Special Manthan Award was conferred to Madhya Pradesh for its online higher education loan application monitoring system (Online HElAMS) at Manthan South-West India function at Pune on Thursday.
Padmshri Vijay Bhatkar gave away the award to Gopal Swaroop Dube, the in-charge and programmer in Institutional Finance Directorate, Madhya Pradesh.
Ashish Upadhyay, principal secretary, finance and commissioner institutional finance, informed that Madhya Pradesh was selected for the award from among 180 projects in the country. MP is the first State to implement online higher education loan application monitoring system for the benefit of higher education of students in the country.
Through the system, the entire process, right from submission of application by a student to the release of the first instalment of loan, is undertaken.
The objective of the online system is to ensure easy availability of higher education loans to students, especially meritorious and economically weaker ones. Under this system, a student has to register his or her application through e-mail ID or mobile number. User name and password will be given on registered e-mail ID, which is intimated on applicant's mobile through SMS. Through user name and password, the applicant can apply for loan in any bank in the State.
Application reaches the bank directly, information about which is given by the branch through e-mail to regional office and the applicant is also intimated about it through e-mail and SMS. Time limit of 15-21 days has been fixed for disposal of applications by banks.
In case of delay, the applicant gives feedback through online system to the State Government. Correspondence can also be made through e-mail or telephone.
Online higher education loan application monitoring system is also available on the website of Directorate of Institutional Finance www.dif.mp.gov.in. District Panchayat CEOs have been made in-charge and District lead Banks as coordinators for implementation and monitoring of online system at the district level.
At the State level, Bankers Committee has constituted a sub-committee headed by principal secretary, Finance and Commissioner of Institutional Finance, to monitor the online scheme. Members of the committee include representatives of prominent banks of the State. The sub-committee undertakes monthly review of the progress of online system.