Banking

Extend banking services to students: panel

Read more at www.thehindu.com

The Kerala State Commission for Protection of Child Rights has directed banking institutions to enable students to open bank accounts without facing any difficulties.

While considering a complaint by a student, Sainul Abid, against the Indian Overseas Bank’s Madavoor branch in Kozhikode, a division bench of the commission comprising K. Nazeer and B. Babitha directed the regional director of the Reserve Bank of India (RBI) to issue directions to all banks and other financial institutions in this regard.

The complainant had allegedly not been provided the facility to open a bank account that was necessary for the student to receive assistance under a pre-matric scholarship scheme. The commission dismissed the bank’s claim that there were numerous pending applications for opening student savings accounts.

The commission noted that no student must be deprived of scholarships or other assistance for want of a bank account. Banking firms must expedite operations to ensure the public and students were extended all possible banking services, it ordered.

Read more at www.thehindu.com

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