Government has asked the Indian Banks’ Association (IBA) to assess the impact of the Ukraine conflict on outstanding loans taken by students studying their who have returned to India. The association has been asked to hold consultations in this regard.
As thousands of students studying in war-torn Ukraine returned to India between March-April 2022 after the Russia invaded that country on February 24, their studies have been jeopardised due to the disruption caused by the conflict.
A majority of these students had taken loan worth lakhs of rupees to fund their studies in Ukraine and therefore their primary concern now is to deal with the outstanding loans taken from banks.
According to Finance Ministry sources, as many as 1,319 students had availed education loan from public sector and 21 private sector banks. The total outstanding balance education loan amount is Rs 121 crore as per data available till December 31, 2021.
Official sources have said that the current situation in Ukraine is fluid and the developments are being closely monitored.
They further added that any decision on waiving off these loans would be taken after consultations with banks.
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.
A majority of Indian students studying in Ukraine were enrolled in medical courses.