Madras High Court today upheld order of a single judge directing Indian Overseas Bank to grant educational loan to an engineering student, whose plea for the assistance was rejected on the ground he secured a seat under management quota with less than 60 per cent marks.
Dismissing an appeal by IOB's Tiruppur Branch challenging the single judge's June 20, 2013 order, a division bench comprising Justice N Paul Vasanthakumar and Justice M Sathyanarayanan directed the bank to grant the loan to the son of one A Ravi within two weeks from the receipt of the order.
The bench said the issue of eligibility has already been settled by the announcement of the Union Finance Minister that students admitted in the management quota were also entitled to get the education loan and all the banks were directed to adopt the said Policy.
On the basis of the announcement, a review meeting of all the Chief Executives of the PSU banks was held on September 27, 2012 which resolved that the Managing Committee considered the recommendations made by the Indian Banks Association Committee on Educational Loan Scheme and after detailed discussions decided to finance the meritorious students, who pursue courses under Management quota, the court said.
"In the guidelines framed in the Review Meeting, nowhere it is stated that educational loan can be sanctioned only for those who have secured 60 per cent and more marks," it said.