PM says Govt has requested RMA to allow Australia education loans

On the suspended education loans by the financial institutions (FIs), the Prime Minister said that the government has not stopped the loans and are equally worried about the issues. 

He asked that whether those in the National Assembly asking the questions on the education loan has read the RMA Act passed by the same house or even the rules framed by RMA for FIs. 

Lyonchhen said that under the RMA rules a limit was set for every type of loan and the limit in case of this loan product was 5%. 

He said the even the RMA has not asked the banks to stop the loan as the banks went by the rules after crossing 5% and stopped it themselves. 

He said the RMA is autonomous and does not listen to the government and if it starts following government directives then there will be chaos. 

The PM said the Finance Minister had met twice with the RMA and requested that the 5% limit be removed and if there is any risk then the government will bear it. 

He said the second issue discussed with the RMA was on lifting the loan suspension of BDBL and CSI bank as it benefits farmers. 

The PM said the RMA was supposed to hold a board meeting in the first week of November on the issue, but a key board member had gone for Neykor and so the meeting can only happen by the third or fourth week of November. 

The PM regretted that there was this delay and said the government has no authority as per the RMA Act.