lang="EN-GB"> </span></i></b><b><i><span lang="EN-GB">Every complaint filed
under sub-section (1) shall be accompanied with such amount of fee and payable
in such manner as may be prescribed.</span></i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -19.95pt;">
<span style="font-family: Verdana, sans-serif;"><b><i>(3) </i></b><b><i> </i></b><b><i>On receipt of a complaint made under sub-section
(1), the District Forum may, by order, allow the complaint to be proceeded with
or rejected:</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i>Provided that a complaint shall not be rejected
under this section unless an opportunity of being heard has been given to the
complainant:</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i>Provided further that the admissibility of the
complaint shall ordinarily be decided within twenty-one days from the date on
which the complaint was received.</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -19.95pt;">
<span style="font-family: Verdana, sans-serif;"><b><i>(4) </i></b><b><i> </i></b><b><i>Where a complaint is allowed to be
proceeded with under sub-section (3), the District Forum may proceed with
the complaint in the manner provided under this Act:</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i><span lang="EN-GB">Provided that where a
complaint has been admitted by the District Forum, it shall not be transferred
to any other court or tribunal or any authority set up by or under any other
law for the time being in force.</span></i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 56.65pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: 16.8pt;">
<span style="font-family: Verdana, sans-serif;"><b><i><span lang="EN-GB">Explanation. </span></i></b><b><i><span lang="EN-GB">- For the purpose
of this section “recognised consumer association” means any voluntary consumer
association registered under the Companies Act, 1956 or any other law for the
time being in force”.</span></i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 6pt 0in 0.0001pt 37.05pt; text-align: justify; text-indent: -37.05pt;">
<span style="font-family: Verdana, sans-serif;"><b><i>13. </i></b><b><i> </i></b><b><i>Procedure on admission of complaint. — (1) The
District Forum shall, on admission of a complaint, if it relates to any
goods,—</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.3pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(a)</i></b> <b><i>refer a copy of the admitted complaint, within
twenty-one days from the date of its admission to the opposite party mentioned
in the complaint directing him to give his version of the case within a period
of thirty days or such extended period not exceeding fifteen days as may be
granted by the District Forum;</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.3pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(b)</b><b> </b><b> </b><b><i> </i></b><b>where the opposite party
on receipt of a complaint referred to him under clause</b><b> </b><b><i>(a)</i></b><b><i> </i></b><b>denies
or disputes the allegations contained in the complaint, or omits or fails to
take any action to represent his case within the time given by the District
Forum, the District Forum shall proceed to settle the consumer dispute in the
manner specified in clauses (c) to (g);</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.3pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(c)</b><b> </b><b> </b><b>where the complaint alleges a defect in the
goods which cannot be determined without proper analysis or test of the goods,
the District Forum shall obtain a sample of the goods from the complainant,
seal it and authenticate it in the manner prescribed and refer the sample so
sealed to the appropriate laboratory along with a direction that such
laboratory make an analysis or test, whichever may be necessary, with a view to
finding out whether such goods suffer from any defect alleged in the complaint
or from any other defect and to report its findings thereon to the District
Forum within a period of forty-five days of the receipt of the reference or
within such extended period as may be granted by the District Forum;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.3pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(d)</b><b> </b><b> </b><b>before any sample of the goods is referred to
any appropriate laboratory under clause (c), the District Forum may require the
complainant to deposit to the credit of the Forum such fees as may be
specified, for payment to the appropriate laboratory for carrying out the
necessary analysis or test in relation to the goods in question;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.3pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(e)</b><b> </b><b> </b><b>the District Forum shall remit the amount
deposited to its credit under clause (d) to the appropriate laboratory to
enable it to carry out the analysis or test mentioned in clause (c) and on
receipt of the report from the appropriate laboratory, the District Forum shall
forward a copy of the report along with such remarks as the District Forum may
feel appropriate to the opposite party;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.3pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(f)</b><b> </b><b> </b><b>if any of the parties disputes the correctness
of the findings of the appropriate laboratory, or disputes the correctness of
the methods of analysis or test adopted by the appropriate laboratory, the
District Forum shall require the opposite party or the complainant to submit
in writing his objections in regard to the report made by the appropriate
laboratory;</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(g)</b><b> </b><b> </b><b>the District Forum shall thereafter give a
reasonable opportunity to the complainant as well as the opposite party of
being heard as to the correctness or otherwise of the report made by the appropriate
laboratory and also as to the objection made in relation thereto under clause
(/) and issue an appropriate order under section 14. </b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>(2) </i></b><b><i> </i></b><b><i>the District Forum shall, if the complaint</i></b><b><i> </i></b><b><i><u>admitted</u></i></b><b><i> by it under section 12 relates to goods
in respect of which the procedure specified in sub-section (1) cannot be
followed, or if the complaint relates to any services,—</i></b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(a)</i></b><b> </b><b> </b><b>refer a copy of such complaint to the opposite
party directing him to give his version of the case within a period of thirty
days or such extended period not exceeding fifteen days as may be granted by
the District Forum;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(b)</i></b><b> </b><b> </b><b>where the opposite party, on receipt of a copy
of the complaint, referred to him under clause</b><b> </b><b><i>(a)</i></b><b><i> </i></b><b>denies
or disputes the allegations contained in the complaint, or omits or fails to
take any action to represent his case within the time given by the District
Forum, the District Forum shall proceed to settle the consumer dispute,—</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 107.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(</b><b>i</b><b>) </b><b> on </b><b>the basis of evidence brought to its notice by
the complainant and the opposite party, where the opposite party denies or
disputes the allegations contained in the complaint, or</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 107.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(ii) </i></b><b><i> <u>ex parte</u> </i></b><b><i>on the basis of evidence brought to its notice
by the complainant where the opposite party omits or fails to take any action
to represent his case within the time given by the Forum.</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b><i>(c) </i></b><b><i> where </i></b><b><i>the complainant fails to appear on the date of
hearing before the District Forum, the District Forum may either dismiss the
complaint for default or decide it on merits.</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -17.85pt;">
<span style="font-family: Verdana, sans-serif;">(3) No proceedings complying with the procedure laid down in subsections [1] and [2] shall be called
in question in any court on the ground that the principles of natural justice
have not been complied with.<o:p></o:p></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>(3A) Every complaint
shall be heard as expeditiously as possible and</i></b><b><i> endeavour </i></b><b><i>shall be made to decide the complaint within a
period of three months from the date of receipt of notice by opposite party
where the complaint does not require analysis or testing of commodities and
within five months if it requires analysis or testing of commodities:</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i>Provided that no adjournment shall be ordinarily
granted by the District Forum unless sufficient cause is shown and the reasons
for grant of adjournment have been recorded in writing by the Forum:</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i>Provided further that
the District Forum shall make such orders as to the costs occasioned by the
adjournment as may be provided in the regulations made under this Act.</i></b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i>Provided also that in
the event of a complaint being disposed of after the period so specified,
the District Forum shall record in writing, the reasons for the same at the
time of disposing of the said complaint.</i></b> <o:p></o:p></span></div>
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<span style="font-family: Verdana, sans-serif;">(3B) <b>Where </b><b>during the</b><b> pendency </b><b>of any proceeding before
the District Forum, it appears to it necessary, it may pass such interim order
as is just and proper in the facts and circumstances of the case.</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -17.85pt;">
<span style="font-family: Verdana, sans-serif;"><b>(4) </b><b> </b><b>For
the purposes of this section, the District Forum shall have the same powers as
are vested in a civil court under Code of Civil Procedure, 1908 while trying a
suit in respect of the following matters, namely:—</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 1.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(</b><b>i</b><b>) </b><b> the </b><b>summoning
and enforcing the attendance of any defendant or witness and examining the
witness on oath;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 1.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(ii) </b><b> the </b><b>discovery and production of any document or
other material object producible as evidence;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 1.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(iii) </b><b> the </b><b>reception of evidence on affidavits;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(iv) </b><b> the </b><b>requisitioning
of the report of the concerned analysis or test from the appropriate laboratory
or from any other relevant source;</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(v) </b><b> </b><b>issuing</b><b> of </b><b>any commission for the examination of any
witness, and</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(vi) </b><b> any </b><b>other
matter which may be prescribed. </b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -17.85pt;">
<span style="font-family: Verdana, sans-serif;"><b>(5) </b><b> </b><b>Every
proceeding before the District Forum shall be deemed to be a judicial
proceeding within the meaning of sections 193 and 228 of the Indian Code (45 of
1860), and the District Forum shall be deemed to be a civil court for the
purposes of section 195, and Chapter XXVI of the Code of Criminal Procedure,
1973 (2 of 1974). </b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(6) </b><b> </b><b>Where
the complainant is a consumer referred to in sub-clause (iv) of clause (b) of
sub-section (1) of section 2, the provisions of rule 8 of Order I of the First
Schedule to the Code of Civil Procedure, 1908 (5 of 1908) shall apply subject
to the modification that every reference therein to a suit or decree shall be
construed as a reference to a complaint or the order of the District Forum
thereon.</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(7) </b><b> </b><b>In
the event of death of a complainant who is a consumer or of the opposite party
against whom the complaint has been filed, the provisions of Order XXII of the
First Schedule to the Code of Civil Procedure, 1908 (5 of 1908) shall apply
subject to the modification that every reference therein to the plaintiff and
the defendant shall be construed as reference to a complainant or the opposite
party, as the case may be. </b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>14. </b><b> </b><b>Finding of the District Forum.</b><b> </b><b>—
(1) If, after the proceeding conducted under section 13, the District Forum is
satisfied that the goods complained against suffer from any of the defects
specified in the complaint or that any of the allegations contained in the
complaint about the services are proved, it shall issue an order to the
opposite party directing him to do one or more of the following things,
namely:—</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(a)</b><b> </b><b> </b><b>to remove the defect pointed out by the
appropriate laboratory from the goods in question;</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(b)</b><b> </b><b> </b><b>to replace the goods with new goods of similar
description which shall be free from any defect;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(c)</b><b> </b><b> </b><b>to return to the complainant the price, or, as
the case may be, the charges paid by the complainant;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(d)</b><b> </b><b> </b><b>to </b><b>pay
such amount as may be awarded by it as compensation to the consumer for any
loss or injury suffered by the consumer due to the negligence of the opposite
party.</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>Provided that the District Forum shall have the
power to grant punitive damages in such circumstances as it deems fit;</i></b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 89.25pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(e)</b><b> </b><b> </b><b>to remove the defects</b><b> </b><b><u>in
goods</u></b><b><u> </u></b><b>or deficiencies in the services in question;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 89.25pt; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(f)</b><b> </b><b> </b><b>to discontinue the unfair trade practice or the
restrictive trade practice or not to repeat it;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 89.25pt; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(g)</b><b> </b><b> </b><b>not to offer the hazardous goods for sale;</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 89.25pt; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(h)</b><b> </b><b> </b><b>to withdraw the hazardous goods from being
offered for sale;</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>(</i></b><b><i>ha)</i></b><b><i>to cease manufacture of hazardous goods and to
desist from offering services which are hazardous in nature;</i></b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 88.35pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -17.1pt;">
<span style="font-family: Verdana, sans-serif;"><b><i>(</i></b><b><i>hb)</i></b><b><i>to pay such sum as may be determined by it if it
is of the opinion that loss or injury has been suffered by a large number of
consumers who are not identifiable conveniently:</i></b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>Provided that the minimum amount of sum so
payable shall not be less than five per cent.</i></b><b><i> of </i></b><b><i>the value of such defective goods sold or
service provided, as the case may be, to such consumers:</i></b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>Provided further that the amount so obtained
shall be credited in</i></b><b><i> favour </i></b><b><i>of such person and utilized in such manner as
may be prescribed;</i></b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><i>(</i></b><b><i>hc)</i></b><b><i>to issue corrective advertisement to neutralize
the effect of misleading advertisement at the cost of the opposite party
responsible for issuing such misleading advertisement;</i></b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 4pt 0in 0.0001pt 1.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;"><b>(</b><b>i</b><b>) </b><b> to </b><b>provide
for adequate costs to parties. </b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(2) </b><b> </b><b>Every
proceeding referred to in sub-section (1) shall be conducted by the President
of the District Forum and at least one member thereof sitting together: </b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b><i>Provided that where a member, for any reason, is
unable to conduct a proceeding till it is completed, the President and the
other member shall continue the proceeding from the stage at which it was last
heard by the previous member.</i></b><b> </b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(2A)</b><b> Every </b><b>order
made by the District Forum under sub-section (1) shall be signed by its
President and the member or members who conducted the proceeding:</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 4.0pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b>Provided
that where the proceeding is conducted by the President and one member and they
differ on any point or points, they shall state the point or points on which
they differ and refer the same to the other member for hearing on such point or
points and the opinion of the majority shall be the order of the District
Forum.</b><b><o:p></o:p></b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>(3) </b><b> </b><b>Subject to the foregoing provisions, the
procedure relating to the conduct of the meetings of the District Forum, its
sittings and other matters shall be such as may be prescribed by the State
Government.</b><b><o:p></o:p></b></span></div>
</div>
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<span style="font-family: Verdana, sans-serif;"><b><u>EFFECTIVE PROCEDURE FOR NOTICE </u></b><b><u><o:p></o:p></u></b></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 36.7pt; margin-right: 0in; margin-top: 6.0pt; text-align: justify; text-indent: -36.7pt;">
<span style="font-family: Verdana, sans-serif;"><b><i><span style="line-height: 150%;">28A. Service of notice, etc. - </span></i></b><i><span style="line-height: 150%;">(1) All notices required
by this Act to be served shall be served in the manner hereinafter </span></i><span style="line-height: 150%;">mentioned
in sub-section (2).</span><span style="line-height: 150%;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 54.15pt; margin-right: 0in; margin-top: 4.0pt; text-align: justify; text-indent: -17.1pt;">
<span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">(2) The service of notices may be made
by delivering or transmitting a copy thereof by registered post acknowledgment
due addressed to opposite party against whom complaint is made or to the
complainant by speed post or by such courier service as are approved by the
District Forum, the State Commission or the National Commission, as the case
may be, or by any other means of transmission of documents (including FAX
message).</span><span style="line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">(3) When an acknowledgment or any other
receipt purporting to be signed<br />
by the opposite party or his agent or by the complainant is received by the
District Forum, the State Commission or the National Commission, as the case
may be, or postal article containing the notice is received back by such
District Forum, State Commission or the National Commission, with an
endorsement purporting to have been made by a postal employee or by any person
authorized by the courier service to the effect that the opposite party or his
agent or complainant had refused to take delivery of the postal article
containing the notice or had refused to accept the notice by any other means
specified in sub- section (2) when tendered or transmitted to him, the District
Forum or the State Commission or the National Commission, as the case may be,
shall declare that the notice had been duly served on the opposite party or to
the complainant :</span><span style="line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">Provided
that where the notice was properly addressed, pre-paid and duly sent by
registered post acknowledgment due, a declaration referred to in this
sub-section shall be made notwithstanding the fact that the acknowledgment has
been lost or mislaid, or for any other reason, has not been received by the District
Forum, the State Commission or the National Commission, as the case may be,
within thirty days from the date of issue of notice.</span><span style="line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">(4) All
notices required to be served on an opposite party or to complainant shall be
deemed to be sufficiently served, if addressed in the case of the opposite
party to the place where business or profession is carried and in case of
complainant, the place where such person actually and voluntarily resides.</span><span style="line-height: 150%;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: 0.0001pt; text-align: justify;">
<b><u><span style="font-family: Verdana, sans-serif;">HOW TO REGISTER A COMPLAINT BEFORE THE NATIONAL COUNCIL<o:p></o:p></span></u></b></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Consumer Complaint as
provided under Section 21(a)(i) of the Consumer Protection Act, 1986, where the
value of the goods or services and compensation, if any, claimed, exceeds
Rupees One Crore is to be filed in with the Registry of this Commission within
a period of two years from the date on which the cause of action has
arisen. Complaint can be filled on all working days (Monday to Friday) between
10:00 A.M. to 4:30 P.M. at Ground Floor</span><span style="font-family: Verdana, sans-serif;"> </span><u style="font-family: Verdana, sans-serif;">‘Upbhokta Nyay Bhawan’, ‘F’ Block,
General Pool Office Complex, INA, New Delhi-110 023.</u><span style="font-family: Verdana, sans-serif;"> </span><span style="font-family: Verdana, sans-serif;">Consumer Complaint should be signed by the
complainant and supported by a Notarised attested affidavit with</span><span style="font-family: Verdana, sans-serif;"> </span><u style="font-family: Verdana, sans-serif;">1+1 sets (with
File cover) </u><span style="font-family: Verdana, sans-serif;">+ Number of Opposite
Parties. The Consumer Complaint along with all the copies should be paginated
and duly indexed in the following seriatim:</span><span style="font-family: Verdana, sans-serif;"> </span></div>
<span style="font-family: Verdana, sans-serif;"><div style="text-align: justify;">
1. Index </div>
<div style="text-align: justify;">
2. List of Dates </div>
<div style="text-align: justify;">
3. Memo of Parties (with fresh complete addresses & telephone no.) </div>
<div style="text-align: justify;">
4. Complaint with Notarised attested affidavit </div>
<div style="text-align: justify;">
5. Supporting documents in favour of complaint e.g. receipt, voucher etc.
(All the Annexures must be attested as True Copy on the last page with name
& signature) </div>
<div style="text-align: justify;">
6. Application for condonation of delay with Notarised attested
affidavit, if beyond limitation. <u>(2 years from cause of action)</u></div>
<div style="text-align: justify;">
7. Fee for Rs.5,000/- for making Consumer Complaint (Demand Draft
in favour of <u>“The Registrar, NCDRC, New Delhi”</u>)</div>
<o:p></o:p></span><br />
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><b>Note
:</b><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">1. The documents
shall be filed in English language only or translated copy of any other
language, duly typed in double space on one side of the paper. If any
supporting documents are not legible the same will not be accepted until clear legible/photo
copies are filed.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">2. If the
documents are not filed as per in the format mentioned above the same will be
returned to the parties at the counter itself without acknowledgement and
will only be registered after removing the defects<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">3. After the issue
of notice, any documents in a case, the same has to be served on the other side
and 1+1 sets (with File cover) be filed with proof of service. No document will
be accepted unless filed two days (working days) in advance from the date of
hearing.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">4. Henceforth, the
review petition/application for recalling of order will be listed before the
bench by way of circulation in chambers.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">5. The
counsel or the parties appearing in person are filing a common petition /
appeal against common order passed by the State Commission in a bunch of
appeals / complaints. It causes inconvenience to the Hon’ble Benches to
decide the independent issues pertaining to each matter, such as award of
different amounts to different parties, etc. Hence, the Hon’ble President
is pleased to direct the parties / Counsel to file independent or separate
appeals/revision petitions, against each appeal/complaint decided by the
State Commission in the common order.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">6. No. of
copies to be filed in the Commission 1+1 sets (with File cover) + Number of
Opposite Parties. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.4pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">7. Application
for Certified copy of order must be made on Letter Head with signature &
Rubber stamp by counsel with a statement that first free certified copy
has not been received either by the party-in-person or their counsel.<o:p></o:p></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; line-height: 20.4pt; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">8. Duplicate certified copy shall be issued on payment
basis as per Regulation with a clear endorsement that earlier first free
certified copy was sent by post at the address of the party-in-person or to
their Counsel/Authorized Representative.<o:p></o:p></span></div>
</div>
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<br /></div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
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<br /></div>
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<br /></div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<u><span style="font-family: Verdana, sans-serif;">IN THE CIVIL COURT:- <o:p></o:p></span></u></div>
<div class="auto-style37" style="line-height: 150%; margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">In Addition to the above, the
Aggrieved consumer can also file a civil suit in the nature of an O.S (Original
Suit) which can be taken up for hearing before the District Munsif Court (DMC
IN RURAL AREAS) or City Civil Court (IN CITIES) or before the Principal
District Court (Depending upon the Pecuniary value of the damages sought)<o:p></o:p></span></div>
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<u><span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">IN
THE HIGH COURT OF JUDICATURE UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA :-<o:p></o:p></span></span></u></div>
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<span style="font-family: Verdana, sans-serif;">Notwithstanding
anything stated above, the aggrieved Student can also file a case under Article
226 of the Constitution by paying a minimal fee before the Respective High
Court by making the Respective Bank Head for the circle and also the branch
head as a Respondent while seeking the remedy either as a Mandamus or a
Certiorarified Mandamus depending upon the relief, prayer and the circumstances
of the case. This right as a power is enshrined in the Constitution and is
conferred to the ordinary citizen if he is aggrieved by the action of the
Respondent Bank (Nationalized Banks Only)</span><o:p></o:p></div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-27161498203647650142017-08-24T16:10:00.000+05:302017-08-24T16:10:14.758+05:30MHRD opens the web portal for submission of Eduction Loan interest subsidy claims - Eligible students to contact the branch manager to ensure the submission<div style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgspFcFFveRUiEWzAI3BzOmw8Hah-NYZLddvjnBifEyVkwMEEezrTGftsWQrR0ArUQLc3mSMyALmP5oIZn9Msdx8G1UcRQmiUAvOiDepLWbowal0WmF758ZTA_j8IYDFbR87Rv5nH4GCV3s/s1600/IBA+Circular+18AUG2017+-+regarding+opening+of+subsidy+portal+.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1172" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgspFcFFveRUiEWzAI3BzOmw8Hah-NYZLddvjnBifEyVkwMEEezrTGftsWQrR0ArUQLc3mSMyALmP5oIZn9Msdx8G1UcRQmiUAvOiDepLWbowal0WmF758ZTA_j8IYDFbR87Rv5nH4GCV3s/s640/IBA+Circular+18AUG2017+-+regarding+opening+of+subsidy+portal+.jpg" width="468" /></a></div>
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<span style="font-family: Verdana, sans-serif;">Ministry of Human Resources Development (MHRD), Government of India has advised Canara Bank, Nodal Bank to open the Web portal to enable the banks to submit the Education Loan Interest Subsidy claims for the FY 2016-17 from 23rd August 2017 to 23rd November 2017.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Eligiblity</b></span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">All the students who have availed Education Loan from the Banks under Indian Banks' Association (IBA) Scheme to pursue professional / technical courses in India are eligible to avail the full interest subsidy, if the annual parental income is less than Rs.4.50 lakhs. It is enough, if the parents submit the income certificate signed by the competent authority at the time of availing the loan. As per Central Scheme to provide Interest Subsidy (CSIS) for Education Loans, MHRD provides full interest subsidy to the eligible students during the study period plus one year moratorium period. </span></div>
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<span style="font-family: Verdana, sans-serif;">In the past, several banks did not claim subsidy to the eligible students due to lack of knowledge about CSIS Scheme among the bank officials. Many eligible students did not get the subsidy. ELTF has been repeatedly taking up with Ministry directly and also through Parliament Members. Now, IBA has directed all the Banks to provide training to all the Bank officials on the CSIS Scheme and to ensure claims are submitted in time without errors. </span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Students to contact Branch Manager </b></span></div>
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<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Canara Bank has opened the web portal on 23rd August 2017 and it will remain open till 23rd November 2017. It is the responsibility of the Banks to submit the claims properly within the due date. If the Banks do not submit the claims, the eligible students may be denied the subsidy. In view of this, the eligible students, in their own interest, may meet the respective Branch managers and handover a letter under copy to the Zonal Manager of the Bank requesting them to submit the claim in time. </span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Legal remedy if the Bank fails to submit the claim</b></span></div>
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<span style="font-family: Verdana, sans-serif;">If any Bank fails to submit the claims in time for eligible student borrowers, the students can seek legal remedy through District Consumer Disputes Redressal Forum of their District for deficiency of service claiming damages and compensation. Students can also approach the Banking Ombudsman of RBI for redressal of grievances. </span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-10212238812702371542017-08-11T12:31:00.000+05:302017-08-11T12:31:32.371+05:30Education Loan Interest Subsidy Mess up - Times of India report<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiud78Os9hYwWx3wBJC0rG8DipmOy_BSL41SIuFEi2fT8jbWyGjlP2F0PbLX1wgbTGc83RyNWTze-wKQqK_ob_tEAJmtKC1a3iWOgJ2j_ECnUIOXI6_YIVkWow9z19vHBcBRMF5Aq1AZADZ/s1600/times+of+india+report+on+edu+loan+interest+subsidy+11082017+jpeg.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="935" data-original-width="1600" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiud78Os9hYwWx3wBJC0rG8DipmOy_BSL41SIuFEi2fT8jbWyGjlP2F0PbLX1wgbTGc83RyNWTze-wKQqK_ob_tEAJmtKC1a3iWOgJ2j_ECnUIOXI6_YIVkWow9z19vHBcBRMF5Aq1AZADZ/s640/times+of+india+report+on+edu+loan+interest+subsidy+11082017+jpeg.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Times of India 11th August 2017</td></tr>
</tbody></table>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Today ( 11 August 2017) has carried a detailed story on Education Loan interest subsidy scheme. Though the Government of India every year promises 100% interest subsidy during the study period plus one year for the eligible students, in reality only a small portion of 20 to 25% is being released by the Government. </span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The banks do not claim interest subsidy for all eligible students, with the result that many eligibile poor students are denied the subsidy. Education Loan Task Force (ELTF) has taken up this issue several times with Government of India directly and through Members of Parliament. Because of this, students are burdened with NPA, for no fault of theirs. Even for 2015-16, only a small portion of around 20% is released recently. Nobody knows when the Governmetn will release the balance amount. For 2016-17, the portal is not yet opened for filing claim. Meanwhile, banks charge huge interest on the education loans and also treat the portion of the interest subsidy not received from the Government as NPA of the student. </span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">Since the Government is not able to handle interest subsidy effectively, ELTF has been demanding 'interest free loan' with some terms and conditions.</span></div>
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<div style="background-color: white; color: #222222; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Please read the TOI story on euu loan mess up.</span></div>
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<span style="font-family: Verdana, sans-serif;">Scanned copy of the report is attached. It can also be read in the following link.</span></div>
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<span style="font-family: Verdana, sans-serif;"><a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://epaperbeta.timesofindia.com/Article.aspx?eid%3D31807%26articlexml%3DEdu-loan-subsidy-still-a-far-cry-for-11082017007014&source=gmail&ust=1502520623790000&usg=AFQjCNHJ75veWTEcmfgCtAEwLB91kEBDZw" href="http://epaperbeta.timesofindia.com/Article.aspx?eid=31807&articlexml=Edu-loan-subsidy-still-a-far-cry-for-11082017007014" style="color: #1155cc;" target="_blank">http://epaperbeta.<wbr></wbr>timesofindia.com/Article.aspx?<wbr></wbr>eid=31807&articlexml=Edu-loan-<wbr></wbr>subsidy-still-a-far-cry-for-<wbr></wbr>11082017007014</a></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-32671646024303509832017-05-08T14:31:00.000+05:302017-05-08T14:31:42.864+05:30Ministry of Finance directs the Banks to route all Education Loan applications through Vidyalakshmi Portal (VLP)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8uaqLPU8lO6iMMH6mXD3u8jsaPwzYy6Z3w0sC9Wdd7Jl6OJtb2JAoKlJAI0SthHOUg0cxOMQ3I0nsB3E7MaLEb6X0bAXL3vVaxrtWJG7Xgievw87x6BikIht9XcTXoss3mGR9647Kkqa3/s1600/eltf-vlp.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8uaqLPU8lO6iMMH6mXD3u8jsaPwzYy6Z3w0sC9Wdd7Jl6OJtb2JAoKlJAI0SthHOUg0cxOMQ3I0nsB3E7MaLEb6X0bAXL3vVaxrtWJG7Xgievw87x6BikIht9XcTXoss3mGR9647Kkqa3/s640/eltf-vlp.jpg" width="640" /></a></div>
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Education Loan Task Force (ELTF) organised an <a href="http://www.eltf.in/2017/02/interactive-session-with-mos-finance-ca.html" target="_blank">Interactive Session</a> with Shri Arjun Ram Meghwal, Hon'ble Minister of State (Finance & CA) at Chennai on 17th February 2017 and submitted a representation to the Hon'ble Minister on the problems faced by the students and parents, while seeking Education loan from Banks. </div>
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Subsequently, on 16th March 2017, ELTF <a href="http://www.eltf.in/2017/03/education-loan-task-force-eltf.html" target="_blank">made a presentation</a> of all the issues facing students before the Hon'ble Minister and the Senior Bureaucrats of Ministry of Finance and IBA representative at the Chamber of the Minister in North Block, Delhi. </div>
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Our main complaint was that through Vidyalakshmi Portal was launched in 2015, neither the Banks nor the Ministry took it seriously. The Banks never bothered to process the applications within 15 to 30 days as per IBA norms. The Banks never even bothered to process the applications. Since Indian Banks Association did not popularise this portal, the students were not even aware of this.</div>
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In both the meetings, Shri Arjun Ram Meghwal listened to our presentation patiently and immediately advised the bureaucrats to take immediate steps to improve the Education Loan Scheme. </div>
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Now, on 21st April 2017, Ministry of Finance has issued guidelines to all the Banks that in furture all the loan applications should be routed through VLP i.e. <a href="http://www.vidyalakshmi.co.in/" target="_blank">www.vidyalakshmi.co.in </a></div>
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The Banks have been advised to upload all the loans sanctioned after 15th August 2015 in this portal before 30th September 2017.</div>
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The students and parents who seek Education Loans can now login to the VLP and create an account. They can submit the applications through the Portal. The Banks are required to take decision within 15 to 30 days. If the Banks delay the process, the students can complain to the Zonal managers of the Bank and also to the CEO/MD of the concerned Bank in writing, under copy to the Branch. </div>
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The State Level Bankers Committee / District Level Bankers Committee / Banks have been advised to conduct campaign to popularise the portal. In the interest of young students, ELTF requests all readers to share this message with students and parents who seek education loan.</div>
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ELTF thanks Hon'ble Minister Meghwal ji for his intervention and necessary action. This is the first time a Minister listened to our grievances patiently and tried to find a reasonable solution. </div>
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The copy of the Notification is given below.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDcZQgmeKU0Ok04r4_BZ-cwljVW4HosO4A8gAsNgW-LUksNT1IZ0mbYrRLLjwuUvj1yziV4CuWwqUPGzny3Wj6eFMl-ehFcQ8HMBJn3w9H0t_OR63fphg30V9XLFIYbx98k20s9laERWk9/s1600/Vidya+Lakshmi+Portal+-+DFS+guidelines+21apr2017-page1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDcZQgmeKU0Ok04r4_BZ-cwljVW4HosO4A8gAsNgW-LUksNT1IZ0mbYrRLLjwuUvj1yziV4CuWwqUPGzny3Wj6eFMl-ehFcQ8HMBJn3w9H0t_OR63fphg30V9XLFIYbx98k20s9laERWk9/s640/Vidya+Lakshmi+Portal+-+DFS+guidelines+21apr2017-page1.jpg" width="494" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAYen-OKKsKHCyQoMBtb4mmuiv2QfPiTki2e59v9XKkVuBcTLXdD9E5r7QooJR71E288JYsVpuJT043k5Q9uGbA1uKa3WHLQ9OdhSIekxfF7XV2ghtGds3ownlk1Tjmo_8Ci_oRBqJ86AV/s1600/Vidya+Lakshmi+Portal+-+DFS+guidelines+21apr2017-page2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAYen-OKKsKHCyQoMBtb4mmuiv2QfPiTki2e59v9XKkVuBcTLXdD9E5r7QooJR71E288JYsVpuJT043k5Q9uGbA1uKa3WHLQ9OdhSIekxfF7XV2ghtGds3ownlk1Tjmo_8Ci_oRBqJ86AV/s640/Vidya+Lakshmi+Portal+-+DFS+guidelines+21apr2017-page2.jpg" width="494" /></a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-33598533776651580782017-04-08T21:41:00.002+05:302017-04-08T21:42:13.240+05:30Ministry of Finance advises Banks to adopt non-coercive differentiated strategy for recovery of education loan<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_aDIdya-cn2uiqQtxxB9CBmJUzE3t1FcAqeosz6dIyWWcbZSNzmsJ6qkgGk1jhrFC1TJTFLLBCr5gzuXFkWLNLQuB-XEoxIT9nVLAlGGOHoet6D9usTnVI4zUm2Oj9iPXrArS1LibwUWN/s1600/Dr+Anbumani+question+on+ARC.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_aDIdya-cn2uiqQtxxB9CBmJUzE3t1FcAqeosz6dIyWWcbZSNzmsJ6qkgGk1jhrFC1TJTFLLBCr5gzuXFkWLNLQuB-XEoxIT9nVLAlGGOHoet6D9usTnVI4zUm2Oj9iPXrArS1LibwUWN/s640/Dr+Anbumani+question+on+ARC.jpg" width="640" /></a></div>
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<span style="font-size: 21.6px;">Source: <a href="http://164.100.47.190/loksabhaquestions/annex/11/AS439.pdf">http://164.100.47.190/loksabhaquestions/annex/11/AS439.pdf</a> </span></div>
<br />
<span style="font-size: 1.2em;">GOVERNMENT OF INDIA</span></td></tr>
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<tr style="margin: 0px; padding: 0px;"><td align="right" style="font-size: 1.2em; margin: 0px; padding: 0px; text-align: center; vertical-align: top;">MINISTRY OF <span id="ContentPlaceHolder1_Label1" style="margin: 0px; padding: 0px;">FINANCE</span></td></tr>
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<tr style="margin: 0px; padding: 0px;"><td align="center" class="instructionq" style="font-size: 1.2em; height: 18px; margin: 0px; padding: 0px; text-align: center; vertical-align: top;">LOK SABHA</td></tr>
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<table align="center" style="background-color: white; color: #464544; font-family: Arial, Helvetica, sans-serif; font-size: 18px; margin: 0px; padding: 0px; width: 100%px;"><tbody style="margin: 0px; padding: 0px;">
<tr style="margin: 0px; padding: 0px;"><td align="right" style="font-size: 1.2em; margin: 0px; padding: 0px; vertical-align: top;" width="80px"><span class="instructionq" id="ContentPlaceHolder1_Label2" style="margin: 0px; padding: 0px;">STARRED</span></td><td style="font-size: 1.2em; margin: 0px; padding: 0px; vertical-align: top;" width="130px">QUESTION NO:</td><td align="left" style="font-size: 1.2em; height: 18px; margin: 0px; padding: 0px; vertical-align: top;"><span class="instructionq" id="ContentPlaceHolder1_Label3" style="display: inline-block; margin: 0px; padding: 0px; width: 276px;">439</span></td></tr>
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<table align="center" style="background-color: white; color: #464544; font-family: Arial, Helvetica, sans-serif; font-size: 18px; margin: 0px; padding: 0px; width: 100%px;"><tbody style="margin: 0px; padding: 0px;">
<tr align="center" style="margin: 0px; padding: 0px;"><td align="right" style="font-size: 1.2em; margin: 0px; padding: 0px; text-align: left; vertical-align: top;" width="160px">ANSWERED ON: </td><td align="left" style="font-size: 1.2em; height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top;"><span id="ContentPlaceHolder1_Label4" style="display: inline-block; margin: 0px; padding: 0px; width: 323px;">31.03.2017</span></td></tr>
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<tr align="center" style="margin: 0px; padding: 0px;"><td style="font-size: 1.2em; height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 711px;"><span id="ContentPlaceHolder1_Label5" style="display: inline-block; margin: 0px; padding: 0px; width: 573px;">Educational Loan Repayment Norms</span></td></tr>
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<tr style="margin: 0px; padding: 0px;"><td class="stylefontsize" style="font-size: 1em; margin: 0px; padding: 0px; vertical-align: top;">(a) whether the banks have followed the Indian Banks Association (IBA) norms for repayment of educational loans by providing the repayment period upto 15 years and if so, the details thereof and if not, the reasons therefor along with the remedial action taken by the Government in this regard;<br />
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(b) whether some banks including the State Bank of India have handed over the educational loan accounts to Asset Recovery Companies (ARC) even without giving sufficient opportunity to the student by expanding repayment period upto 180 months and if so, the details thereof along with the action taken against such banks, bank-wise; and<br />
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(c) whether the Government proposes to issue instructions to the banks not to hand over the educational loan accounts to ARCs and to adopt legal methods for recovery of said loans and if so, the details thereof?</td></tr>
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(a) to (c): A Statement is laid on the Table of the House.<br />
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Statement referred to in reply to parts (a) to (c) of Lok Sabha Starred Question No. *439 for answer on 31st MARCH, 2017 tabled by DR. ANBUMANI RAMADOSS regarding EDUCATIONAL LOAN REPAYMENT NORMS<br />
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Model Educational Loan Scheme prepared by the Indian Banks’ Association (IBA) in the year 2001 was circulated to banks for implementation by the Reserve Bank of India in April, 2001. Based on the suggestions from stakeholders and needs of the students, the Model Educational Loan Scheme has already been revised by IBA in August, 2015. Under the revised scheme, repayment period has been extended upto 15 years besides repayment holiday during the course and one year moratorium for repayment after completion of studies in all cases.<br />
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RBI has issued guidelines which permit banks to engage recovery agents for recovery of all loans. Sale of loans to Asset Reconstruction Companies (ARCs) is in line with RBI guidelines and is a part of the strategy of banks to reduce Non-Performing Assets (NPAs) so that blocked funds get recycled and fresh loans can be given to the aspiring and needy students to help them pursue their career goals. Government has however, advised banks to adopt non-coercive differentiated strategy in so far as recovery of education loan is concerned.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-30133085915039230282017-04-03T20:32:00.000+05:302017-04-08T20:37:34.834+05:30Education Loan Scheme - A Bird's eye view <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPB8BLrdmArbo5dHEbb8h1zJ_s2nF22dlN_Si4SXv2S1K0a1ushAnGSe4xHfpPJQu-f8ZW3l1bXLQ4zJQXQ1vUp-B2ccW8-SE8Gu8EIUQQljIQAfe9iciWwCn9bNCFzn6-VMSOwK9KETbE/s1600/P_20170402_094137-COLLAGE.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPB8BLrdmArbo5dHEbb8h1zJ_s2nF22dlN_Si4SXv2S1K0a1ushAnGSe4xHfpPJQu-f8ZW3l1bXLQ4zJQXQ1vUp-B2ccW8-SE8Gu8EIUQQljIQAfe9iciWwCn9bNCFzn6-VMSOwK9KETbE/s640/P_20170402_094137-COLLAGE.jpg" width="640" /></a></div>
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<span style="font-family: "verdana" , sans-serif;">On 2nd April 2017, Srinivasan (Convenor, Education Loan Task Force) made a presentation on Education Loan to more than 500 parents and students at Chennai. This programme was organised by Ullas Trust. During the presentation, Srinivasan explained the guidelines for Education Loan and the procedures for applying for loan. He also advised all parents and students to apply through Vidyalakshmi Portal www.vidyalakshmi.co.in after getting merit based admission. </span></div>
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<span style="font-family: "verdana" , sans-serif;">The power point presentation is embedded here for the benefit of all parents and students.</span></div>
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<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/presentation/344498596/Education-Loan-Scheme-A-bird-s-eye-view-Presentation-by-Prime-Point-Srinivasan#from_embed" style="text-decoration: underline;" title="View Education Loan Scheme - A bird's eye view - Presentation by Prime Point Srinivasan on Scribd">Education Loan Scheme - A bird's eye view - Presentation by Prime Point Srinivasan</a> by <a href="https://www.scribd.com/user/317780520/Srinivasan#from_embed" style="text-decoration: underline;" title="View Srinivasan's profile on Scribd">Srinivasan</a> on Scribd</div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="1.3323485967503692" data-auto-height="false" frameborder="0" height="800" id="doc_72648" scrolling="no" src="https://www.scribd.com/embeds/344498596/content?start_page=1&view_mode=scroll&access_key=key-qU8D5LPmMmpVR7atE6pz&show_recommendations=true" width="600"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-3686045053456184292017-03-18T16:49:00.000+05:302017-03-18T16:49:56.409+05:30Education Loan Task Force (ELTF) discusses Education Loan issues with Minister and other officials at North Block<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBlzBF28oo3rBFMwZ9QwnffCzPfcj0ovclNjKcHk7iMxPPxmXXtZynL2Jrqc-mfsAE9W5zjGAAf19uKGulwHy2W37YIXS7otdSqdvJNbv3lVeaOZ5AZM1sebS-c4FuCXOGtpos7jcTstZu/s1600/Meeting+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBlzBF28oo3rBFMwZ9QwnffCzPfcj0ovclNjKcHk7iMxPPxmXXtZynL2Jrqc-mfsAE9W5zjGAAf19uKGulwHy2W37YIXS7otdSqdvJNbv3lVeaOZ5AZM1sebS-c4FuCXOGtpos7jcTstZu/s640/Meeting+1.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">(L to R) Shri Arjun Ram Meghwal (MOS Finance ), Shri R N Dubey (Economic Advisor, Department of Financial Services), Shri Gautham (Indian Banks Association) and K. Srinivasan (ELTF)</td></tr>
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<span style="font-family: Verdana, sans-serif;">Education Loan Task Force (ELTF) is one of the social initiatives of eMagazine PreSense. It is a voluntary initiative since 2010 creating awareness about education loan and also taking up issues in Parliament through supporting MPs. On 17th February 2017, PreSense and ELTF organised an interactive session at Chennai with Shri Arjun Ram Meghwal, Hon'ble Union Minister of State (Finance & Corporate Affairs) to discuss the education loan issues. Senior bankers from 40 banks and various social workers participated and interacted on the various issues. During that time, Hon'ble Minister announced that he would arrange a meeting of Senior officials of Finance Ministry at Delhi so that ELTf can directly present the issues to find out the solutions.</span></div>
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<span style="font-family: Verdana, sans-serif;">Accordingly, Shri Arjun Ram Meghwal organised a meeting at North Block on 16th March 2017. Shri R N Dubey, (Economic Advisor to Department of Financial Services) and two other senior officials were present. Shri Gautham represented Indian Banks Association (IBA). Shri Meghwal presided over the meeting. On behalf of ELTF, I made a presentation to the Minister and other Senior officials on the various problems faced by students. </span></div>
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<span style="font-family: Verdana, sans-serif;">Hon'ble Minister and other officials listened patiently. Minister also advised the officials to examine all the points and to submit a feedback to him. While concluding the meeting, Hon'ble Minister siad, "You will find some changes shortly". </span></div>
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<span style="font-family: Verdana, sans-serif;">ELTF thanks Shri Arjun Ram Meghwal for the keen initiative taken by him to understand the problems and to find solutions. </span></div>
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<span style="font-family: Verdana, sans-serif;">A brief report on the proceedings is attached. Kindly go through the report. You may kindly send feedback to me.</span></div>
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<span style="font-family: Verdana, sans-serif;">The report can be downloaded from this link.</span></div>
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<span style="color: #222222; font-family: Verdana, sans-serif;"><a href="http://www.prpoint.com/eltf/report160317">http://www.prpoint.com/eltf/report160317</a></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>A brief report on the meeting held at Ministry of Finance, New Delhi in the Chamber of Shri Arjun Ram Meghwal, Hon’ble Union Minister of State (Finance & CA) on Education Loan.</b></span></div>
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<span style="font-family: Verdana, sans-serif;">Date : 16th March 2017 – 1.00 PM</span></div>
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<span style="font-family: Verdana, sans-serif;">Present: Shri Arjun Ram Meghwal, Shri R N Dubey (Economic Advisor, Department of Financial Services) with his team of Senior officials and Shri Gautham, representing IBA</span></div>
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<span style="font-family: Verdana, sans-serif;">K. Srinivasan, (Chairman, Prime Point Foundation and Convenor of Education Loan Task Force – ELTF) made a presentation to the Hon’ble Minister and other Senior officials on the problems faced by students in respect of implementation of Education Loan Scheme.</span></div>
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<span style="font-family: Verdana, sans-serif;">The gist of points presented by K. Srinivasan</span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Application Stage</b></span></div>
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<span style="font-family: Verdana, sans-serif;">The bank officials are not having sufficient knowledge about the Education Loan Scheme. Though Vidyalakshmi Portal is made compulsory, awareness is lacking on the part of students and bank officials. IBA and the banks should create adequate awareness about the Vidyalakshmi Portal. A mobile app can also be created for Vidyalakshmi Portal, to enable students to submit the applications through Mobile.</span></div>
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<span style="font-family: Verdana, sans-serif;">(At this stage, Hon’ble Minister intervened to say that State Level Bankers Committees and District Level Bankers Committees can create adequate awareness locally throughout India. He also suggested the Ministry Officials and IBA to involve the social workers like ELTF in creating awareness. Srinivasan suggested that April and May would be the right time to create awareness, as the students would be getting ready to pursue higher education. Hon’ble Minister agreed with this suggestion)</span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan informed that Banks were not deciding the loan applications within 15 to 30 days as per IBA norms. Even the rejections are not done within the time, causing lot of inconvenience to the students.</span></div>
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<span style="font-family: Verdana, sans-serif;">(Hon’ble Minister advised the officials to examine this and to issue appropriate orders to follow IBA norms)</span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Interest Subsidy.</b></span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan brought to the notice of the Hon’ble Minister that interest subsidy was not paid in full (100%) as promised by the Government. Only a small portion was being paid. Also, he pointed out that the banks have not claimed interest subsidy for the eligible students, thus depriving them of the subsidy.</span></div>
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<span style="font-family: Verdana, sans-serif;">(Hon’ble Minister advised the officials to arrange a meeting with MHRD officials on this subject. He said, he would also discuss with Shri Prakash Javdekar, Hon’ble HRD Minister to improve the situation.)</span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan informed the Hon’ble Minister that there was a delay between the bank’s receiving the amount from the Government and credit to the loan account. He said that the students had to pay interest unnecessarily.</span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan suggested that instead of interest subsidy, the Government can consider ‘interest free education loans’ and fix some suitable norms. </span></div>
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<span style="font-family: Verdana, sans-serif;"><b>NPA and Repayment of Education Loan</b></span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan pointed out that many banks artificially create NPAs by including the interest subsidy portion not received from the Government and also by pressurizing the students to repay the loan within short time. He suggested that the Government should fix separate norms (for classification of NPA, rescheduling the EMI, etc.) for Education Loans and not to be treated as commercial loans. Education Loans are for the future. Presently, the students come out of the Colleges are burdened with huge debt and they are demotivated. Banks also do not give proper counseling to the students.</span></div>
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<span style="font-family: Verdana, sans-serif;">(Hon’ble Minister at this stage advised the officials to discuss with RBI to examine whether separate norms can be fixed for Education loans, without applying the same norms of commercial loans.)</span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan also brought to the notice of the Hon’ble Minister and the officials as to how State Bank of India was transferring the loan accounts to private agencies ARCs for recovery by offering huge concessions. In turn, the ARCs also harass the students. Srinivasan brought to the notice some of the students had committed suicide due to harassment of ARCs. He submitted two appeals to Hon’ble Minister. (1) Education loans should be kept away from the purview of ARCs and the banks should handle the recovery through legal methods and (2) possible nexus between the State Bank officials and the ARCs should be examined in vigilance angle.</span></div>
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<span style="font-family: Verdana, sans-serif;">He further said that instead of offering huge concessions to ARCs in the name of cleaning up of ‘balance sheets’, State Bank of India could follow IBA guidelines by offering permitted concessions to students. That was why he said that ELTF demanded a vigilance probe on SBI to examine the possible nexus between the bank officials and the ARCs. </span></div>
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<span style="font-family: Verdana, sans-serif;"><b>General</b></span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan suggested that a Monitoring Committee may be set up at National and State level to review the Education loan disbursements. Social workers may also be involved in such committees, besides officials. </span></div>
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<span style="font-family: Verdana, sans-serif;">(Hon’ble Minister agreed with this idea and advised the officials to examine this suggestion)</span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan suggested that Nodal officer / Grievances Cell may be set up at Zonal offices and the Head Offices of Banks immediately to redress the grievances of education loan applicants / borrowers. Srinivasan quoted that when Dr K C Chakrabarthy was the Dy. Governor of RBI, he nominated in 2010 a CGM of RBI as Nodal Officer at RBI for Education Loan purposes and it was functioning effectively. This was done on the suggestions of ELTF then. Due to passage of time and due to transfers, this is not functioning. He suggested that a Nodal Officer may be nominated both at RBI and at the Ministry exclusively for Education Loan purposes.</span></div>
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<span style="font-family: Verdana, sans-serif;">(Hon’ble Minister agreed with the suggestion of Nodal Officers at Zonal Offices and Head Offices of the Bank immediately. He also recalled that he himself made announcement at Chennai during the Interactive Session on 17th February 2017. He advised the Ministry officials to issue directions to all banks immediately).</span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan also requested to reduce the rate of interest for education loan. He suggested a new institution like NABARD, SIDBI may be set up to refinance all Education Loans given by the Banks. </span></div>
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<span style="font-family: Verdana, sans-serif;">Srinivasan concluded his presentation by appealing to Hon’ble Minister and other Senior Officials to issue directions to all the banks to scrupulously follow the IBA guidelines. He said that the students and parents suffer due to the branches not following the IBA guidelines and due to lack of awareness among the bank officials. He even pointed out that in many banks even senior officials were not aware of the IBA guidelines on Education Loan.</span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Conclusion</b></span></div>
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<span style="font-family: Verdana, sans-serif;">Hon’ble Minister Shri Arjun Ram Meghwal while concluding the discussion advised the Ministry Officials to examine all the suggestions carefully and give him feedback. He concluded by assuring the ELTF Team saying, “You will find some changes shortly”</span></div>
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<span style="font-family: Verdana, sans-serif;">Prepared by K Srinivasan, Convenor, ELTF www.eltf.in info@eltf.in </span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-39448862678459489222017-02-23T17:46:00.000+05:302017-03-07T17:46:59.488+05:30Memorandum submitted to MOS (Finance & CA) on the Education Loan issues<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEr6qB3Vi_cHSJyV-o05-6omvQq52wESyuVMTsAfeTZqRS77pQW9ktv1KGWkFnzfwXROYQZfpyHwpUInQg5Tw2MGfkyu2-h7O-tYdZ6nha8vycAX1A2xxFd77uWpWj1-kYWSoRE2oytphG/s1600/eltf6.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEr6qB3Vi_cHSJyV-o05-6omvQq52wESyuVMTsAfeTZqRS77pQW9ktv1KGWkFnzfwXROYQZfpyHwpUInQg5Tw2MGfkyu2-h7O-tYdZ6nha8vycAX1A2xxFd77uWpWj1-kYWSoRE2oytphG/s640/eltf6.JPG" width="640" /></a></div>
<br />
An interactive Session was held with Shri Arjun Ram Meghwal, Hon'ble MOS (Finance &CA) on 17th February 2017 at Chennai to discuss the education loan issues. Hon'ble Minister patiently listened to the grievances of all the bankers and the social workers. He also promised to discuss all the issues at Delhi with officials and to find solutions.<br />
<br />
ELTF subsequent to this event has submitted a detailed letter to Hon'ble Minister. Please read the text of the letter sent by ELTf.<br />
<br />
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">22 Feb 2017<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Shri Arjun Ram
Meghwal ji<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Hon’ble Union
Minister of State (Finance & Corporate Affairs)<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Government of India<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">New Delhi<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dear Hon’ble Shri
Arjun Ram Meghwal ji<o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Brief Report on Interactive
Session with Shri Arjun Ram Meghwal, Hon’ble Union Minister of State (Finance
& Corporate Affairs)<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></b></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">The eMagazine PreSense and Education Loan Task Force
(ELTF) organised an interactive session with Shri Arjun Ram Meghwal, Hon’ble
Union Minister of State (Finance & CA) on 17<sup>th</sup> February 2017 at
Clarion Hotel President, Chennai. ELTF
is one of the social initiatives of the eMagazine PreSense, and has been operating
since 2010. PreSense and ELTF thank
Hon’ble Minister for sparing his valuable time and interacting with all
participants. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">NGOs and social workers who are active in the Education
Loan concept, and senior officials from 39 Banks participated. Prime Point Srinivasan, Editor in Chief of
PreSense and Convenor of ELTF welcomed the gathering.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">In his welcome address, Srinivasan outlined the
difficulties faced by parents/students right from the application stage to the repayment
stage of Education Loan. The Hon’ble
Minister also patiently listened to the grievances voiced by the social workers
and the banks.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Shri Arjun Ram Meghwal in his address, assured that he
would discuss all the issues with the bureaucrats at New Delhi and sort out all
the difficulties. He said he would also
involve Education Loan activists like Prime Point Srinivasan in the
meetings. He advised all the Banks in
the meantime, to nominate a Nodal Officer at Regional Offices and a Grievances
Cell at Head Offices exclusively for Education Loan.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Srinivasan announced that PreSense and ELTF would
institute an Award for a Bank Official and a Student for excellence in
implementation and utilisation of Education Loan Scheme respectively. </span><span style="font-family: Verdana, sans-serif; line-height: 115%;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Broadly the following points emerged during the
interaction session.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Application Stage<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">1.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Bank
Branches do not attend to the students empathetically and do not guide them
properly. The students are made to run from
pillar to post and the processing is unduly delayed, as against the IBA norm of
15 to 30 days. Branches follow the
Service Area Norm as against RBI guidelines. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">2.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">The
<i>Vidyalakshmi</i> Portal, which was
launched by the Hon’ble Finance Minister is not being implemented effectively.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">3.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Branches
demand guarantee and collateral security even for loans less than Rs.7.50 lakhs,
which are security-free.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Interest
Subsidy<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">4.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Although
the Government of India assures full (100%) interest subsidy for the moratorium
period, in practice, only 25 to 30% is being reimbursed. The students are forced to pay the difference
amount. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">5.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">The
Interest Subsidy Scheme is available only for professional and technical
courses. The scheme should be extended
to other vocation courses pursued by poor students after the 10<sup>th</sup> standard
of schooling.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">6.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">It
is recommended that instead of the Interest Subsidy Scheme, ‘Interest Free’ Loan
may be considered, to reduce the burden on poor students.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">7.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Bank
Branches often fail to submit their claims for interest subsidy to the
Government, thus depriving especially poor students from enjoying the benefit.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">8.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Interest
Subsidy for foreign studies is available only for Minority students. This should be extended to all eligible poor
students, irrespective of caste and religion. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">9.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Some
of the Banks retain the subsidy amount with themselves and credit it to the students’
loan accounts only after a few months.
In the meanwhile, the student is compelled to pay the interest on his
loan account. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Management of Loan Accounts<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">10.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Several
complaints are received that Branches do not provide proper information and
guidance to the students. In many cases,
bank officials misguide the students due to lack of awareness.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">11.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">There
is no communication between the branches and the students after availing the
loan. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">12.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Students
do not receive any communication from the Banks about the repayment schedule, after
completion of their study.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">13.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">The
rate of interest charged by the banks is high.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Non Performing Assets<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">14.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Banks
‘artificially’ create NPAs. The interest
subsidy portion not received from the Government is loaded on to the student
borrower’s loan account and treated as NPA.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">15.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Although
the IBA Scheme provides for a 15-year repayment period with flexible and
telescopic EMI, almost all the branches force the students to repay within 3 to
5 years. Thus the students tend to
commit default. Within 3 months, the
loan account is also classified as NPA, resulting in the students’ earning a
poor credit rating. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">16.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">The
IBA Scheme provides for a one-year moratorium period after the study period and
additional moratorium of six months each, three times during the currency of
the loan. None of the banks offer this concession to the needy students, thus
adding the burden of the potential NPA to the students.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">17.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Some
of the banks like the State Bank of India are hasty in handing over defaulted
loan accounts to Asset Reconstruction Companies (ARCs) at discounted prices,
while hesitating to extend legitimate concessions to the students. Some of the students have committed suicide
due to harassment by ARCs. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">18.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Some
banks shame the students with meagre default by displaying their photos in
public places like criminals. This is a
human right violation. Recently, Human
Rights Commission levied a penalty of Rs.1 lakh on Central Bank of India for
this type of shaming the student in public places. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.5in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif; line-height: 115%;">Thirteen Suggestions from ELTF</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<ol>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">The Government should ensure 100% reimbursement of Interest
Subsidy. The amount not paid by the
Government should not be loaded to the Loan Account of the student. </span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">Separate norms can be fixed for Education Loans for classification of
NPAs. </span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">Since the Government of India reimburses Interest Subsidy, CAG Auditing of
Interest Subsidy Management should be carried out periodically at individual
bank level.</span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">A new Institution to provide refinance for all Education Loans should be
set up, in the lines of NABARD and SIDBI. </span></li>
<li><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.5in;">The rate of interest should be reduced to a minimum level. </span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.5in;">A high level committee of all stakeholders should be set up to examine
the present education loan and interest subsidy management.</span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">IBA and Banks should take interest in creating awareness among students
and branch officials. Banks should hold periodical meetings with student
borrowers to develop a good relationship. </span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">There should be a Nodal Officer to redress the grievances at the
Regional Offices and Head Offices of all banks, RBI and the Ministry of
Finance. </span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;">Banks should stop handing over defaulted loans to Private Agencies to
harass the students for repayment. The banks should not shame the defaulted
students by displaying their photos in public places. Instead they should adopt legal methods for
recovery. </span></li>
<li><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.5in;">A possible nexus between Banks and Asset Recovery Companies (ARC) could
be examined from the vigilance angle.</span><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;"> </span><span style="font-family: Verdana, sans-serif; text-indent: -0.5in;"> </span></li>
<li><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.5in;">From the data submitted by Finance Ministry to Lok Sabha in Feb 2017,
there is no uniformity of disbursements of Education </span><span style="font-family: Verdana, sans-serif;">Loans. </span></li>
<li><span style="font-family: Verdana, sans-serif;">Some Public Sector Banks and Private Banks do not effectively
participate in this scheme. Some States do not get adequate share of the
education loan. The imbalance may be examined. </span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -0.25in;">A ‘National Student Registry’ may be set up
for all students, linking their Aadhar Cards.
Banks may be allowed to access the Registry using the Aadhar Card identity
of the student, to get updates about the student. </span></li>
<li><span style="font-family: Verdana, sans-serif; line-height: 115%;">The rulings given by
High Courts and Supreme Courts should be scrupulously followed by all banks in
the respective states or the country.
Presently, students are forced to approach the Hon’ble Courts for the
same issue on which rulings have already been given</span></li>
</ol>
<br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Yours faithfully,</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">K. Srinivasan</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Editor in Chief, PreSense<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Convenor, Education Loan Task Force (ELTF)<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-64839047784444907822017-02-18T17:24:00.000+05:302017-03-07T17:25:17.791+05:30Interactive session with MOS (Finance & CA) on Education Loan - A brief report<div style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4IoJbOC-dGIAvx40u34F9uGvDu8Od7_Vasj87oFfqVMKtQ0wSTLkcdRBQ9oagtFptwqEbAY3-n1rdeio4XVMUO9vfyB0Y7eurtF6sCyVwKbEgHRYIgUSozODHZFY9x0MQmYkL3pSOwj76/s1600/eltf5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="362" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4IoJbOC-dGIAvx40u34F9uGvDu8Od7_Vasj87oFfqVMKtQ0wSTLkcdRBQ9oagtFptwqEbAY3-n1rdeio4XVMUO9vfyB0Y7eurtF6sCyVwKbEgHRYIgUSozODHZFY9x0MQmYkL3pSOwj76/s640/eltf5.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ministry of Finance tweeted this event in their official twitter on 17th Feb 2017<br />(L to R) K. Srinivasan (Convenor, ELTF) , Arjun Ram Meghwal (MOS) and Subramania Kumar (ED, IOB)</td></tr>
</tbody></table>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span style="font-family: Verdana, sans-serif; text-indent: 0in;">Education Loan Task Force (ELTF) is one of the
three initiatives of this eMagazine PreSense.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loan Task Force (ELTF) was started in
2010 as a social initiative, to create awareness about the Education Loan
Scheme of the Indian Banks Association (IBA).
ELTF takes up the common grievances with the managements of banks, IBA,
the Government of India and also the Parliament. ELTF receives daily feedback through its
website, </span><span lang="EN-GB"><a href="http://www.eltf.in/"><span style="font-family: Verdana, sans-serif;">www.eltf.in</span></a></span><span lang="EN-GB" style="font-family: Verdana, sans-serif;">. ELTF has so far provided clarifications to
more than 18,000 students/parents.
Around 3,000 grievances have been forwarded to the managements of banks
for investigation and settlement. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">ELTF strongly feels that Education Loan should not
be treated as yet another commercial loan.
<b><i>It is an investment on the youth of this country for nation building.</i></b> This category needs to be treated differently
from the other loan segments. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">This ezine PreSense and ELTF organised an
‘Interactive Session’ with Shri Arjun Ram Meghwal, Hon’ble Union Minister of
State (Finance & Corporate Affairs) with bankers, students, parents and social
workers on Friday, 17<sup>th</sup> February 2017 at Chennai. Senior level
Executives from 40 banks participated, besides several NGOs, parents, students
and the media.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Susan Koshy, Editor welcomed the gathering and
explained the various social initiatives of the ezine PreSense. K. Srinivasan, Editor in Chief, PreSense
presented the various issues and challenges faced by students and parents right
from the application stage to the repayment stage of Education Loan. Shri Arjun Ram Meghwal interacted with some
of the participating parents and bankers to understand the difficulties. In his reply address, he promised to discuss
all the problems with the government officials at New Delhi and find a solution. He also promised that he would involve ELTF
in those discussions.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Shri Arjun Ram Meghwal, after listening to all the
grievances from various participants, assured that the Government would
immediately advise all the Banks to nominate a Nodal Officer at all Regional /
Zonal Offices and a Grievances Cell at Head Offices exclusively to resolve
Education Loan grievances. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaiCO46FnagrT1gQjt_cRU-019wYJhiBEgTXMSEAs3cu_Npwe95jkShAhDk0ZkT696Uff2aeRsbk2nLoo4AWnfr-70OmmVtd90ZqOGUWi72zzRvb4RAAi6Xn99sHANb9uswcbPdxjdqqJs/s1600/eltf1.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaiCO46FnagrT1gQjt_cRU-019wYJhiBEgTXMSEAs3cu_Npwe95jkShAhDk0ZkT696Uff2aeRsbk2nLoo4AWnfr-70OmmVtd90ZqOGUWi72zzRvb4RAAi6Xn99sHANb9uswcbPdxjdqqJs/s640/eltf1.JPG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Hon'ble Minister honouring Divya. Shri Krishna Kumar, CGM, Canara Bank looking on </td></tr>
</tbody></table>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">During this event, PreSense and ELTF honoured
Divya, the first beneficiary of the ELTF activity, for her outstanding
performance during her study period and employment with a software company. Although she was given a 10-years repayment
schedule, she has almost completely repaid her education loan to Canara Bank
within 3 years. The Hon’ble Minister congratulated
her.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">PreSense also announced an Award Scheme for Bank
Officials and Students for excellence in implementation and utilisation of the
Education Loan Scheme respectively. The
Awards will be presented during the Sansad Ratna Awards function scheduled for
27<sup>th</sup> May 2017 at IIT Madras in the presence of Parliamentarians and
eminent persons. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Win TV, one of the leading Tamil channels telecast
the event live. Clarion Hotel President,
Chennai was the ‘Hospitality Partner’.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">On behalf of ELTF, 13 suggestions were submitted to
the Hon’ble Minister.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">1. The Government should ensure 100% reimbursement of the Interest Subsidy. The amount not paid by the Government should not be loaded onto the Loan Account of the student. </span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">2. Separate norms can be fixed for Education Loans for classification as NPA.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">3. Since the Government of India reimburses Interest Subsidy, CAG Auditing of the Interest Subsidy Management should be carried out periodically at individual bank level.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">4. A new Institution in the lines of NABARD and SIDBI should be set up to provide refinance for all Education Loans. </span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">5. The rate of interest should be reduced to a minimum level.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">6. A high level committee of all stakeholders should be set up to examine the present Education Loan Scheme and Interest Subsidy Management.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">7. IBA and Banks should take interest in creating awareness about the Scheme among the students and the bank branch officials. Banks should hold periodical meetings with student borrowers to develop a good relationship.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">8. There should be a Nodal Officer to redress the grievances at the Regional Offices and Head Offices of all banks, RBI and the Ministry of Finance.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">9. Banks should stop handing over defaulted loans to Private Agencies, who harass the students for repayment. The banks should not traumatise the defaulting students by displaying their photos in public places. Instead they should adopt legal methods for recovery.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">10. A possible nexus between Banks and Asset Recovery Companies (ARC) could be investigated from the vigilance angle.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">11. From the data submitted by the Finance Ministry to the Lok Sabha in Feb 2017, there is no uniformity among the banks in the disbursements of Education Loans. Some Public Sector Banks and Private Banks barely participate in this Scheme. Some states do not get an adequate share of the education loan. The imbalance may be examined.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">12. A ‘National Student Registry’ may be set up for all students, linking their Aadhar Cards. Banks may be allowed to access the Registry using the Aadhar Card identity of the student, to get updates about the student.</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.25in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: Verdana, sans-serif;">13. The rulings given by High Courts and Supreme Courts should be scrupulously followed by all banks in the respective states or the country. Presently, students are forced to approach the Hon’ble Courts for the same issue on which rulings have already been given.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;"> </span><b style="text-align: center; text-indent: 0in;"><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Some Important Statistics about Education Loan
Accounts</span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">All India – As On Last Friday of December – Source: Reserve Bank of
India Website<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; text-align: justify;">
<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<br /></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Gross Bank Credit<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In billion<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loan*<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In billion<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">% of Education loan over gross credit<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dec 2014<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">58935<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">591<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1.00<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dec 2015<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">64335<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">609<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">0.94<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dec 2016<o:p></o:p></span></div>
</td>
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<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">66458<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">608<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: center; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">0.91<o:p></o:p></span></div>
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</tr>
</tbody></table>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">*Under Priority Sector<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">At the national level, the share of outstanding
Education Loan over Gross Bank Credit is reducing every year. Only around 2.6
million students are the beneficiaries as on date. ELTF feels that this is not
sufficient for a country of our size, keeping in mind the growth and
development of our nation. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;"> </span><span style="font-family: Verdana, sans-serif; text-indent: 0in;"> </span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;"></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpf7GlKCyI6i3Ahy8LVwWeVZlqwbgQ-eArOS3CCTxoWK4UhS3AksLDUakXJ08Twz_FAODF2O3qQo1mD0Sa9WA6SHGZ7VQpxW8E_2mwXgAVZ8uutVwSsOsRydVYuCgrNl4a54IUmOxmcOEq/s1600/eduloan+chart.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpf7GlKCyI6i3Ahy8LVwWeVZlqwbgQ-eArOS3CCTxoWK4UhS3AksLDUakXJ08Twz_FAODF2O3qQo1mD0Sa9WA6SHGZ7VQpxW8E_2mwXgAVZ8uutVwSsOsRydVYuCgrNl4a54IUmOxmcOEq/s640/eduloan+chart.jpg" width="640" /></a></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Some of the States do not seem to have adequate
disbursements, while some other states have received more of the share of
Education Loan disbursements. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">K. Srinivasan, Editor in Chief, PreSense<span style="font-size: 10pt;"><o:p></o:p></span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-80622761315832228962017-02-18T17:13:00.000+05:302017-03-07T17:14:19.136+05:30Interactive Session on Education Loan at Chennai with MOS (Finance & CA) - Problems presented to Minister <br />
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An interactive session with Shri Arjun Ram Meghwal was held on 17th February 2017 at Chennai to discuss various education loan issues. 40 Banks and several social workers participated and interacted with the Minister. During this time, on behalf of ELTF, a background note was circulated. Please read the contents.</div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loans – A Synopsis
– Background note circulated on 17<sup>th</sup> February 2017<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loan Task Force (ELTF) is one of the three initiatives of the eMagazine
PreSense, which is being published for the past 120 months to generate positive
vibrations. The eMagazine was initiated
in March 2006 when former President of India, Dr APJ Abdul Kalam suggested a
medium to promote positivity through communication.<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loan Task Force (ELTF) was started in 2010 as a social
initiative and to create awareness about the Education Loan Schemes of the Indian
Banks Association (IBA). ELTF takes up the
common grievances with the managements of banks, IBA, the Government of India
and also the Parliament. ELTF receives
daily feedback through its website, </span><a href="http://www.eltf.in/"><span lang="EN-GB" style="font-family: Verdana, sans-serif;">www.eltf.in</span></a><span lang="EN-GB" style="font-family: Verdana, sans-serif;">. ELTF has so far provided clarifications to
more than 18,000 students/parents.
Around 3,000 grievances have been forwarded to the managements of banks
for investigation and settlement. <o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">ELTF strongly feels that Education Loan should not be treated as yet
another commercial loan. <b><i>It is
an investment on the youth of this country for nation building.</i></b> This category needs to be treated differently
from the other loan segments. Some of the problems faced by students and
bankers are given below:<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Application Stage<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Lack of awareness among the branch officials and students on the IBA
Scheme. The IBA guidelines are not
followed. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Banks are not aware that the Service Area Concept is not applicable for
Education Loans. They follow it in violation of the RBI guidelines. Students are therefore shunted from branch to
branch, and processing of applications takes a long time. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Students do not get proper guidance and treatment during the application
stage. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">The <i>Vidyalakshmi</i> Portal </span><a href="http://www.vidyalakshmi.co.in/"><span lang="EN-GB" style="font-family: Verdana, sans-serif;">www.vidyalakshmi.co.in</span></a><span lang="EN-GB">,</span><span lang="EN-GB" style="font-family: Verdana, sans-serif;"> launched by Hon’ble
Finance Minister in 2015 is still not popular.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Interest Subsidy<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Banks do not claim interest subsidy properly, in spite of the facility
of technology. For this reason, many
eligible poor students have been denied interest subsidy. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Although the Government of India promises 100% Interest Subsidy during
the moratorium period, in reality only around 25-30% of the claimed amount is
reimbursed. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">At present, only students from the Minority Section of the society are
eligible for Interest Subsidy for foreign studies. It should be extended to all eligible
students from economically weaker background.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Interest Subsidy is given only for Professional and Technical courses
studied after the 12<sup>th</sup> Standard.
This should be considered for vocational courses, which many poor
students take up, after completing the 10<sup>th</sup> standard.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Even after the release of subsidy by the Government, banks have been
reported to withhold the reimbursed subsidy for an unduly long period before
releasing it to the loan accounts of students.
The students in the meantime, have to pay interest unnecessarily. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">It is suggested that instead of the Interest Subsidy Scheme, ‘Interest
Free Loan’ can be considered for the moratorium period. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">The Government should advise the Comptroller and Audit General (CAG) to
audit the banks for ‘Interest Subsidy’ management. <o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Management of Loan Accounts<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Many bank branches insist on security for even those loans that are less
than Rs.7.50 lakhs, which are covered under the Credit Guarantee Scheme.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Branches demand payment of interest during the study period as a
pre-condition for disbursement of the next instalment.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Branches do not provide proper clarifications about the loan
accounts. Students therefore write to
the ELTF for clarifications, which the branches should have given in the first
place.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Repayment and NPA<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Although the IBA Scheme allows 15 years of repayment (with telescopic
repayment) after completion of study and a one-year moratorium period, many
banks pressurise the students to repay the loans in 3-5 years. A proper repayment schedule is not provided
to the students. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">An additional moratorium period of 6 months, two or three times, is not
provided by the banks. The students get
into a debt trap and their credit rating suffers. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">There is no proper communication between the students and the branches
after disbursement of the loan.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Due to improper adherence to the IBA guidelines by banks and also due to
the short receipt of interest subsidy, the overdue interest is added to the
principal loan account, and it is classified as Non-Performing Asset (NPA).<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Some of the banks hand over the loan accounts to Private Agencies (ARCs)
who harass the students to recover the loans.
Banks seem willing to pay more to ARCs, instead of extending legitimate
concessions to the students.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Some banks harass the students over small overdues, by displaying their
photos prominently in public places.
Some students have committed suicide due to such harassment by banks and
ARCs. Recently, NHRC fined one bank over such harassment.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt 0.55in; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-GB" style="font-family: Verdana, sans-serif;">If the existing NPAs get rescheduled properly with a proper repayment
schedule, the NPA level can be reduced to 20% of the existing level.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">What ELTF Demands?<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
</div>
<ul>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">The Government should ensure 100% reimbursement of Interest
Subsidy. The amount not paid by the
Government should not be included as NPA of the student. </span></li>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">A new Institution to provide refinance for all Education Loans should be
set up, in the lines of NABARD and SIDBI. </span></li>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">Rate of interest should be reduced to a minimum level.</span></li>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">A high level committee should be set up with all stakeholders to examine
the present education loan and interest subsidy management.</span></li>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">IBA and Banks should take interest in creating awareness among the
students and branch officials. Banks should hold periodical meetings with
student borrowers.</span></li>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">There should be a Nodal Officer to redress the grievances at the Regional
Offices and Head Offices of all banks, RBI and the Ministry of Finance.</span></li>
<li><span lang="EN-GB" style="font-family: Symbol; text-indent: -0.25in;">·<span style="font-family: "Times New Roman"; font-stretch: normal;">
</span></span><span lang="EN-GB" style="font-family: Verdana, sans-serif; text-indent: -0.25in;">Banks should stop handing over the loans to Private Agencies, and
harassing the students. Instead they
should adopt legal methods for recovery.</span></li>
</ul>
<!--[if !supportLists]--><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Our Appeal<o:p></o:p></span></b></div>
<div class="MsoListParagraph" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-GB" style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal;"> </span></span><b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Banks should follow IBA /
RBI guidelines scrupulously. Instead of
distancing the students from the Bank, they should motivate them through
regular communication and interaction.<o:p></o:p></span></b></div>
<div class="MsoListParagraph" style="margin-bottom: 0.0001pt; text-align: justify; text-indent: -0.25in;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;"><br /></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Some Important Statistics
about Education Loan Accounts<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Tamil Nadu – As at Dec 2016
– Source: SLBC, Tamil Nadu<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; text-align: justify;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.9pt;" valign="top" width="157">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" width="108">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">No. of accounts<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">In lakhs<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 112.5pt;" width="150">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Amount outstanding<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. Crores<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">NPA<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">(as at 30.9.2016)<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. Crores<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.4pt;" width="103">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">% of NPA<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.9pt;" valign="top" width="157">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Public Sector Banks<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="top" width="108">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">8.49<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 112.5pt;" valign="top" width="150">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">16999<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2686<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.4pt;" valign="top" width="103">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">15.8<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.9pt;" valign="top" width="157">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Private Sector Banks<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="top" width="108">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">0.61<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 112.5pt;" valign="top" width="150">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">864<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">126<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.4pt;" valign="top" width="103">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">14.6<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.9pt;" valign="top" width="157">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">All Banks<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="top" width="108">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">9.10 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 112.5pt;" valign="top" width="150">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">17862 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2812 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.4pt;" valign="top" width="103">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">15.7<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Top Four Banks Which Have
Given Maximum Education Loans in Tamil Nadu<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; text-align: justify; width: 638px;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Bank<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">No of accounts</span><span style="font-family: Verdana, sans-serif;"> in lakhs<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Amount outstanding<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. Crores<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Indian Overseas Bank<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2.07<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">3679<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Canara Bank<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1.51<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">3017<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Indian Bank<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1.44<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2906<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">State Bank of India<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1.01<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2351<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Total<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">6.03<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">11953<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">% age over Tamil Nadu<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">66.26%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 159.6pt;" valign="top" width="213">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">66.91%<o:p></o:p></span></div>
</td>
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</tbody></table>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">These four Banks contribute two-third of the total number of accounts
and amount outstanding under Education Loans in Tamil Nadu<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">All India – As On Last
Friday of December – Source: Reserve Bank of India Website<o:p></o:p></span></b></div>
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<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; text-align: justify;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Gross Bank Credit<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In billion<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loan*<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In billion<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">% of Education loan over gross credit<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dec 2014<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">58935<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">591<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1.00<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dec 2015<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">64335<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">609<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">0.94<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Dec 2016<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">66458<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">608<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">0.91<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">*Under Priority Sector<o:p></o:p></span></div>
<div class="MsoListParagraph" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">At National level, share of outstanding Education loan over Gross Bank
credit is getting reduced year by year.</span><span style="font-family: Verdana, sans-serif;"> </span></div>
<div class="separator" style="clear: both; text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Education Loan Disbursement
– Source: Reply in Lok Sabha by Finance
Ministry – (Question No.351 of 3 Feb 2017)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; text-align: justify;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2013-14<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In crores<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2014-15<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In crores<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">2015-16<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Rs. In crores<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">All India<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">7750<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">8312<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">9674<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td colspan="4" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 6.65in;" valign="top" width="638">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Public Sector Banks<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">7060<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">7619<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">9049<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Private Sector Banks<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">690<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">693<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">625<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Tamil Nadu<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1896<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1952<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 119.7pt;" valign="top" width="160">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">1583<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">While at National level, disbursements of Education Loans has gone up in
2015-16 as compared to previous years, it has come down in Tamil Nadu. (Please
note it is disbursement and not outstanding balance). In spite of this, the share of Education loans
over Gross Bank Credit has come down. <o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">Stand-Up India Loans<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Stand-Up India Scheme facilitates bank loans between Rs.10 lakh and Rs.1
Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and
at least one woman borrower per bank branch for setting up a greenfield
enterprise. This enterprise may be in the manufacturing, services or trading
sector. In case of non-individual enterprises, at least 51% of the shareholding
and controlling stake should be held by either an SC/ST or woman entrepreneur.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">This Scheme will benefit 2.5 lakh entrepreneurs through 1.25 lakh bank
branches across the country. The total
number of commercial bank branches in Tamil Nadu is 10,259.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;">In Tamil Nadu as at November 2016, an amount of Rs.145.47 crores is
outstanding in 888 loan accounts. The
target for 10,259 branches in Tamil Nadu is 20,518 accounts. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Verdana, sans-serif;"> Eligible applicants can apply
online through </span><a href="https://www.standupmitra.in/"><span lang="EN-GB" style="font-family: Verdana, sans-serif;">https://www.standupmitra.in/</span></a><span style="font-family: Verdana, sans-serif;"> <span lang="EN-GB"><o:p></o:p></span></span></div>
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Unknownnoreply@blogger.com0Chennai, Tamil Nadu, India13.0826802 80.27071840000007812.5876862 79.625271400000074 13.5776742 80.916165400000082tag:blogger.com,1999:blog-4030397245684345366.post-49747868142266808892017-02-09T18:06:00.001+05:302017-02-09T21:32:25.162+05:30Interactive Session with Hon'ble Minister of State (Finance) Shri Arjun Ram Meghwal on 17th February 2017<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZHoTs0Ra_11rZewLY2YFHrD8-tJVIBAVRW3wU7H1epsD_e0Fd7KzdJzAUrBs2J2o0pCKbl0KyMzCAyELxBrKAAO9nByOPhyphenhyphenBjq7w-PNKG7WKaiTNl7611GtSkI5CcRcBh5Q7oqmJ89dTT/s1600/backdropbanner+-+small+size+sample.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZHoTs0Ra_11rZewLY2YFHrD8-tJVIBAVRW3wU7H1epsD_e0Fd7KzdJzAUrBs2J2o0pCKbl0KyMzCAyELxBrKAAO9nByOPhyphenhyphenBjq7w-PNKG7WKaiTNl7611GtSkI5CcRcBh5Q7oqmJ89dTT/s640/backdropbanner+-+small+size+sample.jpg" width="640" /></a></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;">Education Loan Task Force (ELTF) organises an “Interactive
Session” with Shri Arjun Ram Meghwal, Hon’ble Union Minister of State (Finance
and Corporate Affairs), Government of India on 17<sup>th</sup> February 2017 at
Clarion Hotel President, Dr Radhakrishnan Salai, Mylapore, Chennai 600004. Zonal Heads of all the banks operating in
Tamil Nadu and the NGOs who are working on Education Loans and StanupIndia
Loans will participate. The discussion
will be held between 3 PM and 5 PM. <o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;">The purpose of this interactive session is to understand the
problems of the students, entrepreneurs and the Banks in implementing the
Scheme effectively and to find out solutions.
This session will also bridge the gap between all the stakeholders. It is a positive initiative by Education Loan
Task Force (ELTF).<o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;">Admission is only by invitation.
Only NGOs who are working on Education Loans and StanupIndia Loans may
write to us at <a href="mailto:info@eltf.in">info@eltf.in</a> for invitation
with details. Or a message can be sent
through WhatsApp with full details over 9176650273 (Please avoid voice calls –
only whatsapp message to be sent)<o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;">Individual grievances will not be discussed in this
session. Only the common problems faced
by students, entrepreneurs and banks will be discussed. <o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "verdana" , sans-serif;">This is the first time such interactive session is being held
in India with the Minister, involving the stakeholders of Education Loan. <o:p></o:p></span></span></div>
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-70080392343117344282017-01-10T16:31:00.000+05:302017-01-11T10:01:17.092+05:30ELTF submits four pre-budget recommendations to Finance Minister on Education Loan<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgj59MMXnyJap7iITDqBA6RSg0QOnmb2DwhhyphenhyphenWM9Tz1XYtH7oEGW-Vkzcv8H4r6i_8gUbdrTFGT7Qc8r7HbOMbxysQEFWRX7WS99TTZe7UDjHzHf-IkbuXEUO_p2Zn2AUK5nc53oCNV7eoL/s1600/letter+and+acknowledgement2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="ELTF submits pre budget recommendation to Ministry of Finance on Education Loan" border="0" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgj59MMXnyJap7iITDqBA6RSg0QOnmb2DwhhyphenhyphenWM9Tz1XYtH7oEGW-Vkzcv8H4r6i_8gUbdrTFGT7Qc8r7HbOMbxysQEFWRX7WS99TTZe7UDjHzHf-IkbuXEUO_p2Zn2AUK5nc53oCNV7eoL/s640/letter+and+acknowledgement2.jpg" title="ELTF submits pre budget recommendation to Ministry of Finance on Education Loan" width="640" /></a></div>
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<div style="box-sizing: border-box; color: #777777; font-variant-ligatures: normal; margin-bottom: 10px; orphans: 2; text-align: justify; widows: 2;">
<span style="box-sizing: border-box;"><span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><a href="http://presense.hocalwire.com/www.eltf.in" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: border-box; color: dimgrey; text-decoration: none;" target="_blank"><span style="box-sizing: border-box; color: black;">Education Loan Task Force (ELTF)</span></a> has submitted 4 Pre-Budget recommendations to Ministry of Finance for their consideration on 3rd January 2017. This has been acknowledged by the Office of Minister of State (Finance). The following recommendations have been submitted by ELTF to the Government of India.</span></span></div>
<div style="box-sizing: border-box; color: #777777; font-variant-ligatures: normal; margin-bottom: 10px; orphans: 2; text-align: justify; widows: 2;">
<span style="box-sizing: border-box;"><span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><span style="box-sizing: border-box; font-weight: 700;">This is the text of the letter sent to Ministry.</span></span></span></div>
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<span style="color: black; font-family: "verdana" , sans-serif;">On behalf of Educational Loan Task Force (an initiative of emagazine PreSense), we suggest the following for consideration while finalizing the Budget for FY2017-18.</span></div>
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<div class="MsoListParagraph" style="box-sizing: border-box; color: #777777; font-variant-ligatures: normal; margin-bottom: 0.0001pt; orphans: 2; text-align: justify; text-indent: -0.25in; widows: 2;">
<span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">1.</span><span style="box-sizing: border-box; font-stretch: normal;"> 1. </span></span><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">Banks are not implementing properly the Education Loan Scheme formulated by IBA.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">ELTF has been taking up this issue time and again. Since the Banks have more liquidity after demonetisation, the Government of India may advise all the banks to be more liberal and give priority in sanctioning Education Loans to poor students to pursue higher studies.</span><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<div class="MsoListParagraphCxSpFirst" style="box-sizing: border-box; color: #777777; font-variant-ligatures: normal; margin-bottom: 0.0001pt; orphans: 2; text-align: justify; text-indent: -0.25in; widows: 2;">
<span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">2.</span><span style="box-sizing: border-box; font-stretch: normal;"> 2. </span></span><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">Rate of Interest charged by the Banks are very high.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">Government of India MHRD provides 'Interest Subsidy' to the students who pursue professional and technical courses during study period plus one year.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">Though the Government of India promises 100% reimbursement, in reality, only around 25% to 30% are given to students.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">ELTF suggests that (a) more funds should be allotted to provide 100% interest subsidy during the eligible period.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">(b) Also, in addition to professional and technical courses, the poor students who pursue other courses, including diploma courses may be given interest subsidy.</span><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="box-sizing: border-box; color: #777777; font-variant-ligatures: normal; margin-bottom: 0.0001pt; orphans: 2; text-align: justify; text-indent: -0.25in; widows: 2;">
<span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">3.</span><span style="box-sizing: border-box; font-stretch: normal;"> 3. </span></span><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">Time and again ELTF has been suggesting the Government to set up an Institution to refinance Education Loans given by the Banks, on the lines of IDBI, NABARD and SIDBI.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">The new Institution may be named as 'Vidya Development Bank of India' (VDBI).</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">This institution can get funding from the Government of India and also from International Organisations.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">The Banks may be given refinance against the Education Loans sanctioned by them.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">This will reduce the interest burden of the students, after they complete the studies.</span><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span><span style="box-sizing: border-box;"></span></span></div>
<div class="MsoListParagraphCxSpLast" style="box-sizing: border-box; color: #777777; font-variant-ligatures: normal; margin-bottom: 0.0001pt; orphans: 2; text-align: justify; text-indent: -0.25in; widows: 2;">
<span style="box-sizing: border-box; color: black; font-family: "verdana" , sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">4.</span><span style="box-sizing: border-box; font-stretch: normal;"> 4. </span></span><span style="box-sizing: border-box;"><span style="box-sizing: border-box;">The Government should declare Education Loan to poor students to pursue higher education as the 'Most Priority' item. Education Loan borrowers may given priority for another loan,</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">if they come forward to set up</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">their own 'start-ups'.</span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;"> </span><span style="box-sizing: border-box;">This will be a great investment on the youth to develop the future India.</span><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; color: black;"><span style="box-sizing: border-box; font-family: "arial" , sans-serif; font-size: 12pt;"><span style="box-sizing: border-box; font-size: 18px;"><br /></span></span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-13640240605253705732016-08-11T16:16:00.000+05:302016-08-11T16:16:07.037+05:30Prime Minister Narendra Modi listened to Dr Anbumani Ramadass MP on Education loan issues<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH22iO8vHDGPofoY4tg2YAav122PshYVNi8JwsLikWydWxZG3kX_w1dFi_AyfYIHHMGkvG1lQwk2Mw_73-zg8kFsd7moAn9tBRI08ISAE3sYWMLFD3FAieNeageQSDNv2Cfsx__B8bAtYK/s1600/amr+meeting+PM.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Dr Anbumani Ramadass MP presenting the Education loan issues to Prime Minister Shri Narendra Modi on 10th August 2016" border="0" height="417" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH22iO8vHDGPofoY4tg2YAav122PshYVNi8JwsLikWydWxZG3kX_w1dFi_AyfYIHHMGkvG1lQwk2Mw_73-zg8kFsd7moAn9tBRI08ISAE3sYWMLFD3FAieNeageQSDNv2Cfsx__B8bAtYK/s640/amr+meeting+PM.jpg" title="Dr Anbumani Ramadass MP presenting the Education loan issues to Prime Minister Shri Narendra Modi on 10th August 2016" width="640" /></a></div>
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<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Dr Anbumani Ramadass MP presented a letter to Prime Minister Shri Narendra Modi on 10th August 2016, containing the various issues relating to Education loan. ELTF is approaching all the Parliamentarians to take up the Education Loan issues with the Government and Parliament. Recently, Shri T K Rangarajan MP took up the issues in Rajya Sabha.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">On our request, Dr Anbumani Ramadass MP met the Prime Minister Shri Narendra Modi personally on 10th August 2016 and explained to him the various problems faced by students who have availed eduction loan from banks. He also quoted the incidents of Reliance Assets Reconstruction Company harassing the students forcing them to comit suicide. Dr Anbumani personally informed ELTF that Prime Minister went through the letter line by line patiently and listened to him fully. He also promised that he would look into this matter on top priority.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">The text of the letter given to Prime Minister by Dr Anbumani is reproduced below. ELTF thanks Dr Anbumani Ramadass for having taken up the issue personally with the Prime Minister.</span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">Text of the letter</span></div>
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<b style="font-family: Verdana, sans-serif;"><span style="line-height: 107%;">Date: </span></b><span style="font-family: Verdana, sans-serif; line-height: 107%;">10.09.2016</span></div>
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<span style="line-height: 21.4px;"><br /></span></div>
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<span style="line-height: 21.4px;"><br /></span></div>
<!--[if !supportLineBreakNewLine]-->
<!--[endif]--><b style="line-height: 107%;"><o:p></o:p></b></span><br />
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<b style="font-family: Verdana, sans-serif; line-height: 150%;">Sub:</b><span style="font-family: Verdana, sans-serif; line-height: 150%;"> The sale of SBI's active
education loan as NPA to Reliance Assets Reconstruction Company (RARC) –
Regarding- Urgent need to regulate student friendly policies.</span></div>
<span style="line-height: 150%;"><div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif; line-height: 150%;"><br /></span></div>
</span><br />
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">This mail is in correspondence to
recent incidents as regards education loans and the most insensitive practice
of banks that sell active education loans as NPA’s to Assets Reconstruction
Companies. <o:p></o:p></span></span></div>
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">You might be aware of a recent
episode where SBI (State Bank of India) was reported to have sold its active education
loan as NPA to Reliance Assets Reconstruction Company (RARC). This is highly
condemnable and a matter of serious concern. It is indeed disheartening to note
that many banks do not follow the RBI (Reserve Bank of India) and IBA (Indian
Banks’ Association) guidelines in fixing the repayment schedule for student
education loans to commence one year after completion of the course. <o:p></o:p></span></span></div>
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">The current guidelines also stipulate
a 15-year period with telescopic repayment installment as schedule. However,
most banks fix a higher amount of EMI (Equated Monthly Installment) within a
short repayment period. This results in
students being burdened during their initial career days to pay a huge sum as
repayment. It also forces most of the students to default in their repaying
their loans. Misusing this, after three months of default, the banks
immediately classify the loan as Non Performing Asset (NPA) and attract high interest
as penalty. They also sell these loans to Asset Reconstruction Companies. <o:p></o:p></span></span></div>
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">I would like to highlight a recently
reported incident of an active education loan of State Bank of India sold as
NPA to Reliance Assets Reconstruction Company (RARC), even while the student
borrower was still pursuing his education. When the student approached the bank
for the next disbursement of fees, the bank then realised that they had sold
the loan account already to RARC. There have been several such complaints
against State Bank of India and other banks about their insensitivity towards
young student-borrowers. A particular student from Madurai district in Tamil
Nadu has reportedly committed suicide due to harassment by a private recovery
agency. <o:p></o:p></span></span></div>
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<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">In yet another instance, it was noted
that the Central Bank of India shamed a poor education loan woman borrower for
a meager default by displaying her name on a banner at a public place. The
woman then lodged a complaint against the bank resulting in the National Human
Rights Commission (NHRC) levying a penalty of one lakh rupees on the Bank. These are just a representation that have
been reported, while there are many cases where education loan borrowers have
been harassed by banks and have ended their lives. Of late there has been a
rise in such incidents across the country. It is highly unfortunate that the banks
do not seem to follow any norm in fixing guidelines to recover their loans, but
resort to harass common man in ways that put them to shame. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">The education loan scheme was
designed to help deserving poor students to pursue higher education. It was
created to encourage students aiming to study further and specialize in fields
suited to them. Recent study reports
suggest that as on date only around 26 lakh (2.6 million) accounts with
outstanding balance of Rs.60 thousand crore (600 billion) are the beneficiaries
under the education loan scheme. This is
less than even 1% of the total bank credit. That being the case, the reason
that banks put forth to the people that they are currently suffering due to
heavy defaults and NPAs under Education Loans is a farcical statement. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">In reality, assuming the worst NPA
level at 5-8%, the total NPA under the education loan segment may not exceed
3000-5000 crore (30-50 billion). The
gross NPA of the banking industry is estimated at 8.50 lakh crore (8.5
trillion) and the top 100 NPA accounts in all the banks reported to be
contributing around 25 to 30% of their total NPA. While this is the factual position, banks are
creating a misconception about the impact of education loans on their
functionality.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">The Government of India provides only
a partial subsidy during the moratorium period (study period plus one year) as
against the stipulated 100% interest subsidy.
In many cases, the eligible students do not receive the interest subsidy
due to the fault of the banks. Banks
load the unpaid interest subsidy on to the student’s account and treat it as
NPA. In other words, the unpaid subsidy
due from the Government of India is reflected in the NPA account dues liable
for payment by the student. Thus the
banks due to the miss-management of the education loan portfolio create NPA
artificially.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: 0in; mso-add-space: auto; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">As Prime Minister of the world’s fastest growing economy that is home to
millions of young generation who are currently educating themselves to take on
the rest of the world, I humbly request you to take serious cognizance of this
issue and ensure that the Government issues an order to the banks to not hand
over these loans to Assets Reconstruction Companies.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0in; mso-add-space: auto; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">While the Government under your able leadership on one hand propagates ‘Make
in India’, ‘Start up India’ and ‘Skill India’ programs to encourage
entrepreunership and ‘Mudra Loans’ and ‘Incubation’ to guide and develop small
and medium size businesses, such discrepancies and insensitivities in the
banking sector are proving to be highly discouraging of the Governments
efforts. <o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0in; mso-add-space: auto; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">In this regard, I request you to
kindly urge The Finance Ministry and Reserve Bank of India to relook at their policies
to ensure that: <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">§<span style="font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 150%;">A special credit guarantee fund should
be created to enable the banks to claim their loan port folio<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">§<span style="font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 150%;">100% interest subsidy promised by the
Government should be dispersed to banks without any reduction <o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">§<span style="font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 150%;">The educational loan account in case
of default should not be accounted under NPA and<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="line-height: 150%;">§<span style="font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 150%;">The Government should issue an order
to the banks not to hand over these loans to Assets Reconstruction Companies<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 115%; margin-left: 0in; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 115%; margin-left: 0in; text-align: center;">
<span style="font-family: Verdana, sans-serif; line-height: 115%;">Thank You</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 115%; margin-left: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0in; text-align: right;">
</div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif; line-height: 23px;"><br /></span></div>
<span style="line-height: 115%;"><div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif; line-height: 115%;">Warm regards,</span></div>
</span><br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: 115%; margin-left: 0in; text-align: right;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 115%; margin-left: 0in; text-align: right;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 115%; margin-left: 0in; text-align: right;">
<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">
(Dr. Anbumani Ramadoss)<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="line-height: 107%;"><span style="font-family: Verdana, sans-serif;">To<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<div style="text-align: justify;">
<b style="font-family: Verdana, sans-serif; line-height: 150%;"><span style="line-height: 150%;">Shri Narendra Modi,</span></b></div>
<span style="font-family: Verdana, sans-serif;"><div style="text-align: justify;">
<span style="line-height: 150%;">Prime Minister of India,</span></div>
</span><br />
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="line-height: 150%;"><span style="font-family: Verdana, sans-serif;">South Block,<o:p></o:p></span></span></div>
<br />
<div class="MsoListParagraph" style="line-height: 115%; margin-left: 0in; text-align: justify;">
<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">New Delhi.</span><span style="font-size: 12pt;"><o:p></o:p></span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-28603117554996567852016-08-01T18:34:00.000+05:302016-08-01T18:34:04.342+05:30Insensitivity of Banks towards education loan borrowers - Editorial in ezine PreSense<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<b><span lang="EN-GB" style="color: #002060; font-family: Verdana, sans-serif;">Editorial
in the eMagazine PreSense 113<sup>th</sup> edition (July 2016</span></b><b><span lang="EN-GB" style="font-family: Verdana, sans-serif;">)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYgfoaU4YAu6bDmA3IUvI1zFafUEhyphenhyphen3NvlxCFW2bePY9esyttfzLESIfs6LpMC-e-rBJhRBca1HMK57S_D0tC5T4675TMI_DG8RQYaOQEUo5WhfvYcjanwcTDt2qlNSAtxa3a7HEH7gN0D/s1600/eduloan+collage.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYgfoaU4YAu6bDmA3IUvI1zFafUEhyphenhyphen3NvlxCFW2bePY9esyttfzLESIfs6LpMC-e-rBJhRBca1HMK57S_D0tC5T4675TMI_DG8RQYaOQEUo5WhfvYcjanwcTDt2qlNSAtxa3a7HEH7gN0D/s640/eduloan+collage.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Verdana, sans-serif;"><b>Some Media reports in July 2016</b></span></td></tr>
</tbody></table>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">During
early July 2016, the media reported an interesting case of an active education
loan of State Bank of India sold as NPA to Reliance Assets Reconstruction
Company (RARC), even while the student borrower was still pursuing the course
in college. When the student approached
the bank for the next disbursement of fees, only then did the bank realise that
they had sold the loan account already to RARC. There have been several such complaints
against State Bank of India and other banks about their insensitivity towards young
student-borrowers. These banks show
urgency to offload their education loan accounts to RARC for reasons best known
to them. One student reportedly committed suicide in Madurai due to harassment
by a private recovery agency. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">In
another instance, Central Bank of India shamed a poor education loan woman
borrower </span><span style="font-family: Verdana, sans-serif;">for a meager default </span><span lang="EN-GB" style="font-family: Verdana, sans-serif;">by displaying her
name </span><span style="font-family: Verdana, sans-serif;">on a banner at</span><span lang="EN-GB" style="font-family: Verdana, sans-serif;"> a public place. When a complaint was lodged, National Human
Rights Commission (NHRC) levied a penalty of one lakh rupees on the Bank. Unfortunately, these banks do not seem to
have similar courage to pull up the big and major defaulters, by disclosing
their names through the media. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Many
banks do not follow the RBI (Reserve Bank of India) and IBA (Indian Banks’
Association) guidelines for fixing the repayment schedules, to commence one year after completing the studies. The guidelines stipulate a 15-year period with
telescopic repayment instalments as schedule. However, almost all banks fix a higher
amount of EMI (Equated Monthly Instalment) within a short repayment
period. This forces most of the students
to default and promptly after three months of default, the banks immediately classify
the loan as Non Performing Asset (NPA), attracting high interest as penalty.
They also sell it off to Asset Reconstruction Companies. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">The
Government of India provides only a partial subsidy during the moratorium
period (study period plus one year) as against the stipulated 100% interest
subsidy. In many cases, the eligible students
do not receive the interest subsidy due the fault of the banks. Banks load the unpaid interest subsidy on to
the student’s account and treat it as NPA.
In other words, the unpaid subsidy due from the Government of India is
reflected in the NPA account dues liable for payment by the student. Thus the Banks due to the </span><span style="font-family: Verdana, sans-serif; text-indent: 0in;"> mis-management of education loan portfolio, create NPA artificially. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">If India is to become a developed nation, money should not be a hurdle for any brilliant student aiming higher education. Although the education loan scheme was designed to help deserving poor students, in reality, as on date only around 26 lakh (2.6 million) accounts with outstanding balance of Rs.60 thousand crore (600 billion) are the beneficiaries under the education loan scheme. This is less than even 1% of total bank credit. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Banks tend to create a misconception among the people that banks suffer due to heavy defaults and NPAs under Education Loans. In reality, assuming the worst NPA level at 5-8%, the total NPA under the education loan segment may not exceed 3000-5000 crore (30-50 billion). The gross NPA of the banking industry is estimated at 8.50 lakh crore (8.5 trillion) and the top 100 NPA accounts in all the banks reported to be contributing around 25 to 30% of their total NPA. To hide this factual position, banks tend to create a wrong impression about the hapless student borrowers and shame them for default of smaller amounts. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Prime Minister, Narendra Modi frequently talks about ‘Make in India’, ‘Start up India’, ‘Skill India’, ‘Mudra Loans’ and ‘Incubation’ to develop small entrepreneurs. But it appears that the Finance Ministry and Reserve Bank of India are doing just the opposite by discouraging small and medium segments through faulty policies. </span><span style="font-family: Verdana, sans-serif; text-indent: 0in;"> </span><span style="font-family: Verdana, sans-serif; text-indent: 0in;"> </span><span style="font-family: Verdana, sans-serif; text-indent: 0in;"> </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">Although Education Loan Task Force (ELTF), one of the initiatives of this ezine PreSense, has taken up these issues in the Parliament through supporting MPs (Members of Parliament), nothing seems to be drawing the attention of the Finance Minister and the Governor of Reserve Bank of India in this regard. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">May be, we need another Janardhan Poojary to drive the banks towards the common man.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-align: justify; text-indent: 0in;">
<span lang="EN-GB" style="font-family: Verdana, sans-serif;">by K. Srinivasan, Editor in Chief, PreSense. The author may be reached at <a href="mailto:editor@corpezine.com">editor@corpezine.com</a>. Past ezines may be downloaded from <a href="http://www.corpezine.com/">www.corpezine.com</a>.</span><span style="font-family: Verdana, sans-serif; font-size: 10pt; text-indent: 0in;"> </span><span style="font-family: Verdana, sans-serif; font-size: 10pt; text-indent: 0in;"> </span><span style="font-family: Verdana, sans-serif; font-size: 10pt; text-indent: 0in;"> </span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-24341029814317943432016-07-30T09:25:00.001+05:302016-07-30T09:25:34.295+05:30Education Loan Interest Subsidy portal opens on 1st August 2016 for FY 2015-16<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmSV3H5zKjAMaaWcwpqgCuaEDGQlWbSB3GLFtpXRnXbNNoAAGaRi-j-qQwt8L8ZxTqtwuxOfGPUc-bX9w-2mZwPEMN89-hQj1gEsgxGQ6vjzG0tSlcOBIou5SM4ju4t-b53x5y1rCEnO4r/s1600/interest+subsidy+2015-16.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmSV3H5zKjAMaaWcwpqgCuaEDGQlWbSB3GLFtpXRnXbNNoAAGaRi-j-qQwt8L8ZxTqtwuxOfGPUc-bX9w-2mZwPEMN89-hQj1gEsgxGQ6vjzG0tSlcOBIou5SM4ju4t-b53x5y1rCEnO4r/s640/interest+subsidy+2015-16.jpg" width="640" /></a></div>
<br />
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
Ministry of HRD has advised Canara Bank to open the Interest Subsidy portal from 1st August 2016 to 31st October 2016 for primary claims of Interest Subsidy on Education Loan for Financial Year 2015-16. As per guidelines, the Branch Managers have to identify the eligible student borrowers and submit the claim for interest subsidy for FY 2015-16 through Canara Bank portal. In the past, many branch managers did not claim the subsidy for eligible students. </div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
<br /></div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
In view of this, eligible students may submit a letter to the Branch Managers requesting them to claim the interest subsidy from the Government for FY 2015-16. If the Bank does not submit the claim within the period, the students will not get any subsidy. Though it is the responsibility of the Branch manager to submit the claim, in their own interest, students are advised to ensure that the branches submit the claim within the stipulated date. </div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
<br /></div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
Students who have availed education loan under IBA scheme to pursue professional or technical courses are eligible for interest subsidy during the study period plus one year, if the parental income is less than 4.50 lakh per annum. It is sufficient if the student submits the income certificate signed by Thasildar or competent authority only once at the time of availing the loan. They need not submit the income certificate every year. </div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
<br /></div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px;">
ELTF does not entertain any direct contacts from the students and parents. If they want any further clarification on interest subsidy, they have to approach the managers only. If the Branch Managers do not respond properly or do not give proper information, the students can complain to the Regional Manager and also to the Chairman of the Bank in writing. ELTF does not deal with individual grievances. </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-84279675585445317182016-07-30T09:17:00.001+05:302016-07-30T09:17:54.736+05:30T K Rangarajan MP raises education loan issues in Parliament<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiam0Pyhs2iW0guukQn8mmYrAkVC8qM1b2EP9Qr9z29I6ErF4M2OnJyx0cJ-7WHlKAy4b9dYf87KNR-5FxWjiljAksAuKxbWqfgYZx_TZT61WQQY8gOeuAB1cFHAYcI25HiyWWf9aehIkVF/s1600/TKRangarajan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="T K Rangarajan MP raises education loan issues in Parliament" border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiam0Pyhs2iW0guukQn8mmYrAkVC8qM1b2EP9Qr9z29I6ErF4M2OnJyx0cJ-7WHlKAy4b9dYf87KNR-5FxWjiljAksAuKxbWqfgYZx_TZT61WQQY8gOeuAB1cFHAYcI25HiyWWf9aehIkVF/s640/TKRangarajan.jpg" title="T K Rangarajan MP raises education loan issues in Parliament" width="640" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;">Please read the text of the speech (26th July 2016) in Parliament of Shri T K Rangarjan, Member of Parliament, Rajya Sabha</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span>
<span style="font-family: Verdana, sans-serif;">Quote</span><br />
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<span style="font-size: 15.0pt; line-height: 107%;"><span style="font-family: Verdana, sans-serif;">26.7.2016<o:p></o:p></span></span></div>
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<b><span style="font-size: 16.0pt;"><span style="font-family: Verdana, sans-serif;">T.K. Rangarajan M.P.,<o:p></o:p></span></span></b></div>
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<span style="font-family: Verdana, sans-serif;"><b><span style="font-size: 16.0pt;">Parliament Speech (26.7.2016)</span></b><b><span style="font-size: 15.0pt;"><o:p></o:p></span></b></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">Dear Sir, <o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">At this zero hour I
would like to bring to the attention of the house problem relating to
educational loan.<o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">This has two
aspects. <o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">One relating to
sanction of the loan and the other relating to recovery of the loan.<o:p></o:p></span></span></div>
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<br /></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">The educational loan
should not be equated with other loan. It is an investment on the youth of this
country.<o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">None of the Banks
which show so much enthusiasm to create awareness about Home Loan and Car loan
have come forward to create awareness about Educational loans. The Branch
Managers shows no empathy for the students who approach them.<o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">The Government
announced 100% interest subsidy to eligible education loan borrowers. But in
practice MHRD gave 20% interest subsidy shifting the 80% interest on the
borrowers. And the Government not paying the interest subsidy, the loan is
treated as NPA. The total mishandling of the subsidy has caused lot of
inconvenience to the students.<o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">Dear Sir, on the
recovery side certain shameful thing are happening. <o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">Now the State Bank
of India has started selling their educational loans to Asset Reconstruction
Companies. This resulted the Asset Reconstruction Companies approaching the
borrowers like Shylock of Merchant of Venice and threatening the borrowers. In
one case in Tamil Nadu the borrower of Educational Loan, not able to bear the
harassment has committed suicide.<o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">Sir in view of the
importance of Educational Loan, which alone can help the Backward and SC/ST
communities to go for higher education, I suggest that<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="font-size: 15.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1)<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span style="font-size: 15.0pt;">the Govt should
issue the order to banks that they should not hand over these loans to Assets
Reconstruction Companies.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="font-size: 15.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2)<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span style="font-size: 15.0pt;">The special
credit guarantee fund should be created to enable the Banks to claim their loan
port folio<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="font-size: 15.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3)<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span style="font-size: 15.0pt;">The 100% interest
subsidy promised by the Govt should be dispersed to Banks without any reduction<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="font-size: 15.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4)<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span style="font-size: 15.0pt;">The educational
loan account in case of default should not <a href="https://www.blogger.com/null" name="_GoBack"></a>be accounted
under NPA.<o:p></o:p></span></span></div>
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<span style="font-size: 15.0pt;"><span style="font-family: Verdana, sans-serif;">Thank you Sir</span></span></div>
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<span style="font-family: Verdana, sans-serif;"><span style="font-size: 15pt;">Unquote</span><span style="font-size: 15pt; line-height: 107%;"> </span></span></div>
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<span style="font-size: 20.0pt; line-height: 107%; mso-bidi-font-size: 15.0pt;">* * *<o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-79412951288256869172016-07-16T19:00:00.000+05:302016-07-16T19:00:30.156+05:30Insensitivity of State Bank of India kills a poor student - SBI harasses education loan borrowers through private agencies<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEs8sViJeKPnGBk4S-vHhE8vONh7J41GPQxTv5XK-k7V6zSbF7beVSNQq9W-XFk9ub_tVMUmSKaovNI8gEzgD6kpdLcV3O0Daak4cgmfyXRbzJz8Ky9NMZFgpd9lcZyi20itMUjhv7BxV5/s1600/Slide1.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEs8sViJeKPnGBk4S-vHhE8vONh7J41GPQxTv5XK-k7V6zSbF7beVSNQq9W-XFk9ub_tVMUmSKaovNI8gEzgD6kpdLcV3O0Daak4cgmfyXRbzJz8Ky9NMZFgpd9lcZyi20itMUjhv7BxV5/s640/Slide1.JPG" width="640" /></a></div>
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<span class="aBn" data-term="goog_22410168" style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: dashed; border-bottom-width: 1px; position: relative; top: -2px; z-index: 0;" tabindex="0"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;"><span style="font-family: Verdana, sans-serif;">16 July 2016</span></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Shri Arjun Ram Meghwal ji<br />Hon'ble Minister of Finance<br />Delhi</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />The Chief General Manager<br />Reserve Bank of India<br />Mumbai</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />The Chairman<br />State Bank of India<br />Mumbai</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Shri T K Rangrajan MP<br />Dr Anbumani Ramadoss MP</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Deputy Secretary, MHRD, Delhi<br />CEO, Indian Banks Association, Mumbai<br /><br />Dear Shri Arjun Ram Meghwal ji</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />When the undersigned met you at Delhi on 11th July 2016, I explained to you the problems faced by the poor students while and after availing the education loan. I also explained to you as to how State Bank of India is handling the Education loan borrowers in a highly high handed manner.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />1. State Bank of India does not allow the eligible youngsters to participate in the recrutiment process, if they have defaulted education loan. When the students are suffering from unemployment, such insensitive and anti national and anti poor policy of SBIworks against theinterest of the nation.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />2. State Bank of India does not provide repayment schedule of 15 years as per the scheme. They create NPAs artificially and then sell to Reliance Company (Asset Reconstruction Company). Reliance harasses the students, even when the students are eligible for better repayment schedule from the bank..</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Due to such insensitivity of State Bank of India, one of the students Lenin (son of a mason) committed suicide today at Madurai, without bearing the torture of the private agencies. Please read the report in The Hindu today.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /><a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.thehindu.com/news/cities/Madurai/engineering-student-commits-suicide/article8857911.ece&source=gmail&ust=1468761090490000&usg=AFQjCNFDBa1L6Zjw4-s-LyXGqzjxbLm3ow" href="http://www.thehindu.com/news/cities/Madurai/engineering-student-commits-suicide/article8857911.ece" style="color: #1155cc;" target="_blank">http://www.thehindu.com/news/<wbr></wbr>cities/Madurai/engineering-<wbr></wbr>student-commits-suicide/<wbr></wbr>article8857911.ece</a></span></div>
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<span style="font-family: Verdana, sans-serif;"><br />In another instance at the same place Madurai, one of the physically challenged student (hearing and speech impaired) and son of an auto driver was threatened by Reliance. Interestingly, State Bank of India, has handed over his loan account even before he completed his studies. The student is not able to get the next instalment of loan, since the account was closed and transferreed to Reliance.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /><span style="color: #222222;"><a href="http://www.thehindu.com/news/cities/Madurai/bank-closes-students-loan-prematurely-sells-it-to-reliance/article8837018.ece">http://www.thehindu.com/news/cities/Madurai/bank-closes-students-loan-prematurely-sells-it-to-reliance/article8837018.ece</a></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Education Loan Task Force (ELTF) receives numberous complaints of insensitive attitude of SBI. This would not have been possible, without the permission of the Chairperson. The pdf file of The Hindu report dated 12th July 2016 is attached. </span></div>
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<span style="font-family: Verdana, sans-serif;"><br />We request you to kindly investigate into this matter urgently and handover the case to CBI<br />so that the Bank does not kill poor students in future. ELTF suggests suitable disciplinary action be initiated against the erring officials, including Regional Manager and even the Bank Chairperson who has issued such insensitive, anti-poor and anti-national orders.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Today many of the TV channels are discussing this issue. The action of State Bank of India brings a bad image to Modi Government as anti-poor. Kindly initiate action, before it gets further complicated.<br />Regards</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Srinivasan<br />Convenor<br />Education Loan Task force<br /><a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.eltf.in&source=gmail&ust=1468761090491000&usg=AFQjCNGaxNA80mf9E5cWytyCl8lRZeNEmA" href="http://www.eltf.in/" style="color: #1155cc;" target="_blank"><span style="color: #1155cc;">www.eltf.in</span></a></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-55242713819008962942016-03-15T10:43:00.000+05:302016-03-15T13:29:43.680+05:30New website links to get education loan interest subsidy status<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnYe3foHqud63Z0WkM-wcGoHxl_ZI16D4yHKBxXUq-I28CO0zsu2wbI7yPCEQTE0ZoV6bFpQaFYEPvKcdVGvjcn6ijC1IxHtUCwQSFkLmE2Iz8Wq-qlmkZhKtEjRrxilrMhitRHTRrSzCn/s1600/interest+subsidy+site.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnYe3foHqud63Z0WkM-wcGoHxl_ZI16D4yHKBxXUq-I28CO0zsu2wbI7yPCEQTE0ZoV6bFpQaFYEPvKcdVGvjcn6ijC1IxHtUCwQSFkLmE2Iz8Wq-qlmkZhKtEjRrxilrMhitRHTRrSzCn/s640/interest+subsidy+site.jpg" width="640" /></a></div>
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<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Canara Bank has now announced the following two new links to get the status of Education Loan interest subsidy. </span></span><br />
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">For enquiry regarding CSIS Subsidy claims made up to 2013-14:<a href="https://canarabankcsis.in/CSIS_Old_Data_Enquiry/" target="_blank"><span style="text-decoration: none;"><br /></span></a></span></span><br />
<a href="https://canarabankcsis.in/CSIS_Old_Data_Enquiry/"><span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span style="text-decoration: none;">https://canarabankcsis.in/CSIS_Old_Data_Enquiry</span>/</span></span></a><br />
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<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span style="color: black;">For enquiry regarding CSIS Subsidy claims made after 2013-14:</span></span></span><br />
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span style="color: black;"></span><a href="https://canarabankcsis.in/SubsidyEnquiry/SubsidyEnquiry.aspx"><span lang="EN-IN" style="color: #1b05bb;"><span style="color: #1b05bb; text-decoration: none;">https://canarabankcsis.in/SubsidyEnquiry/SubsidyEnquiry.aspx</span></span></a></span></span><br />
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span lang="EN-IN" style="color: #1b05bb;"><span style="color: #1b05bb; text-decoration: none;"><br /></span></span></span></span>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span lang="EN-IN" style="color: #1b05bb;"><span style="color: #1b05bb; text-decoration: none;"><span style="color: black;">These two links are maintained by Canara Bank, IT Department (Nodal Bank for Education Loan interest subsidy scheme)</span></span></span></span></span><br />
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<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span lang="EN-IN" style="color: #1b05bb;"><span style="color: #1b05bb; text-decoration: none;"><span style="color: black;">If the students need any clarification, they need to approach the concerned Branch Manager only. They should not write to ELTF. ELTF does not have any details of individual accounts. If the Branch Managers do not give proper response, the students can report to the Regional manager and the Chairman of the concerned B<span style="font-family: "verdana" , sans-serif;">ank in writing<span style="font-family: "verdana" , sans-serif;">. They can also complain to Reserve Bank of India in writing. </span></span></span></span></span></span></span><br />
<br />
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span lang="EN-IN" style="color: #1b05bb;"><span style="color: #1b05bb; text-decoration: none;"><span style="color: black;"><span style="font-family: "verdana" , sans-serif;"><span style="font-family: "verdana" , sans-serif;">ELTF <span style="font-family: "verdana" , sans-serif;">will <span style="font-family: "verdana" , sans-serif;">not respond to the mails or facebook comments seeking micro details about the interest subsidy.</span></span> </span></span> </span></span></span></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-40519724490483532642015-09-22T22:16:00.000+05:302015-09-23T14:19:02.937+05:30MHRD extends the date upto 10th October 2015 for submission of CSIS claims<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitQJOWOVhNYP-RFlOyaQPEA_eDBiCViVWskUjr0qz2oyIep9rnARsG89EQEwXOjl33NhjxcxdpC-g6clDLYcCFJOlqoOeGRGqbJMneDUPhuA0OJkt2Trpu41eiscgL5emFc0uBo7ZwDHcr/s1600/extension+of+claim+date.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitQJOWOVhNYP-RFlOyaQPEA_eDBiCViVWskUjr0qz2oyIep9rnARsG89EQEwXOjl33NhjxcxdpC-g6clDLYcCFJOlqoOeGRGqbJMneDUPhuA0OJkt2Trpu41eiscgL5emFc0uBo7ZwDHcr/s640/extension+of+claim+date.jpg" width="640" /></a></div>
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<span style="font-family: Verdana, sans-serif;">Ministry of Human Resources Development (MHRD), Government of India has extended the date for submission of claims by banks up to 10th October 2015. The eligible students may contact their Branch Managers to ensure that claims have been submitted or their names have been included for submission. This is an one-time opportunity provided by MHRD to all the Banks to rectify their earlier mistakes.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">If the Branch Managers say that they have not received any information from their Head Office, the students can politely request them to verify with their Head Office or Zonal Office. If the students / parents do not receive proper response from the Branch Managers, they can meet the concerned Zonal Managers and submit a letter in writing to the Zonal Manager.</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span>
<span style="font-family: Verdana, sans-serif;">ELTF gets frequent complaints that some Branch Managers deny interest subsidy to eligible students on the ground that the student had paid the interest, had not paid interest, or closed the loan account, etc. If the student is otherwise eligible for interest subsidy, as per the scheme, then they cannot be denied the subsidy under different assumed reasons. In such cases, the students can complain to the Chairman of the Bank and RBI immediately without any delay. Before making such complaint, the students should give opportunity to the Manager to verify with their higher officials. </span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">They can also send a written complaint to the Branch Manager, Zonal Manager and the Chairman of the Bank through Speed Post, if the Branch is not providing proper information or guidance. It is the duty of all the Branch Managers to provide the information to the students. The Branch is required to give all clarifications to the students.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">Please go through the following three links to get better understanding.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">Pending interest subsidy claims from 1.4.2009 to 31.3.2014 can be submitted as one time measure. </span></div>
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<a href="http://www.eltf.in/2015/08/all-pending-interest-subsidy-claims-can.html"><span style="font-family: Verdana, sans-serif;">http://www.eltf.in/2015/08/all-pending-interest-subsidy-claims-can.html</span></a></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;">Clarifications on Education Loan Interest Subsidy Scheme (CSI)</span></div>
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<a href="http://www.eltf.in/2015/09/clarifications-on-education-loan.html"><span style="font-family: Verdana, sans-serif;">http://www.eltf.in/2015/09/clarifications-on-education-loan.html</span></a></div>
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<span style="font-family: Verdana, sans-serif;">Portal opened for claiming unclaimed interest subsidy</span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="http://www.eltf.in/2015/09/portal-opened-for-claiming-unclaimed.html">http://www.eltf.in/2015/09/portal-opened-for-claiming-unclaimed.html</a></span><br />
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<span style="font-family: Verdana, sans-serif;">Please avoid contacting ELTF through mail or personally without going through the site and without attempting to resolve your grievance at Bank level. </span></div>
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4030397245684345366.post-11578272176792434332015-09-07T15:46:00.000+05:302015-09-09T21:31:36.523+05:30Portal opened for claiming unclaimed Education Loan interest subsidy <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT4WCHxaNbEFJ0DvCT66Vzg_Vy4xSGEsv5Vqpx2GosKYoOYfeUBuob5bLzViqfMVPCu6GPGPp1ZmoRkbQeaKKqrxarwaMFITzYKL0j-7To1ccNlmDqjrqiipdufAbSCk4tshfrSOBjVVh0/s1600/portal+opened.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT4WCHxaNbEFJ0DvCT66Vzg_Vy4xSGEsv5Vqpx2GosKYoOYfeUBuob5bLzViqfMVPCu6GPGPp1ZmoRkbQeaKKqrxarwaMFITzYKL0j-7To1ccNlmDqjrqiipdufAbSCk4tshfrSOBjVVh0/s640/portal+opened.jpg" width="640" /></a></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Nodal Bank Canara Bank has today (7th Sep 2015) opened the portal for claiming, unclaimed Education Loan interest subsidy for the loans disbursed during 2009-10 to 2013-14. This is an one time opportunity for all Banks to claim the left out interest subsidy claims. The portal will remain open for 30 days from today. </span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><b>Eligibility </b></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><span style="line-height: 115%;">Government of India, Ministry of HRD is implementing
Educational Loan Interest Subsidy Scheme from 2009-10. Economically weaker section students whose
parental income is less than Rs.4.50 lakhs, pursuing professional and technical
courses in India are eligible for 100% interest subsidy during the moratorium
period, when they avail education loan under IBA model scheme. Moratorium period is the study period plus
one year or six months after getting employment whichever is earlier. </span></span></span></div>
<br />
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><br /></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">We have written in detail about the eligibility in the following link.</span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><a href="http://www.eltf.in/2015/09/clarifications-on-education-loan.html">http://www.eltf.in/2015/09/clarifications-on-education-loan.html</a></span></span></div>
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><b>Claim for old cases (2009-10 to 2013-14)</b></span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">The students who are eligible for interest subsidy and who have not received the subsidy earlier may contact the Branch Manager and submit a letter requesting him to submit the claim. If the Branches says that they have not received any communication from their Head Office, the students can politely ask them to check up with their head office. Still if the Branches do not respond, the students can complain directly to the Regional Manager and Chairman of the Bank. If the claim is not submitted by the Banks for old cases before 10th October 2015, the eligible students cannot claim the interest subsidy later. </span></span><br />
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">The copy of the IBA letter is as follows:</span></span><br />
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">No.RB/CIR/CSIS/26<br />9th September, 2015<br /><br />VERY URGENT<br /><br />To:<br /><br />The Chief Executives of Member Banks<br /><br />Dear Sir/Madam,<br /><br />Web Portal Open from 7.9.2015 to 10.10.2015 - Last option to claim subsidy for old cases under CSIS<br /><br />We invite your kind attention to our circular No.RB/CIR/CSIS/15 dated 26th August, 2015 regarding old pending claims in respect of ALL THE ELIGIBLE unclaimed cases [including SC/ST and General Category] for the period from the year 01.04.2009 to 31.03.2014 as a onetime measure. This will be the final chance (copy enclosed).<br /><br />In this connection, we have now been informed that, the Nodal Bank viz. Canara Bank would keep the web portal open for the period from 7.9.2015 to 10.10.2015 (both days inclusive) for uploading of leftover CSIS claims by the member banks for the year viz. 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14.<br /><br />We therefore, request all our member banks to upload all eligible left over claims at an early date, as there will not be any further opportunity for the same as per the instructions of MoHRD, Government of India.<br /><br />Please note that the CSIS Scheme is also applicable to RRBs, we request all sponsoring Public Sector Banks to inform their respective RRBs to take necessary action in the matter.<br /><br />Please be guided accordingly with immediate effect.<br /><br />Yours faithfully,<br /><br />K Unnikrishnan<br /><br />Dy. Chief Executive</span></span><br />
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><b>Claim for 2014-15 </b></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">The portal for claiming interest subsidy for 2014-15 is already open and will be closed on 25th Sep 2015. </span></span> </span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">The eligible students can also confirm with their Branches that their eligible interest subsidy for 2014-15, I repeat for 2014-15 has been submitted to the nodal bank. If not submitted, they have to submit before 25th Sep 2015. Banks should claim 100% of the interest charged by them, as subsidy for eligible students. </span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Ref: <a href="http://www.iba.org.in/Documents/CIRCULAR_25715.pdf">http://www.iba.org.in/Documents/CIRCULAR_25715.pdf</a></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">In both the cases (old and current), if the claims are not submitted the branches within the due date, the students will not get the interest subsidy. In their own interest, students are advised to check with their Branches. If they need further help or clarification, they have to approach only the higher officials of the Bank. </span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">ELTF does not follow up with individual cases. Please do not write to us or try to contact us. The students have to take up only with Bank officials. </span></span></div>
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