Banks hold talks on waiver of student loans for Ukrainian studies

Banks hold talks on waiver of student loans for Ukrainian studies

Banks are holding discussions on the status of student loans for Ukrainian studies

The government has asked the Indian Bankers Association (IBA) to assess the impact of the Ukraine conflict on unpaid loans of returning students to India. The association has been asked to hold consultations on this matter.

When thousands of students studying in war-torn Ukraine returned to India from March to April 2022 after Russia invaded that country on February 24, their studies were threatened by the conflict is interrupted.

Most of these students have taken out loans worth tens of thousands of rupees to finance their studies in Ukraine and therefore their primary concern now is to settle outstanding debts from banks. .

According to sources from the Ministry of Finance, up to 1,319 students have received education loans from the public sector and 21 private sector banks. The total outstanding balance of education loan is Rs 121 crore according to available data till 31 December 2021.

Official sources say that the current situation in Ukraine is stabilizing and developments are being closely monitored.

They added that any decision on waiving these loans would be made in consultation with the banks.

According to the Ministry of Foreign Affairs, about 22,500 Indian nationals, mostly students, have safely returned to India from Ukraine since February 1, 2022.

The majority of Indian students studying in Ukraine are enrolled in medical courses.

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