‘Assessing war impact’, says Govt on waiving educational loans of Ukraine-returned students

NEW DELHI: The Union government will assess the impact of Ukraine-Russia conflict on outstanding education loans and currently has no plans to waive educational loans of Ukraine-returned students, according to the Finance Minister Nirmala Sitharaman’s written reply in Lok Sabha today.

The Finance minister replying to a question in the Parliament regarding waiving off educational loans said, “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.”

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“The current situation is fluid and the Government is closely monitoring developments. Implications of the ongoing conflict can be assessed and remedial steps considered only once the situation has stabilised,” the minister replied to the question regarding the impact of the crisis on Ukraine-returned students.

When asked about the number of Ukraine-returned students who availed education loans from India, the minister replied that as per information received from public sector banks and, in respect of 21 private sector banks, from the Indian Banks’ Association, 1,319 students availed education loan from India for studying in Ukraine as on December 31, 2021 with an outstanding balance of Rs 121.61 crore.

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According to the Ministry of External Affairs, around 22,500 Indian nationals, mostly students, have returned from Ukraine to India safely since February 1, 2022. 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, the Finance minister further said.