The Government has currently no proposal to waive off education loans of students who had to return from war-torn Ukraine. However, considering the fluid situation, the Government has asked the Indian Banks’ Association to assess the impact of the conflict on outstanding education loans of the returnee students and to start stakeholder consultations in this regard, according to a statement of the Government in the Lok Sabha today.
Responding to a query in the Lower House of the Parliament, the Minister of Finance Nirmala Sitharaman said, “The current situation is fluid and Government is closely monitoring developments. Implications of the ongoing conflict can be assessed and remedial steps considered only once the situation has stabilised.”
“In the meantime, Government has decided to ask the Indian Banks’ Association to assess the impact of the conflict on outstanding education loans of the returnee students and to initiate stakeholder consultations in this regard,” she added.
As on 31st December 2021, 1,319 students had availed of education loan for study in Ukraine with an outstanding balance of Rs.121.61 crore, as per information received from public sector banks and, in respect of 21 private sector banks, from the Indian Banks’ Association, the Finance Minister said in her written reply.
Citing the data from the Ministry of External Affairs, FM Sitharaman said that around 22,500 Indian nationals, mostly students, have returned from Ukraine to India safely since 1st February 2022.
The Finance Minister further said that the Government provided all possible assistance in terms of shelter, food and medical attention where required, to displaced Indians who crossed over to the western neighbours of Ukraine, and they were eventually evacuated through flights operated under Operation Ganga.
Is there any plan to rate insurance companies?
Responding to another query on whether is Government is planning to rate insurance companies, Minister of State in the Ministry of Finance Dr Bhagwat Karad said: “Insurance Regulatory and Development Authority of India (IRDAI) has informed that currently no proposal for performance-based rating of the health insurance companies is under consideration.”