Jaipur, November 8 (Udaipur Kiran): The District Consumer Commission, Jaipur-II has imposed a fine of ₹32,000 on Bank of India’s Vaishali Nagar branch for not providing the eligible education loan interest subsidy to a student. The commission termed the bank’s action as a case of service deficiency and unfair trade practice.
In its order, the commission — headed by President Gyarsilal Meena and members Supriya Agarwal and Ajay Kumar — also directed the bank to deposit the subsidy amount of ₹3,03,826 for the academic years 2012–13 to 2014–15 into the complainant’s loan account within one month.
The case was filed by Ravi Singh Choudhary, who had availed an education loan of ₹5.4 lakh from the bank in September 2010 to pursue a four-year B.Tech course, which he successfully completed in 2014.
Choudhary stated that under the Central Sector Interest Subsidy Scheme (CSIS) launched by the Ministry of Human Resource Development (MHRD) in 2009, students from economically weaker sections with an annual family income of less than ₹4.5 lakh were eligible for an interest subsidy on education loans during their study period.
Although the complainant’s family income met the eligibility criteria, the bank provided the subsidy only for 2010–11 and 2011–12, denying it for the subsequent years despite his submission of valid income certificates issued by the Tehsildar.
Challenging this in the consumer court, Choudhary argued that the bank was obligated to grant the subsidy for all academic years of his course. After hearing the case, the commission ruled in his favor, directing the bank to release the pending subsidy amount along with the compensation of ₹32,000 for causing financial loss and mental distress.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
