The Kerala government on July 27, 2015 dismissed the decision of State Bank of Travancore to entrust the recovery proceedings of bad loans in education segment to Reliance Assets and Reconstruction Company, stating that it was contrary to the spirit and interest of bank nationalisation. Replying to a submission on the matter in the assembly, Chief Minister Oommen Chandy objected to the public sector bank’s decision and expressed hope that the Centre would also oppose the decision. Also Read - CBSE & ICSE Board Exams 2021: Top 7 Things to do For Preparation |Watch Video

The matter would be brought to the notice of Prime Minster Narendra Modi and Union Finance Minister Arun Jaitley, he said. Chandy said the SBT’s decision went totally against the spirit and interest of the concept of bank nationalisation. Also Read - CBSE Board Exam 2021: Tips to Cope Up With Stress For Children And Parents | Watch Video

With the co-operation of LDF opposition, a resolution protesting the decision would be passed in the assembly and sent to the Centre, he said. SBT has given contract to Reliance to recover the bad loans in education segment that comes to around Rs 100 crore in the state, Chandy said. Also Read - Telangana Schools to Reopen for Classes 6 and 8 After Nearly 11 Months

Moving the submission, P C Vishunath (Cong) said the company would get about Rs 50 crore as commission from SBT for recovering the bad loans. The company would employ sub-agents for the recovery leading to harassment of the hapless parents and students who had taken education loans, he said.

With PTI Inputs