IOB grants Rs. 14 lakhs to varsity for beautification

Speaking after the ‘Bhoomi pooja’ programme on Thursday, Mangalore University Vice Chancellor Prof T C Shivshankar Murthy revealed that Indian Overseas Bank (IOB) has granted Rs 14 lakhs for the beautification process and funds from six other banks are expected. As much as Rs 40 lakhs will be pooled by the University, he said and added that the beautification will include renovation of old infrastructure and laying interlocks on the University roads.

He said that Mangalore University along with its academic achievement needs a facelift. He regretted that the University is lagging behind in this aspect when compared to other universities in Karnataka.

Indian Overseas Bank Managing Director M Narendra said that the bank always wanted to contribute to the University.

This step promotes the cause of education and helps students and is a wonderful way for a bank to show its corporate social responsibility, he said.

‘Increase loan repayment period’

IOB MD M Narendra said that 3 to 4 per cent of educational loans are not paid in time. The Indian banks Association has requested the finance ministry to increase the loan repayment period from 7 to 15 years.

The bank will also create an empanelment of Colleges according to some guidelines. Students of colleges who suit these guidelines will be granted loan, he said.

The IOB has 25 branches and plans to start 21 more. It has granted Rs 2000 crores of education loan and the highest was given in Tamil Nadu, he said.