Gold: Restraint on Advance Against Gold Coins

The RBI has said that while granting advance against the security of specially minted gold...

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Education Loan: Credit Guarantee Fund for Defaults

In a bizzare move, the government has proposed to set up a ‘credit guarantee fund’ to address cases of education loan defaults. The idea is to enhance the flow of assistance to students by providing a safety net to the banks. In addition to the scheme of interest subsidy on education loans to students of weaker sections already in place, the new fund will ”address cases of education loans defaults which add to the burgeoning non-performing assets of the bank”. Will this scheme go the same way as the credit guarantee scheme of loans to small industries? The banks are simply reluctant to lend.

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Debit Cards: Canara Bank to Charge Annual Fee

Canara Bank’s debit cards, which are currently issued free of cost, will carry an annual fee of Rs112 beginning 1st July. Canara Bank argues that banks need to offer services at competitive rates “that are in tune with the market trends” and that it has been decided by the Bank to charge a nominal fee of Rs100 per card plus service tax.

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