Indian Banks’ Association
21st August, 2014
The Chief Executives of Member Banks
Dear Sirs / Madam,
New CSIS Scheme for education loans - Progress made by the Member Banks under the Scheme
This has reference to our circular No. SB/CIR/10-21-ISS/339 dated 16th July, 2014 regarding extension of implementation of the Scheme for a further period i.e. up to 31st August, 2014.
The Government of India, Ministry of Finance vide its letter F. No. 06 (03)/2014-CP dated 20th August, 2014 requested IBA to advise member banks to complete the exercise in every respect by the end of this week i.e. by 23“' August, 2014 as no further extension of period will be allowed.
Further, the Ministry has requested that Executive Directors of member banks have to issue a certificate on 1st September, 2014 to the effect that all the eligible beneficiaries have been covered as per tenets of the scheme and the interest relief has been provided in their respective accounts.
We, therefore, request our member banks to submit the New CSIS Interest Subsidy claims within the above mentioned time slot. The Ministry and Nodal Bank will not entertain claims if not submitted within the stipulated period
Also please note that since the New CSIS Scheme is also applicable to RRBs, we request all sponsoring Public Sector Banks to inform their respective RRBs to take necessary action in the matter.
Please be guided accordingly with immediate effect.