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Reserve Bank of India Deputy Governor K.C. Chakrabarty today said that the share of private banks providing education loans is abysmally low.
In his speech at a YES Bank seminar on sustainability, Chakrabarty said that public sector banks account for 96 per cent of the total education loans in the banking sector, while private banks account for just close to 4 per cent.
“We have one demographic dividend (which is) our young population. They need to be skilful and trained with global expertise….and this (education loan) is a good way to ensure social sustainability. Private and foreign banks must say yes to education loans,” Chakrabarty said.
He also added: “Many times, directives of the RBI do not work. It is the inner appreciation and corporate philosophy that must include this. Hence, banks need to finance aggressively to educate people. Society attitude needs to change towards this.”
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