Bengal Govt Asks DMs to Look into Complaints Against Private Banks for Seeking Collateral

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Under the programme, a student from West Bengal can obtain a maximum loan of Rs 10 lakh at 4 per cent annual interest from banks with a repayment period of 15 years.(Representative image)

Under the programme, a pupil from West Bengal can acquire a most mortgage of Rs 10 lakh at 4 per cent annual curiosity from banks with a reimbursement interval of 15 years.(Representative picture)

The West Bengal authorities has requested district magistrates to deal with college students’ complaints in opposition to personal banks for allegedly searching for collateral from their dad and mom in lieu of extending loans beneath a state-run scheme, an official stated on Saturday.

  • PTI Kolkata
  • Last Updated:September 19, 2021, 15:16 IST
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The West Bengal authorities has requested district magistrates to deal with college students’ complaints in opposition to personal banks for allegedly searching for collateral from their dad and mom in lieu of extending loans beneath a state-run scheme, an official stated on Saturday. Chief Secretary H Okay Dwivedi held a gathering with district magistrates and different officers on Friday and requested them to look into the complaints of scholars who’re dealing with difficulties to avail collateral-free credit score facility, he stated.

The increased training division had launched the “Student Credit Card” scheme to allow beneficiaries to pursue their research with out having any monetary constraint. ”We have acquired a number of complaints from college students in opposition to personal banks for searching for numerous paperwork of safety from dad and mom, together with land deed, to increase credit score beneath the scheme. They additionally alleged that some lenders requested them to place cash, equal to the mortgage quantity, as mounted deposit,” the senior official of the grievance redressal cell of the chief minister’s workplace stated.

Under the programme, a pupil from West Bengal can acquire a most mortgage of Rs 10 lakh at 4 per cent annual curiosity from banks with a reimbursement interval of 15 years. The higher age restrict of scholars has been stored as 40 years. Several complaints have been additionally acquired from farmers who’ve been dealing with difficulties to open accounts within the nationalised banks to avail advantage of welfare schemes, the official stated. During the assembly, the chief secretary additionally directed the DMs to resolve this problem, he added.

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