3 months for banks to claim subsidies for education loans

3 months for banks to claim subsidies for education loans

CHENNAI: Banks across India can now submit claims for the education loan interest subsidy for eligible accounts for the financial year 2016-17 from August 23 to November 23. Canara Bank is the nodal bank and they will be opening the portal. All the students who have availed education loanfrom 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 4.50 lakhs. Many banks have failed to claim the interest subsidy from MHRD thereby…

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Cells in banks to address education loan grievances

Cells in banks to address education loan grievances

In response to suggestions from students and parents, Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal has agreed to set up grievance redress mechanism at nationalised banks to address issues relating to education loan. Mr. Meghwal, who interacted with representatives from nearly 40 banks and aggrieved parents and students, said on an experimental basis, the government would set up grievance redress cells at corporate headquarters and would nominate a nodal officer that people could approach for help for education loans. Some of the debtors and non-governmental…

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Italian banks’ shares tumble after vote

Italian banks’ shares tumble after vote

Shares in Italian banks have been hit following Prime Minister Matteo Renzi’s heavy defeat in Sunday’s referendum. There are fears that a period of political uncertainty will hamper efforts by Italian banks to raise fresh finance. Shares in Monte dei Paschi, one of Italy’s most troubled banks, fell 4% on fears that its rescue plan might fail. Banca Popolare di Milano ended almost 8% lower and Banco Popolare Societa Cooperativa finished 7% lower. Many Italian banks are struggling with a burden of bad debt and are in need of refinancing….

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BANKS’ RETAIL LOAN BUSINESS SUFFERS COLLATERAL DAMAGE

BANKS’ RETAIL LOAN BUSINESS SUFFERS COLLATERAL DAMAGE

With a majority of staffers involved in handling cash deposits and withdrawals, disbursement of home, automobile and education loans have been reduced to a trickle after demonetisation. The government’s demonetisation move has put the brakes on banks’ revenue-generating retail business. Over the last fortnight, work on home, automobile and educational loans has come to a grinding halt, as a majority of staffers are engaged in handling exchange of notes and currency deposits and withdrawals. “Banks are receiving a large number of deposits, but they are not able to deploy these…

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