Overview
- Chief Minister Mamata Banerjee said sanctioned cases under the Student Credit Card scheme have crossed 100,000 as of Friday.
- Students can access up to Rs 10 lakh, with reporting citing a simple 4% annual interest rate and the state bearing the full interest subsidy.
- The program, launched in 2021, covers studies in India and abroad and allows uses ranging from tuition and materials to coaching for competitive exams.
- Implementation frictions continue, with officials alleging some banks delay sanctions, seek collateral, or are slow to disburse despite a state guarantee.
- Political tensions flared as the BJP criticized the scheme’s execution, while the state reiterated its commitment to keep the program running.