GOUTAM DE Vs. UCO BANK & ORS

JUDGEMENT

(1.) The Government of India in the budget of 2009-10 had introduced the Central Scheme for Interest Subsidy (in short CSIS Scheme) on educational loan to provide interest subsidy on all educational loans sanctioned/availed up to 31st March, 2009 and outstanding as on 31st December, 2013 by students belong to economically weaker section. The Scheme was applicable for Post Class XII studies in recognized technical/professional courses in India. Students with an annual gross parental/family income up to Rs. 4.5 lac per year as on the date of availing the loan would be deemed to belong to the economically weaker section. It would apply to all education loans sanctioned up to 31st March, 2009 and outstanding as on 31st December, 2013. Only the interest component of the loan would be adjusted under the Scheme.

(2.) The petitioner applied for the UCO education loan for undergoing the MBA course. Such loan was sanctioned by the respondent bank in May 2007. The total sum disbursed to the petitioner under the loan between 18th May, 2007 and 8th October, 2008 was, according to the petitioner, Rs. 2,66,400/-. According to the petitioner he deposited a sum of Rs. 1,51,233/- towards interest in the loan account between 28th May, 2007 and 10th January, 2014.

(3.) From the statement of account for the period 1st April, 2014 to 19th September, 2014 it appeared that prior to 30th August, 2014 there was a debit balance of Rs. 6179/- in the loan account. On 30th August, 2014 a subsidy amount of Rs. 75,128/- was credited to the said loan account whereupon the account showed a credit balance of Rs. 68,949/-. According to the petitioner he was directed to deposit a sum of Rs. 6179/- in the said loan account as a precondition for issuance of 'no dues certificate' by the respondent bank. This the petitioner did on 10th November, 2014 whereupon the loan account showed a credit balance of Rs. 75,132/-. The respondent bank issued the no due certificate on 10th November, 2014.