Today, the Democratic Youth federation of India (DYFI) and Student Federation of India (SFI) rallied a protest in front of the State Bank of India, Main branch against the Central Government policy of nominating the Reliance Asset Reconstruction Company to recover 'bad' educational loans procured through State Bank of India.
The transfer of rights by SBI to the Corporate giant has been unanimously disagreed by various fraternities of Student association, banking sector socialists. In Kerala, the tie-ups between Reliance and the State bank of Travancore for recovering educational loans caused a huge a furore amongst the students community and Communists.
The members of DYFI & SFI outraged that the Corporate has been dictating stern terms to the students community for repayment of their educational loans. They cited incidents where students have committed suicide and are pushed to do so due to the undue pressure for repayment. They also urged that the State Government have to reimburse all educational loans of students who are unemployed.
The Police arrested 37 of the protesters and cleared the rally.
