ž¸¸£·¸ú¡¸ ¢£{¸¨¸Ä ¤¸ÿˆÅ     ______________________ RESERVE BANK OF INDIA_______________...
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RBI guideline on service area approach for education loan

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RBI has issued notification in India to all banks not to reject any education loan application for the reason that the students do not belong to the service area of the bank.

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RBI guideline on service area approach for education loan

  1. 1.     ž¸¸£·¸ú¡¸ ¢£{¸¨¸Ä ¤¸ÿˆÅ ______________________ RESERVE BANK OF INDIA____________________ www.rbi.org.inRBI/2012-13/291RPCD.MSME&NFS.BC.No. 46 /06.12.05/2012-13 November 9, 2012The Chairman / Managing DirectorAll Scheduled Commercial BanksMadam/Dear Sir, Service Area Approach - Educational Loan SchemeWe have been receiving a number of complaints where students have been refusededucational loan as the residence of the borrower does not fall under the banksservice area. In this connection, we advise that Service area norms are to befollowed only in the case of Government sponsored schemes as advised in ourcircular RPCD.LBS (SAA).BC.No.62/08.01.00/2004-05 dated December 8, 2004 andare not applicable to sanction of educational loans.2. Hence, banks are advised not to reject any educational loan application forreasons that the residence of the borrower does not fall under the banks servicearea.3. You are, therefore requested to issue suitable instructions to your branches /controlling offices for meticulous and strict compliance in this regard.4. Please acknowledge receipt.Yours faithfully,(C.D.Srinivasan)Chief General ManagerRural Planning & Credit Department Central Office, 10th Floor, Central Office Building, post box no. 10014 Mumbai -400 001 Tel No: 91-22-22610261 Fax No: 91-22-22621011/22658273/22658276 Email ID:cgmicrpcd@rbi.org.in 

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