Banks asked not to display names of education loan defaulters


Banks in Punjab were today asked not to display names and photographs of education loan defaulters.Banks in Punjab were today asked not to display names and photographs of education loan defaulters.

Quoting a communication of Department of Financial Services, Ministry of Finance, bank official in a State Level Bankers Committee (SLBC) meeting said that some banks were adopting “reprehensible practices” such as displaying names and photographs of students who are not able to pay education loans or where there is a delay in repayment.

“This practice is highly objectionable as it tends to stagnate students in addition to completely demoralising him while completely ignoring his circumstances. Such practices need to be completely stopped with immediate effect,” said an official here today.

Bank officials informed that a practice has been observed that a few banks pasted the photographs and names of education loan defaulters outside their bank branches.

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SOURCE: http://economictimes.indiatimes.com/

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