The Indian Banks' Association has extended the deadline for submitting the applications for subsidy on Education Loans to students belonging to Economically Weaker Sections till 31st December. The nodal bank viz; canara bank will keep alive the webportal for submitting claims by Banks till that date. Though the IBA circualar has been issued on 2nd November 2011, the webportal of Canara Bank has not been opened till now.
According to the IBA circular, " The web portal of the Nodal Bank viz, Canara Bank for submission of interest subsidy claim by banks was made available till 31st of August 2011. We have received several requests from member banks for keeping the web portal opened for an extended period of time, as the claims are receiving from the student borrower very late due to non receipt of Income Certificate from the Competent Authorities.
The matter was examined and taken up with the Ministry of HRD to consider keeping the web portal of Nodal Bank opened till 31st December, 2011 to enable banks to submit their claims. The Ministry had considered our request and has since conveyed its approval for extending the time limit for submission of claims by banks in respect of interest subsidy on education loans till 31st December,2011.
Accordingly, member banks may now submit their claims through the Web portal of the Nodal Bank in respect of pending claims for the academic years 2009-10, 2010-11, and 2011-2012 on or before 31st December, 2011. Please note that no further extension of timeline would be provided by the Ministry for the purpose".That means,this deadline is applicable for the students who got admission this year too.
Meanwhile majority of banks didn't receive the subsidy amount till now.They will be getting the amount from their parent office shortly. Disbursement of the amount has been started by the nodal bank already.
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