adl
December 10th, 2007, 08:42 PM
India ranks foremost in providing education loans
Benefitting 10 lakh students till September 2007, India occupied first place in the world in providing education loans, Union Finance Minister P Chidambaram said.
The banks in India have sanctioned a total of $ 3.625 billion as educational loans, he said while inaugurating the 2878th branch of the Bank of India (BOI) at the temple town of Tirunallar in Karaikal enclave of Puducherry yesterday.
In order to help the minorities, the Government plans to further provide education assistance to the tune of $375 million to 15 lakh students belonging to minority communites over a period of five years, informed the minister.
Stating that providing credits for various sections of the society was the duty of banks, he said that farm credits was growing at a satisfactory pace and was likely to touch $58.75 billion this fiscal.
From an estimated target of $56.25 billion, the farm credit was likely to rise by $ 2.5 billion in 2007-2008, Chidambaram said the Government is giving top priority to agriculture and would continue to do so in future too.
Listing out the various measures taken by the Government for the welfare of farmers, Chidabmaram said that the interest rate for farm credit had been lowered to seven per cent.
Source: Siliconindia
Benefitting 10 lakh students till September 2007, India occupied first place in the world in providing education loans, Union Finance Minister P Chidambaram said.
The banks in India have sanctioned a total of $ 3.625 billion as educational loans, he said while inaugurating the 2878th branch of the Bank of India (BOI) at the temple town of Tirunallar in Karaikal enclave of Puducherry yesterday.
In order to help the minorities, the Government plans to further provide education assistance to the tune of $375 million to 15 lakh students belonging to minority communites over a period of five years, informed the minister.
Stating that providing credits for various sections of the society was the duty of banks, he said that farm credits was growing at a satisfactory pace and was likely to touch $58.75 billion this fiscal.
From an estimated target of $56.25 billion, the farm credit was likely to rise by $ 2.5 billion in 2007-2008, Chidambaram said the Government is giving top priority to agriculture and would continue to do so in future too.
Listing out the various measures taken by the Government for the welfare of farmers, Chidabmaram said that the interest rate for farm credit had been lowered to seven per cent.
Source: Siliconindia