Banks are charging 10.65 percent interest instead of 04 percent on Guruji Credit Card, Finance Minister said that if any irregularities are found, action will be taken.

Ranchi: The technical complexity in the ambitious Guruji Student Credit Card Scheme of the Jharkhand Government is troubling the parents of many beneficiary students who return the loan installments on time. Under the scheme, loans are given to students for higher education at only 04 percent interest. But as per the decided policy, many beneficiaries are not getting the benefit of government subsidy. According to the latest cases, banks are charging interest from students at the rate of 10.45 percent to 10.65 percent, while as per the rules, the remaining amount of more than 5.55 percent has to be returned to the beneficiary’s account by the government. In this matter, the department says that since this scheme has been started for the first time, some technical problems have arisen, which are being resolved.

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Amit Dubey, Chief Manager of the Secretariat branch of BOI, said that the loan giving branch has to calculate the interest at the normal rate of 10.65% only. The difference amount of 6.65% is to be returned to the beneficiaries upon receipt from the Corps Bank. Once the amount was released from Corps Bank but it was returned. Therefore 10.65% interest is being charged.

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Finance Minister: Ambitious plan, action will be taken if irregularities are found

Guruji Student Credit Card is an ambitious scheme of Hemant Soren government. Its objective is to provide loans at low interest rates to students for higher education, so that lack of money does not become a hindrance in studies. Finance Minister Radhakrishna Kishore said that if students are not getting the benefits of the scheme or are facing problems, then action will be taken against the concerned banks and officials. HDFC, Bank of India or other banks which are giving loans under this scheme will have to give the amount as per the prescribed rules.
HDFC: No release order, hence amount not given to banks

HDFC state in-charge representative Navneet Gandhi said that the corpus fund of interest item is available with the bank. But this amount can be given to the concerned banks only after the release order of the department. Since no such instructions have been received from the department, the difference amount has not been released.

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Under Guruji Student Credit Card Scheme, there is a provision to give education loan to students at 4% annual interest rate. According to the scheme, whatever interest accrues in excess of 4% is compensated by the state government. The government has also given amount to HDFC Bank for additional interest adjustment. But Bank of India is charging interest from students at the rate of 10.65% instead of 4%. According to the rules, the additional interest amount of 6.65% has to be given to the concerned bank as subsidy by Corps Bank HDFC, so that only 4% is charged from the students. The government has already released a corpus fund of Rs 5 crore for this. Despite this the students are not getting the benefits. Officials of the Higher and Technical Education Department did not give any reply in this matter.

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