The State Government has constituted a committee headed by ACS Finance which comprises representatives of concerned bank and State level Bankers Committee as members. Commissioner Institutional Finance has been made Member-Secretary of the committee. Bank will make available to the committee photocopies of bank’s sanction letter issued to student, date-wise bank statement of loan account, marksheets to show educational qualification of student, permanent disability certificate (in case of disability) and death certificate in case of death (if applicable).
The State Government will offer its share of grant for affected student to concerned bank, which will issue no-dues certificate to guarantor within one month. If the student had mortgaged any property with the bank against the loan, it would be freed by bank within a month. Directorate of Institutional Finance will enforce the scheme in the State.