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» News > Education > Make Loans Available For Higher Education: Chidambaram
The Union Finance Minister said on Friday that in two or three years time banks should make education loans available to everybody aspiring to take up higher education. This he said was essential because India had the best man-power in the world.
He also said that not everybody could gain scholarships; therefore students had to be provided with loans.
Speaking at the centenary celebrations of Canara Bank he said that India was filled students who were hungry for higher education.
There were 1,75,000 students who were sanctioned loans last year, this amounted to a sum of Rs 2,400 crore. The government is committed to the cause of students and we must recognise institutions that can deliver our mandate. I want to cite the example of the west after the two world wars; their banks gave enormous loans to returning soldiers. The benefits were quickly visible in a few years, as they produced the best man power in various fields of science, he said.
Chidambaram added that India was emerging to be a leader in new fields such as biotechnology.
We need loans to be given to professional courses. In India many students quit higher education, as they cannot afford it. In a two years time no student should complain about this situation, as banks will show them the way. This is an era where we should make primary education available to remote villages and the slums in cities. This is possible only with a determined government, he said.
Chidambaram congratulated Canara Bank for providing education loans to 55,330 students last year.
Canara Bank being the first bank to moot the education loan scheme in 1956, should be commended for its performance this year. I congratulate all students going abroad this year and I want them to come back with the expertise. They should make India their future and hope, he added.
Earlier the Finance Minister dispersed loans to 15 students under Canara Bank`s Vidyasagar Education loan scheme. Among them were Rajat Varna, who topped the CET exams in engineering and finished second in medical.
Those present at the function were Canara Bank`s Managing Director M B N Rao and Executive Director B Swaminathan.
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