NPA in Education Loan: Banks have now become cautious in view of the high default rate of around 8 percent in the education loan portfolio. Along with this, banks are taking special care in sanctioning such loans. At the conclusion of the June quarter of the current fiscal year, NPAs in the education loan category of other banks, including public sector banks, stood at 7.82 percent. The outstanding education loan stood at around Rs 80,000 crore as of June end.
A senior official of the state-run bank that is ignoring the real cases
He said that in view of the ever-increasing figures of NPAs, due care is being taken at the branch level in sanctioning education loans. Because of this, genuine cases are ignored and delayed. Recently, the finance ministry called a conference of public sector banks to assess the portfolio of education loans.
Public sector banks give 90 percent of education loans
An RBI letter said that the NPAs of education loans given by commercial banks in the country has increased in the last few years, which is a matter of concern and the growth in loans given by banks for higher education in the country may be affected. can. This paper, published in June 2022, said that about 90 percent of education loans in India are given by public sector banks.
As of March 2020, the share of private sector banks in the total outstanding amount of education loans is around 7 percent and that of regional rural banks is at 3 percent. According to the report, the education loan of all banks together stood at Rs 78,823 crore as of March 2020, which increased to Rs 82,723 crore by March 25, 2022. Jyoti Prakash Gadia, MD, Resurgent India said that the number of graduates coming out of colleges is more than the creation of new jobs. Due to this the education loan is not being repaid on time. (PTI)
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