झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

राज्य के सकल नामांकन अनुपात 17 है, जबकक राष्ट्रीय सकल नामांकन अनुपात 27 है।

राष्ट्रीय शिक्षा नीर्त, 2020 के अनुसार सभी उच्चतर शिक्षण संस्र्थानों को बहुववषयक (Multi-

Disciplinary) के रूप में ववकशसत ककया जाना है तर्था सकल नामांकन अनुपात (Gross

Enrolment Ratio) को वषि 2035 तक 50 प्रर्तित तक बढ़ाने का लक्ष्य र्नधािररत ककया

गया है। राज्य सरकार का ध्येय है कक झारखण्ड का सकल नामांकन अनुपात को राष्ट्रीय स्तर

के बराबर करने के शलए सभी आवश्यक कदम उठाये जाय ।

अतः 10/12वीं कक्षा उत्तीणि प्रत्येक इच्छुक तर्था अहित्ता प्राप्त ववद्यार्थी को शिक्षा ऋण उपलब्ध

कराने के उद्देश्य से ववभागीय संकल्प ज्ञापांक-3/यो0 1-02/2022 (उ0शि0) 220/बजट,

ददनांक-14.11.2022 के माध्यम से राज्य में गुरूजी स्टूडेंट क्रेडडट काडि योजना लागू करने हेतु

Broad Guidelines र्नधािररत ककया गया है ।

गुरूजी स्टूडेंट क्रेडडट काडि योजना का कक्रयान्वयन ववत्तीय वषि 2023-24 से ककया जाना है।

इसके शलए गुरूजी स्टूडेंट क्रेडडट काडि योजना के कक्रयान्वयन हेतु ववस्तृत मागिदशििका जारी

करना आवश्यक है। ववस्तृत मागिदशििका तैयार करने हेतु अनु0ज0जा0, अनु0जा0,

अल्पसंख्यक एवं वपछड़ा वगि कल्याण ववभाग, झारखण्ड द्वारा कायािन्न्वत पोस्ट मैदरक

Scholarship योजना तर्था पन्श्चम बंगाल में संचाशलत स्टूडेंट क्रेडडट काडि योजना का अध्ययन

ककया गया है। सम्यक ववचारोपरांत गुरूजी स्टूडेंट क्रेडडट काडि योजना के कक्रयान्वयन हेतु

ववस्तृत मागिदशििका तैयार ककया गया है ।

उक्त के आलोक में गुरूजी स्टूडेंट क्रेडडट काडि योजना के कक्रयान्वयन हेतु ववस्तृत मागिदशििका

तैयार ककया गया है न्जसका उल्लेख Detailed Guidelines For Guruji Student Credit

Card (GSCC) Scheme (अनुलग्नक-1) में है। उक्त ववस्तृत मागिदशििका में मुख्यतः र्नम्न

बबन्दुओं का उल्लेख ककया गया है-

(i) गुरूजी स्टूडेंट क्रेडडट काडि योजना के कक्रयान्वयन हेतु उच्च स्तरीय सशमर्त का गठन

ककया जाता है, न्जसकी संरचना र्नम्नवत् होगीः-

र्नदेिक, उच्च शिक्षा

अध्यक्ष

र्नदेिक, तकनीकी शिक्षा

उपाध्यक्ष

ववत्त ववभाग के प्रर्तर्नर्ध (उप सर्चव से अन्यून)

सदस्य

मंबत्रमंडल सर्चवालय एवं र्नगरानी ववभाग (र्नगरानी प्रभाग) के उप सर्चव

स्तर से अन्यून प्रर्तर्नर्ध

सदस्य

सूचना प्रौद्योर्गकी एवं ई-गवनेंस ववभाग के प्रर्तर्नर्ध (उप सर्चव से अन्यून)

सदस्य

काशमिक, प्रिासर्नक सुधार एवं राजभाषा ववभाग से अनुसूर्चत जार्त/अनुसूर्चत

जनजार्त के प्रर्तर्नर्ध (उप सर्चव से अन्यून)

सदस्य

बैंककंग क्षेत्र से State Level Banking Committee द्वारा नाशमत वरीय

पदार्धकारी (one expert from credit and other expert from IT field)

(Manager or above) preferably from the Corpus Bank

सदस्य

सशमर्त के अध्यक्ष द्वारा प्रार्धकृत वविेष आमंबत्रत सदस्य

सदस्य

उप र्नदेिक, उच्च शिक्षा

सदस्य

सर्चव

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

इस योजना के कक्रयान्वयन में ककसी भी कदठनाई को दूर करने के शलए उक्त सशमर्त

सभी प्रकार के ददिा-र्नदेि जारी करने हेतु प्रार्धकृत होगी। उक्त सशमर्त के Powers and

Functions का उल्लेख ववस्तृत मागिदशििका में कर ददया गया है ।

(ii) उक्त Detailed Guidelines में र्नम्न Indicative Process का उल्लेख ककया

गया है-

• Application and loan disbursement

• Interest Subvention

• Disbursement of Institutional Expense

• Reimbursement of Non-Institutional Expense

• Non-Institutional Advance Claim by Student

• Credit Guarantee Claim against defaulted loan accounts by MLI’s

(iii)

गुरूजी स्टूडेंट क्रेडडट काडि योजना के कक्रयान्वयन हेतु एक वेब पोटिल तैयार ककया

जाएगा। उक्त वेब पोटिल Develop तर्था Maintain करने वाले एजेंसी को Web

Portal Development Agency कहा जाएगा। Web Portal Development

Agency का चयन Corpus Bank के द्वारा ककया जाएगा या Corpus Bank स्वयं

ही Web Portal तैयार तर्था Maintain करेगी। अर्थाित Web Portal तैयार कराने तर्था

उसे Maintain करने की न्जम्मेवारी Corpus Bank की होगी। उक्त Web Portal

Development Agency की भूशमका का उल्लेख ववस्तृत मागिदशििका में ककया गया

है। Web Portal पर ववशभन्न Stakeholders की भूशमका का भी उल्लेख है ।

(iv)

इस योजना के अंतगित झारखण्ड राज्य न्स्र्थत मान्यता प्राप्त संस्र्थान से 10वीं तर्था

12वीं कक्षा उत्तीणि (डडप्लोमा छात्रों के शलए 10वीं कक्षा उत्तीणि) छात्रों के शलए बैंकों

(Member Lending Institutions) के माध्यम से ऋण उपलब्ध कराया जाएगा। ऋण

डडप्लोमा, स्नातक, स्नातकोत्तर, पी0एच0डी0, पोस्ट डॉक्टोरल, अनुसंधान आदद में उच्च

शिक्षा ग्रहण करने के शलए प्रदान ककया जायेगा ।

(v)

ऋण के संबंध में ववभागीय संकल्प ज्ञापांक-3/यो0 1-02/2022 (उ0शि0) 220/बजट,

ददनांक-14.11.2022 की कंडडका (v) में अंककत प्रावधानों में र्नम्न संिोधन ककया जा

रहा हैः-

ववभागीय

संकल्प

ज्ञापांक-3/यो0

1-02/2022 (उ0शि0) 220/बजट, ददनांक-

14.11.2022 की कंडडका (v) में ऋण

संबंधी प्रावधान

ऋण के संबंध में प्रस्ताववत प्रावधान हैं

इस योजना के तहत अर्धकतम ऋण की

राशि 15 लाख रूपये र्नधािररत है। छात्रों को

ऋण बैकों के माध्यम से उपलब्ध कराया

जाएगा। इस राशि का अर्धकतम 30%

Non-Institutional

कायो

(Living

इस योजना के तहत अर्धकतम ऋण की राशि

15 लाख रूपये र्नधािररत है। छात्रों को ऋण

बैकों के माध्यम से उपलब्ध कराया जाएगा।

इस राशि का अर्धकतम

30% Non-

Institutional कायो हेतु प्राप्त होगा। छात्रों को

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Expenses सदहत) हेतु प्राप्त होगा। छात्रों

को ब्याज के रूप में Simple Rate of

Interest मात्र 4% राशि का भुगतान करना

होगा। िेष ब्याज की राशि Interest

Subvention के रूप में राज्य सरकार

द्वारा वहन की जाएगी अर्थाित् राज्य

सरकार की भूशमका Guarantor की होगी।

ऋण प्रदान करने वाले बैंको के द्वारा

प्रर्तवषि 0.50% of the outstanding

amount की Guarantee Fee नोडल

ववभाग को उपलब्ध करानी होगी। राज्य

सरकार के द्वारा बैंकों को ऋण की राशि

की 100% गारंटी कवर दी जायेगी। छात्रों

से ऋण के शलए ककसी भी प्रकार का

Collateral Security नहीं शलया जाएगा।

ऋण वापसी की अर्धकतम अवर्ध 15 वषि

तक की होगी। बैंकों की न्जम्मेवारी होगी कक

ऋण हेतु आवेदन करने वाले छात्रों के संबंध

में वे ववर्धवत जांच अपने स्तर से

सुर्नन्श्चत करें ।

ब्याज के रूप में Simple Rate of Interest

मात्र 4% राशि का भुगतान करना होगा। िेष

ब्याज की राशि Interest Subvention के रूप

में राज्य सरकार द्वारा वहन की जाएगी

अर्थाित् राज्य सरकार की भूशमका Guarantor

की होगी। ऋण प्रदान करने वाले बैंको के

द्वारा प्रर्तवषि 0.50% of the outstanding

amount की Guarantee Fee नोडल ववभाग

को उपलब्ध करानी होगी। राज्य सरकार के

द्वारा बैंकों को ऋण की राशि की 100%

गारंटी कवर दी जायेगी। छात्रों से ऋण के शलए

ककसी भी प्रकार का Collateral Security

नहीं शलया जाएगा। ऋण वापसी की अर्धकतम

अवर्ध 15 वषि तक (Moratorium Period

तर्था Study Period शमलाकर) की होगी। बैंकों

की न्जम्मेवारी होगी कक ऋण हेतु आवेदन

करने वाले छात्रों के संबंध में वे ववर्धवत जांच

अपने स्तर से सुर्नन्श्चत करें ।

(vi)

छात्रों से ऋण की वसूली बैंकों के द्वारा की जायेगी। यदद बैंकों के द्वारा Banking

Norms के अनुरूप हर संभव प्रयास के बावजूद ऋण की वसूली नहीं हो पाती है, तो

इस योजना के प्रावधानों के अधीन गारंटी कवर की राशि बैंकों को देने के उपरांत

बबहार और उड़ीसा लोक मााँग वसूली (झारखण्ड संिोधन) अर्धर्नयम, 2016 (झारखण्ड

अर्धर्नयम 23, 2017) के अधीन राज्य सरकार ऋण वसूली हेतु आवश्यक कारिवाई

करेगी ।

(vii)

ऋण की वापसी, न्जस पाठ्यक्रम के शलए ऋण शलया जा रहा है, उस पाठ्यक्रम के

समान्प्त के एक वषि के बाद से िुरू करने का छात्रों के पास ववकल्प रहेगा, अर्थाित् 01

वषि की अवर्ध Moratorium की होगी ।

(viii) बैंको के द्वारा चाजि ककया जाने वाला ऋण का दर र्नम्नवत् होगा-

• For Boys, Prevalent EBLR of State Bank of India Plus 1.5% p.a.

• For Girls/Others, rate of interest @ EBLR of State Bank of India

Plus 1% p.a

• ब्याज के दर के संबंध में अन्य प्रावधान में र्नम्न संिोधन प्रस्ताववत हैः-

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

ववभागीय

संकल्प

ज्ञापांक-3/यो0

02/2022 (उ0शि0) 220/बजट, ददनांक-

14.11.2022 में ब्याज के दर के संबंध में

प्रावधान

ववस्तृत मागिदशििका में ब्याज के दर के

संबंध में प्रस्ताववत प्रावधान

The Rate of Interest so fixed on

the date of sanction will remain

fixed and calculated at simple rate

for the entire duration of the loan.

The Rate of Interest shall be

floating and periodically revised

as per revision in the EBLR of

State

Bank

India

and

calculated at simple interest rate

for the entire duration of the

loan.

(ix)

Margin Money:-

a. Up to Rs. 4.00 Lakhs: NIL

b. Above Rs. 4.00 Lakhs: 5% of the total sanctioned loan amount.

c. ववभागीय संकल्प ज्ञापांक-3/यो0 1-02/2022 (उ0शि0) 220/बजट, ददनांक-

14.11.2022 में Margin Money के संबंध में अंककत प्रावधान के अर्तररक्त

Margin Money संबंधी र्नम्न प्रावधान ववस्तृत मागिदशििका में जोड़ा जा रहा है-

Scholarship/ Assistanceship to be included in Margin.

(x)

बैंको के द्वारा छात्रों से ऋण हेतु Processing Fee नहीं शलया जायेगा ।

(xi)

नोडल ववभाग के द्वारा गुरूजी स्टूडेंट क्रेडडट काडि योजना के अधीन बैंकों को Interest

Subvention की राशि उपलब्ध कराने के शलए, Guarantee Fee की राशि बैंकों

(Member Lending Institutions) से प्राप्त करने के शलए तर्था बैंकों (Member

Lending Institutions) को सरकार द्वारा Non Performing Asset ऋण खातों के

गारंटी कवर के अधीन ऋण की राशि उपलब्ध कराने हेतु एक बैंक का चयन ककया

जाएगा न्जसे Corpus Bank कहा जाएगा। इसके शलए Corpus Bank के सार्थ

एकरारनामा ककया जाएगा ।

(xii)

ऋण को ववशभन्न बैंकों (Member Lending Institutions) के माध्यम से र्नगित ककया

जाएगा। ववशभन्न बैंकों (Member Lending Institutions) से इसके शलए एकरारनामा

ककया जाएगा ।

(xiii)

जो छात्र पाठ्यक्रम की अवर्ध (Study Period) में पूरा ब्याज चुका देंगे उन्हें 1%

Interest Concession की सुववधा बैंक द्वारा प्रदान की जायेगी। यह प्रावधान छात्रों

के शलए वैकन्ल्पक है। इससे संबंर्धत Guruji Student Credit Card Interest

Subsidy Arrangement का उल्लेख ववस्तृत मागिदशििका में कर ददया गया है ।

(xiv) राज्य सरकार राज्य के भीतर एवं राज्य के बाहर भारत के वैसे उत्कृष्ट्ट संस्र्थानों का

चयन करेगी, जो ववगत NIRF की सूची में Overall 200 क्रम संख्या के अन्दर अर्थवा

संस्र्थान के संबंर्धत श्रेणी (जैसे ववश्वववद्यालय, महाववद्यालय, अशभयंत्रण, प्रबंधन,

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

मेडडकल, डेन्टल आदद) में NIRF की सूची में 100 क्रम संख्या के अन्दर हो, अर्थवा

NAAC "A" श्रेणी या उससे ऊपर का दजाि प्राप्त हो ।

(xv)

योजना के सफल कक्रयान्वयन के शलए एक PMU का गठन भी ककया जायेगा, न्जसमें

समुर्चत संख्या में ककन्ही प्रर्तन्ष्ट्ठत Consultancy कम्पनी के Professionals को

Hire कर उनकी सेवा ली जाएगी। ववस्तृत मागिदशििका में PMU की भूशमका का भी

उल्लेख है ।

(xvi) योजना के ववत्तीय प्रबंधन हेतु ववस्तृत मागिदशििका में concurrent ऑडडट का भी

प्रावधान है ।

(xvii) योजना के कक्रयान्वयन में ककसी भी समस्या के र्नराकरण हेतु Public Grievance

Redressal Centre भी अर्धष्ट्ठावपत ककया जायेगा, जो Helpline के रूप में कायि

करेगा ।

(xviii) योजना के अनुश्रवण हेतु एक High Power Committee के गठन का प्रस्ताव भी

ववस्तृत मागिदशििका में है, न्जसकी संरचना र्नम्नवत है-

ववकास आयुक्त, झारखण्ड

अध्यक्ष

अपर मुख्य सर्चव/प्रधान सर्चव/सर्चव, उच्च एवं तकनीकी

शिक्षा ववभाग

सदस्य

अपर मुख्य सर्चव/प्रधान सर्चव/सर्चव, ववत्त ववभाग

सदस्य

अपर मुख्य सर्चव/प्रधान सर्चव/सर्चव, सूचना प्रौद्योर्गकी

एवं ई-गवनेंस ववभाग

सदस्य

अपर मुख्य सर्चव/प्रधान सर्चव/सर्चव, स्कूली शिक्षा एवं

साक्षरता ववभाग

सदस्य

अपर मुख्य सर्चव/प्रधान सर्चव/सर्चव, श्रम, र्नयोजन,

प्रशिक्षण एवं कौिल ववकास ववभाग

सदस्य

State Level Banking Committee (not below the

rank of Deputy General Manager) के प्रर्तर्नर्ध

सदस्य

र्नदेिक, उच्च शिक्षा

सदस्य

सर्चव

(xix) योजना के ववस्तृत मागिदशििका में योजना के Internal Monitoring System, Public

Grievance Redressal System, Awareness and Outreach Programs for

the Scheme आदद का भी उल्लेख है ।

(xx)

सरकार तर्था ववशभन्न Member Lending Institutions के मध्य Credit Guarantee

Arrangement For Guruji Student Credit Card (GSCC) Scheme का उल्लेख

ववस्तृत मागिदशििका में कर ददया गया है ।

(xxi) योजना हेतु Financial Modelling तैयार ककया गया है, जो ववस्तृत मागिदशििका के

Schedule 1 में संलग्न है ।

(xxii) योजना के कक्रयान्वयन हेतु बजट संबंधी प्रावधान –

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

ववभागीय संकल्प ज्ञापांक-3/यो0 1-

02/2022 (उ0शि0) 220/बजट, ददनांक-

14.11.2022 में बजट संबंधी प्रावधान

ववस्तृत मागिदशििका में योजना के

कक्रयान्वयन हेतु बजट संबंधी प्रस्ताववत

प्रावधान

योजना के कक्रयान्वयन हेतु रू0 200

करोड़ का Corpus Fund रखा जाएगा।

प्रर्तवषि अर्धकतम रू0 500 करोड़ का

ऋण ववद्यार्र्थियों को उपलब्ध कराया

जायेगा।

(xxiii) झारखण्ड राज्य के सरकारी/र्नजी ववद्यालयों में 12वीं कक्षा में अध्ययनरत इच्छुक

छात्र-छात्राओं को र्नबंधन के उपरांत शसस्टम जनरेटेड ई-काडि (गुरूजी स्टूडेंट क्रेडडट

काडि) उपलब्ध कराया जाएगा। छात्र इस ई-काडि को डडन्जटल रूप में या Print कराकर

Physical रूप में सुरक्षक्षत रख सकते हैं।

(6) अतः Detailed Guidelines For Guruji Student Credit Card (GSCC)

Scheme (अनुलग्नक-1) पर मंबत्रपररषद् द्वारा स्वीकृर्त प्रदान की गयी है।

(7) गुरूजी स्टूडेंट क्रेडडट काडि योजना का कक्रयान्वयन ववत्तीय वषि 2023-24 से ककया

जाएगा ।

(8) उक्त योजना के कक्रयान्वयन हेतु Corpus Bank के रूप में HDFC Bank को

स्वीकृर्त प्रदान की गयी है ।

(9) योजना की ववस्तृत मागिदशििका के Schedule 2 में ववभाग तर्था Corpus Bank के

बीच एकरारनामा, Schedule 3 में ववभाग तर्था Member Lending Institution के

बीच एकरारनामा तर्था Schedule 4 में ववभाग, Member Lending Institution

एवं छात्रों के बीच एकरारनामा प्रारूप संलग्न है, न्जस पर स्वीकृर्त प्रदान की

गयी है ।

(10) उच्च एवं तकनीकी शिक्षा ववभाग के संकल्प ज्ञापांक-3/यो01-02/2022 (उ0शि0)

220/बजट, ददनांक-14.11.2022 को इस हद तक संिोर्धत समझा जाय। पूवि से

गुरूजी स्टूडेंट क्रेडडट काडि योजना हेतु ववभागीय ज्ञापांक-3/यो01-02/2022 (उ0शि0)

220/बजट, ददनांक-14.11.2022 द्वारा र्नगित प्रावधानों को Detailed Guidelines

For Guruji Student Credit Card (GSCC) Scheme अर्धक्रशमत करेगी।

(11) गुरूजी स्टूडेंट क्रेडडट काडि योजना की राशि का वहन राज्य स्कीम मुख्य िीषि 2202-

सामान्य शिक्षा-उप मुख्य िीषि-03-ववश्वववद्यालय तर्था उच्चतर शिक्षा-लघु िीषि-001-

र्नदेिन एवं प्रिासन-उप िीषि-BM-गुरूजी स्टूडेंट क्रेडडट काडि योजनाएाँ के अन्तगित

उपबंर्धत राशि में से ववकलनीय होगा।

(12) प्रस्ताव पर मंबत्रपररषद की बैठक ददनांक-11.07.2023 में मद संख्या-29 के रूप में

स्वीकृर्त प्रदान की गयी है।

अनु0-यर्थोक्त ।

झारखण्ड राज्यपाल के आदेि से,

राहुल कुमार पुरवार,

सरकार के सर्चव ।

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Table of Contents

Chapter 1: Basic Implementation Framework of Guruji Student Credit Card (GSCC)

Scheme ........................................................................................................................1

Short title and Commencement ........................................................................... 1

Definitions ........................................................................................................... 1

Objective of the Scheme .......................................................................................2

Purpose .................................................................................................................3

Student Eligibility .................................................................................................4

Indicative Process Flow for various functions under the Scheme ....................... 4

(i) Application and loan disbursement………………………………………….. 4

(ii) Interest Subvention ............................................................................................ 5

(iii) Disbursement of Institutional Expense .............................................................6

(iv) Reimbursement of Non-Institutional Expense .................................................. 7

(v) Non-Institutional Advance Claim by Student ...................................................8

(vi) Credit Guarantee Claim against defaulted loan accounts by MLI …………….9

Development of Web Portal .............................................................................. 10

Functional scope of Stakeholders in the Web-Portal…………………………..10

(i) Student .............................................................................................................10

(ii) DHTE ..............................................................................................................11

(iii) Member Lending Institution (MLI) ................................................................. 11

(iv) Corpus Bank ....................................................................................................12

Constitution of High Level Committee ............................................................. 13

10. Powers and Functions of the High Level Committee ....................................... 13

11. Constitution of High Power Monitoring Committee ......................................... 14

12. Quantum of loan and documentation ................................................................ 14

13. Margin Money …………………………………………………………………15

14. Security .............................................................................................................. 15

15. Insurance ............................................................................................................ 15

16. Corpus Fund ...................................................................................................... 15

17. Mode of Disbursement ...................................................................................... 16

18. Maximum Loan Approval Limit ....................................................................... 16

19. Timeline ............................................................................................................. 16

20. Repayment Holiday / Moratorium .................................................................... 16

21. Repayment ......................................................................................................... 16

22. Internal Monitoring System ............................................................................... 17

23. Public Grievance Redressal System .................................................................. 18

24. Issuance of Identification Card………………………………………………...18

25. Awareness and Outreach Programs for the Scheme ......................................... 18

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Chapter 2: CREDIT GUARANTEE ARRANGEMENT FOR GSCC SCHEME ..... 20

Title and date of commencement ........................................................................ 20

Loan Limit .......................................................................................................... 20

Interest Rate ........................................................................................................ 20

Margin................................................................................................................. 20

Definitions……………………………………………………………………...20

Scope And Extent of the Arrangement ...................................................................... 22

Guarantees by the Fund ...................................................................................... 22

Education Loan eligible under the Guarantee Arrangement ............................... 22

Education Loans not eligible under the Scheme ................................................. 22

Agreement to be executed by the member lending institution ............................ 23

10. Responsibilities of Member lending institution under the scheme ..................... 23

11. Guarantee Fee: .................................................................................................... 24

12. Extent of the guarantee ....................................................................................... 25

13. Invocation of Guarantee ..................................................................................... 25

14. Subrogation of rights and recoveries on account of claims paid ........................ 26

15. Appropriation of amount received from the member lending institutions .......... 27

16.

Appropriation of amount realized by the member lending institution in respect

of a credit facility after the guarantee has been invoked 27

17. Fund’s liability to be terminated in certain cases ................................................ 27

18. Returns, Inspections and Concurrent Audit ........................................................ 28

19. Conditions imposed under the Scheme to be binding on the member lending

institution ............................................................................................................ 28

20. Modification and Exemptions ............................................................................. 28

21. Interpretation ...................................................................................................... 29

22. Supplementary and Additional Provisions.......................................................... 29

Chapter 3: GURUJI STUDENT CREDIT CARD INTEREST SUBSIDY

ARRANGEMENT, 2023. 30

1. Introduction ........................................................................................................ 30

Objective of the Arrangement ............................................................................. 30

Features of the Arrangement ............................................................................... 30

Eligibility ............................................................................................................ 30

Interest Rates ...................................................................................................... 31

Moratorium Period/Repayment Holiday ............................................................ 31

Competent Authority .......................................................................................... 31

Applicable Academic Year ................................................................................. 31

List of Technical/ Professional and other courses .............................................. 31

10. Monitoring……………………………………………………………………...32

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

11. Disbursement of Interest Subsidy claims ............................................................ 32

12. Interest Concession ............................................................................................ 32

13. Concurrent Audit ............................................................................................... 32

Schedule 1: Guruji Student Credit Card (GSCC) Scheme Financial Model, 2023 . 34

Introduction ....................................................................................................... 34

Assumptions considered while designing Financial Model .............................. 34

Scenario 1 - At 20% Default -Allocation keeping balance fund around INR 50 to 100

Crore .................................................................................................................. 35

Scenario 2 - At 20% Default -Allocation keeping balance fund around INR 30 Crore

Scenario 3 - At 20% Default - At 20% Default - to the extent of outflow required

Schedule 2: Draft Agreement between DHTE and Corpus Bank ............................ 38

Schedule 3: Draft Agreement between DHTE and MLI .......................................... 44

Schedule 4: Draft Agreement between DHTE, MLI and Student…………………..56

DETAILED GUIDELINES FOR GURUJI STUDENT CREDIT CARD (GSCC) SCHEME

Chapter 1: Basic Implementation Framework of Guruji Student Credit Card (GSCC)

Scheme

With the objective to increase the GER and accessibility of Higher Education by

the students, the State Government has set up 04 new universities since 2016, 19 private

universities since 2007 and 19 new Government Colleges (Women’s college, Model college

& Degree college) in aspirational districts/educationally backward districts/remote

locations in addition to the already existing 63 constituent colleges.

Each year more than 4 lakhs students qualify Class 10^th and more than 3

lakhs students qualify Class 12^th exams in the state of Jharkhand to pursue higher

education.

One of the major objectives of the State Government is to ensure that no student

is denied the opportunity to pursue higher education because of their financial condition. To

achieve this objective and to facilitate meritorious students from financially weaker sections to

pursue higher studies, the State Government proposes to support the students by providing an

education loan, having a maximum limit of Rs. 15 lakhs (Rupees fifteen lakhs) available at

subsidised rate of 4% simple interest rate per annum, so that the students can avail necessary

funds as and when needed for their education.

Therefore, the following scheme is adopted to achieve the above-mentioned purposes.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

THE SCHEME

1. Short title and Commencement

(i) This scheme shall be called as the “Guruji Student Credit Card Scheme”.

(ii) It shall come into force from the date of publication in the Official Gazette.

2. Definitions

Unless the context otherwise requires, the following terms shall have the meaning

assigned against each as follows: –

(i)

“Academic year” means the annual period during which academic instructions are

provided to the students.

(ii)

“Bank” means any State Co-operative Banks or Central Co-operative Banks or District

Central Co-operative Banks or any other Public and Private sector Banks.

(iii)

“Course fee” means tuition fees, examination fees, library fees, caution deposits etc., to be

charged by the School, College, University, or Institution in which the student concerned is

receiving academic instruction.

(iv)

“Corpus Bank” means a scheduled commercial bank selected by the DHTE for placing the

fund allocated for implementation of the scheme.

(v)

“Diploma Courses” means three years course after 10th class or two years course after

12th class.

(vi)

“DHTE” means the Department of Higher and Technical Education, Government of

Jharkhand.

(vii)

“GSCC Development Agency” means agency to be responsible for the development and

maintenance of the web-portal and mobile application of GSCC.

(viii) “Institution(s)” means a school/college/university notified by the High-level committee in

which student shall secure admission for eligibility under the scheme.

(ix)

“Institutional” means the portion of loan that will be credited directly to the

designated bank account of the Institution.

(x)

“Legal guardian” means a person who is appointed to look after a student (in

absence of his father and mother, including stepfather and stepmother) lawfully, as

permitted under the personal law of inheritance and succession of the student

concerned or some other person declared as such, by any competent Court of Law

in India.

(xi)

“MeiTY”

means

Ministry

Electronics

and

Information

Technology,

Government of India.

(xii) “Member Lending Institution (MLI)” means the State Co-operative Banks or Central

Co-operative Banks or District Central Co-operative Banks or any other Public and

Private sector Banks empanelled for lending activities under the scheme.

(xiii) “Non-Institutional” means the amount of loan that will be credited directly to

Student’s Bank Account.

(xiv) “Non-Institutional Advance” means a one-time advance available to the student as

a portion of Non-Institutional Expense.

(xv) “Professional course” means the courses done in medicine, surgery, engineering,

architecture, law, business, economics, accountancy, physiotherapy, psychology,

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

technology, education, etc. which are recognized by any statutory authority in India

constituted as such under any Central or State enactments or any statutory

authority of any other Country.

(xvi) “Research at Doctoral / Post-Doctoral Level” means undergoing Ph.D. Course /

Courses Post Ph.D. Level / any course involving research work as required by

university or the relevant academic body.

(xvii) “Residence” means the residential address of the student mentioned in

AADHAAR.

(xviii) “Scheme” means the Guruji Student Credit Card Scheme.

(xix) “School” means school providing secondary and higher secondary education and

includes private schools under the administrative control of the boards/ councils

active in the State of Jharkhand.

(xx) “Student” means a student who has completed class 10^th (in case pursuing

diploma) or class 10^th and 12^th (for pursuing UG and above) from a recognized

school active in the State of Jharkhand and is applying for a loan under this

Scheme.

(xxi) “Stakeholders” means the administrators and end user of the web portal.

(xxii) “State Government” means the Government of Jharkhand.

(xxiii) “University” means State/Central/Private Universities and Deemed Universities.

(xxiv) “Web-Based Portal” means the Guruji Student Credit Card Scheme portal and the

Guruji Student Credit Card Scheme mobile app developed by corpus bank and

hosted on State Data Centre of Jharkhand/MeiTY Cloud Service Provider.

(xxv) “Public Demand Recovery Act” means the Bihar and Odisha Public Demand

Recovery (Jharkhand-Amendment) Act 2016

3. Objective of the Scheme

The Scheme outlined herein aims at providing financial support/ assistance by the State

Government at a nominal interest rate (with suitable guarantees to the bank) to the

students who have completed Class 10^th from a recognised school in the state of Jharkhand

to pursue diploma courses and Class 10^th and Class 12^th from a recognised school in the

state of Jharkhand to pursue undergraduate and above courses. Students who are unable

to pursue

higher education due to financial constraints can avail this scheme to pursue

undergraduate, postgraduate courses including professional degree, diploma courses and

research at doctoral/ post-doctoral level or other similar courses in institutions like IITs,

IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IISc, IIFTs, ICFAI

Business School

etc., within the country. The primary objective is to provide meritorious students with an

opportunity to pursue higher education, with financial support from the banking system

under reasonable and affordable terms and conditions. Under this scheme the aspiring

students fulfilling the terms and conditions detailed herein, may obtain maximum loan of

Rs 15 lakhs (Rupees Fifteen lakhs) at simple interest rate of 4% per annum from State

Cooperative Banks and its affiliated Central Cooperative Banks and District Central

Cooperative Banks and Scheduled Commercial Banks operating in the State of

Jharkhand.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

4. Purpose

The sanctioned loan amount shall be decided by the Member lending institution (MLI)

based on the fee structure of the institution in which the applicant has secured admission.

The sanctioned loan amount may be utilised under the following categories: -

(i) The student may utilise the entire sanctioned loan amount for Institutional expenses

during the period of study, which includes: -

(a) Fees payable for pursuing education in the institutions within and outside of the

state (within India) which have ranked up to 200 in the overall list or have

ranked up to

100 in their respective individual category of NIRF Rankings or have been

accredited grade either “A" or above by NAAC as course/tuition fees.

(b) Fees payable for accommodation in the institution hostel, if included in the

fee structure.

(d) Fees payable for caution deposit/ building fund / refundable deposit/

examination/ library/ laboratory, if included in the fee structure.

(e) Fees payable for study material such as books/computer/laptop/tablet etc.

provided by the institute, if included in the fee structure.

(ii) The student may utilise maximum up to 30% of the total sanctioned loan amount for

Non-Institutional expenses during the whole period of study which includes: -

(a) Expenses incurred as rent/ license fees for living outside the hostel or living as

a Paying Guest.

(b) Expense incurred by the student for availing mess/food services from any

sources other than School/ College/ University/ Institution.

incurred

travel for

participation in

study tours/

conferences/ seminars / competitions approved by appropriate authority.

(d) Expenses incurred in travel from the institution to the place of residence.

(e) Expenses incurred for purchasing medical aids by specially-abled students.

(f) Expenses incurred for hiring Day Care/ Child Care Services by Women with

child/children between ages 0 to 5 years.

(g) Advance available as Non-Institutional Advance to be claimed as the first

disbursement of Non-Institutional Expense.

(h) Non-Institutional Advance shall be a one-time advance available to the student

up to the Non-Institutional expense limit available per semester.

(i) If unutilised, the Non-Institutional Advance shall be carried over to the next semester.

The High-level committee may make changes in fees/expense/advance covered

under institutional and non- institutional expenses, as it deems fit, for the smooth

implementation of the scheme.

5. Student Eligibility

(i)

The student should be an Indian national and must have completed, from a recognized

school in Jharkhand, Class 10^th to pursue diploma and Class 10^th and 12^th to pursue

undergraduate or higher courses.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Student Registration

Student submits loan

application, required

undertaking and

admission

document/letter

Choice of MLI by

student

Approval by MLI

(ii) The student should have secured admission in institutions like IITs, IIMs, IIESTs, ISIs, NLUs,

AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc within and outside

of the state (within India) which are ranked up to 200 in the overall list or ranked up to 100

in their respective individual category of NIRF Rankings or have been accredited grade

either “A" or above by NAAC.

(iii) The student should not be aged more than 40 (forty) years at the time of application for

loan.

(iv) The student should not be a prior beneficiary of the Scheme.

(v) The student should not have availed education loan from any State Co-operative Banks or

Central Co-operative Banks or District Central Co-operative Banks or any Public or Private

sector Banks for the course in which he/she is applying for loan under the Scheme.

6. Indicative Process Flow for various functions under the

Scheme

(i) Application and loan disbursement

(a) Student Registration – The student registers on the web-based portal by filling

the required details as approved by the High-level committee.

(b) Student submits loan application. – The student submits the detailed loan

application form as per the format approved by the High-level committee.

truthfulness of fulfilling of all eligibility criteria under the scheme and accepting

any legal/penal

liability, if found incorrect. The student shall also provide details of the

benefits availed by him/her under any scholarship scheme, if any.

(d) Admission Document Upload - The student uploads the admission letter and fee payment

schedule of the institute.

(e) Choice of MLI by student – The student chooses one MLI from the list of onboarded MLIs

for loan application.

(f) Approval by MLI – After due process and scrutiny, MLI approves/rejects the student loan

application, quantum of loan amount and timeline of disbursement.

MLI uploads details

of the loan like

amount, duration

and repayment

period

Corpus Bank blocks

the interest

subvention amount

for the disbursed

loan

MLI disburses

course fees to

academic institution

Payment of interest

subvention amount

to the MLI as per

decided frequency

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

MLI uploads the

repayment schedule

Request for

subvention raised by

the MLI to DHTE

The portal auto

validates the current

status of the Loan

Account

Interest payment

updated on

Dashboard of all

Stakeholders

Disbursement of

Interest by Corpus

Bank

DHTE sends request

to the Corpus Bank

for disbursement of

interest subvention

(g) MLI uploads details of loan like amount, duration, and repayment period- After

sanctioning the loan to the student, the MLI shall upload the sanction letter stating the

quantum, interest charged, moratorium period/repayment holiday and repayment period.

(h) Corpus Bank blocks the interest subvention amount for the disbursed loan – The portal

auto calculates the interest subvention amount against the disbursed loan and blocks this

amount for the loan account from the corpus fund.

(i) MLI disburses loan to the institution – MLI’s disburses the institutional expense amount to

the designated bank account of the institution as per the payment schedule uploaded by

the student.

(j) Payment of interest subvention amount to the MLI as per the decided frequency– The

portal shall autopay the interest subvention amount against the disbursed loan to the MLI

as per the decided frequency between DHTE and MLI.

(ii) Interest Subvention

(a) MLI's upload repayment schedule- After loan is disbursed, the MLI’s upload all loan details

with detailed calculation of interest payable as per the frequency and in the format

approved by High-level committee.

(b) Request for subvention raised by MLI- MLI shall raise a request for interest subvention for

set of loans which shall be disbursed on a quarterly basis by the corpus bank.

account flagged for NPA or not.

(d) Request sent to Corpus Bank- If not declared as NPA notification send to the corpus bank

for disbursement of interest subvention.

(e) Disbursement of Interest by Corpus bank- Corpus Banks disburses interest subvention

amount as on the due date as per repayment schedule.

(f) Interest payment updated on Dashboard of all Stakeholders- The interest payment

details get auto updated on the dashboard of all the stakeholders.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Notification to student

for fee payment

Marksheet & self-

declaration to be

uploaded by Student

Request flows to MLI

dashboard for

approval and

verification

The total loan amount

gets auto updated for

the student and

DHTE's financial

liability is updated

MLI uploads

disbursement

certificate

Disbursement of fees

in the designated

bank account of the

institution

Web Portal sets

limit as per student

choice

Web Portal allows

student to raise new

claim

Status of previous

claim is checked by

Web Portal

Quantum of claim

reflected as loan on

dashboard of

stakeholders

Approval and

disbursal of claim by

MLI

Verification by MLI

(iii) Disbursement of Institutional Expense

(a) Notification to student for Fee Payment- As per the fee payment schedule uploaded by

the student, the web portal notifies the student to submit the required documents before

the scheduled date for fee payment.

(b) Marksheet & self-declaration uploaded by Student- The student uploads valid marksheet

of last semester indicating the student has passed the semester. The student shall also

submit a self-declaration stating that he has maintained an attendance of least 75% in the

previous semester The student raises request for fee payment with the due date for

payment of fees.

fee payment request against the particular loan account and verifies it against the fee

payment schedule and marksheet.

(d) Fee disbursement to Institute in designated bank account- If satisfied, the MLI disburses

the required fee as per the fee schedule to the Institution's Bank Account.

(e) Disbursement Certificate uploaded by the MLI- The MLI uploads the disbursement

certificate, and the loan liability gets updated on the student’s as well as on DHTE's

dashboard.

(f) The total loan amount gets auto updated for the student and DHTE's financial liability is

updated against the loan account.

(iv) Reimbursement of Non-Institutional Expense

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Web Portal

calculates available

Non-Institutional

Advance limit

Limit gets updated

on student

dashboard

Request for advance

raised as first

disbursement of

Non-Institutional

expense

MLI decides on

student's request

for advance

Student can raise

grievance in case of

delay beyond the

prescribed timeline

MLI approves or

rejects the Bill

Bill submission by

student against

advance

Approval and

disbursement by

MLI with auto

updation of limit

and financial

liability

(a) Web Portal sets limit as per student choice- Non-Institutional Expense Limit is set by the

system as per the payment schedule of the institution.

(b) Web Portal allows student to raise new claim- If claimed, system allows submission of

bill/documents and entry of details as per format provided by MLI's

Non-Institutional Expense is settled by MLI or not.

(d) Verification by MLI - On submission of valid bills/documents, MLI verifies the claim and

decides to approve or reject the expense.

(e) Approval and disbursal of claim by MLI- If approved, then the approved amount gets

disbursed from MLI to student bank account provided in the portal and MLI uploads a

payment confirmation slip on the portal.

(f) Quantum of Claim reflected as loan on dashboard of stakeholders- The disbursed loan

amount gets added to the student loan account and financial liability for student and DHTE

is reflected on respective dashboards. Corpus makes appropriate arrangement for

payment of interest subvention for the new disbursement.

(g) If rejected, student has the option to raise objections against the rejection on the

grievance redressal system.

(v) Non-Institutional Advance Claim by Student

(a) Web Portal calculates available Non-Institutional Advance limit- The Web Portal auto

calculates the limit for Non-Institutional Advance from the Non-Institutional Expense limit

approved by the MLI

(b) Limit gets updated on student dashboard- This limit gets updated on the student

dashboard as an advance which can be claimed by him/her as a one-time advance during

his/her period of study.

required by the student, he/she raises request on the web-portal to the MLI by selecting

the quantum of and reason for the Non-Institutional Advance. It must be the first

disbursement of Non-Institutional expense for the student.

(d) MLI decision on student’s request for advance- After due verification, the MLI

approves/rejects the request for non-institutional advance.

(e) Approval and Disbursement by MLI with auto updating of limit and financial liability- If

approved, the MLI disburses the advance to the student bank account and financial

liability is auto updated against the student loan account, MLI and DHTE.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Loan account flagged

as NPA/ probable NPA

by MLI

Account gets reflected

on DHTE dashboard

MLI raise request for

invoking the credit

guarantee

Student

accepts/rejects charges

under PDR Act

After approval by

DHTE, notification is

sent to student

regarding charges

under PDR Act

MLI submits

document trail

showing efforts taken

by it for recovery of

loan

DHTE authorises

corpus bank to release

funds as required

Corpus Bank disburses

fund authorized by

DHTE and updates

financial data of the

loan account

Funds for Interest

Subvention are

unblocked and DHTE is

notified to start

proceedings under

PDR Act

(f) Bill submission by student against advance- The student must submit valid bills/documents

against the advance as required by MLI.

(g) MLI approves or rejects the Bill- MLI approves or rejects the bill. If rejected, student has

option to resubmit valid bill. Until then, further disbursement of Non-Institutional Advance

is on hold.

(h) Student can raise grievance in case of discrepancy and delay beyond prescribed

timeline- The Non-Institutional Advance limit available gets automatically updated

on the student dashboard. He/she can raise a grievance in case of any discrepancy

(vi) Credit Guarantee Claim against defaulted loan accounts

by MLI

(a) Loan account is flagged as NPA/ probable NPA by MLI for qualifying the criteria set

by the Reserve Bank of India.

(b) Account gets reflected on DHTE dashboard- The flagged loan account appears on

DHTE Dashboard as NPA/prospective NPA.

days from the date of last NPA declaration, MLI can raise a request for invoking the

credit guarantee against the loan account to the DHTE.

(d) MLI submits document trail - MLI uploads the detailed document trail for activities

undertaken against the default loan account for the recovery of loan.

(e) After approval by DHTE notification sent to student regarding charges under PDR

Act- If the guarantee is approved after scrutiny, DHTE notifies the student about

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

the charges and recovery under PDR Act.

(f) Student to accept charges- Student accepts the charges under PDR Act for the

defaulted loan account.

(g) DHTE authorizes corpus bank to release funds as required- DHTE authorizes Corpus

Bank to disburse the amount approved under the Credit Guarantee Arrangement.

(h) Corpus Bank disburses fund authorized by DHTE and updates financial data of the

loan account- Corpus Bank disburses the amount approved by DHTE and the

request gets updated automatically on the portal. The overall financial liability of

Student, DHTE and MLI gets automatically updated by the system.

(i) Unblocking of Funds- Funds blocked under interest subvention head in the corpus fund

against the default loan account gets unblocked.

(j) Notification to DHTE to start proceedings under PDR Act- DHTE gets notified to start

proceedings under Public Debt Recovery Act against the defaulted borrower/co- borrower.

7. Development of Web Portal

The web portal of the Scheme shall be developed by the development agency to be

referred henceforth as Web Portal Development Agency, who shall be responsible for the

development and maintenance of the web-portal and mobile application. The broad

functions of the Web Portal Development Agency shall be but not limited as mentioned

below: -

(i)

The Web Portal Development Agency shall develop and maintain the web-portal

which include web version as well as mobile version of the web application and

shall also develop mobile application of the same, to its full functionality and

ensure that it is hosted on the State Data Centre of Jharkhand/MeiTY Cloud

Service Provider.

(ii) The Web Portal Development Agency shall ensure that web portal adhere to the

Guidelines for Indian Government Websites (GIGW - 2018) and is issued a Certified

Quality Website (CQW) mark by SQTC, MeiTY, Government of India.

(iii) The Web Portal Development Agency shall ensure periodic security audits of the

web-portal by CERT-IN or STQC IT LABS empanelled auditors from time to time.

(iv) The Web Portal Development Agency shall have ISO 20000-1, 27001, 20022 and

27018 certifications.

(v) The Web Portal Development Agency shall prepare the Wireframes, Functional

Requirement Specifications (FRS), Software Requirement Specifications (SRS) and

Business Requirement Document (BRD) document of the web portal and get the

same approved by the High-level committee.

(vi) The Web Portal Development Agency shall conduct load testing and performance

testing of the web portal.

(vii) The Web Portal Development Agency shall establish and operate toll free helpline

number(s) for queries regarding the scheme or any technical issues raised by

stakeholders of the scheme.

(viii) The Web Portal Development Agency shall establish secured data storage

facilities for storing all scheme related information.

(ix) The Web Portal Development Agency shall make provisions in the portal to access

external APIs as and when required by the DHTE.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

8. Functional scope of Stakeholders in the Web-Portal

(i) Student

(a) The student shall have access to his individual dashboard on the web-based

portal containing information about all stages of application processing,

periodic disbursement of Institutional Expense by MLI, status of reimbursement

claims for Non-Institutional Expense, due date of monthly loan repayment, loan

account being declared NPA etc.

(b) The student shall upload all relevant documents required for verification of

eligibility.

scheme.

(d) The student shall submit an undertaking regarding the truthfulness of the

information and documents uploaded or provided by him/her under the scheme.

(e) The student shall upload admission letter and payment schedule of the institution.

(f) The student shall upload required bills/receipts/tickets/certificates/any other

document to the MLI for reimbursing non-Institutional expense and against claimed

non-institutional advance.

(g) The student shall upload marksheet/pass certificate for each semester/ year as

required by the MLI for the periodic disbursement of Institutional Expense.

(h) The student shall be able to raise query/tickets to seek clarification on any

claim/reimbursement/payment discrepancy.

(i) The student shall receive regular notifications via SMS/Email for all stages of

application processing, periodic disbursement of Institutional Expense by MLI, status of

reimbursement claims for Non-Institutional Expense, due date of monthly loan

repayment, loan account being declared NPA etc.

(ii) DHTE

(a) DHTE shall appoint designated Nodal Officer/s for accessing the web-based

portal at the department Level.

(b) DHTE shall access KPIs of the scheme like No. of applications received,

approved, rejected etc, analyse and incorporate modifications into its process

or policy.

liability, default liability, active loan accounts, loan accounts under NPA, status

of AGF payment, real time balance of the corpus fund etc via a dashboard on

the portal.

(d) DHTE shall access individual loan details to monitor disbursement timelines of

the MLI to the institution, payment history of DHTE and the student to the MLI

and reimbursement status of the Non-Institutional Expense submitted to the

MLI by the student.

(e) DHTE shall access the outstanding loan amount with each MLI for Annual

Guarantee Fee to be paid by the MLI.

(f) DHTE shall access detailed paper trail showing efforts made by the MLI for

recovering the outstanding loan amount in the loan accounts for which credit

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

guarantee has been invoked.

(g) DHTE shall intimate the student regarding charges under PDR Act if loan

account is not settled.

(h) DHTE shall approve the quantum of fund to be released against the Credit

Guarantee in case of defaulted loan accounts.

(i) DHTE shall alter the EBLR Rate as and when altered by the State Bank of India.

(iii)

Member Lending Institution (MLI)

(a) The MLI shall appoint designated officers for accessing the web-based portal.

(b) The MLI shall verify the basic eligibility criteria of the student for the Scheme.

rejection, it shall be able to either choose auto-populated or a custom reason

for rejection.

(d) The MLI shall upload the sanction letter and periodic disbursement letter for

Institutional Expense, approve the reimbursement claims for Non-Institutional

Expense and settle claims against Non-Institutional Advance.

(e) The MLI shall upload/update all financial data relating to the loan account like

date of periodic disbursements, due date, and date of interest payment by the

student, loan accounts turned NPA, payment date of Interest Subvention etc.

(f) The MLI shall upload detailed paper trails of all measures taken by the MLI for

recovering the outstanding loan amount for the loan accounts against which

the credit guarantee has been invoked.

(g) The MLI shall have access to the dashboard containing all financial and non-

financial details about each loan disbursed by them, AGF guarantee to paid to

DHTE, payment of Credit Guarantee by DHTE for loan accounts under default.

(iv) Corpus Bank

(a) The Corpus Bank shall appoint designated officer/s for accessing the web-based

portal.

(b) The Corpus Bank shall either act as the Web Portal Development Agency or

empanel an organisation/development agency to act as the Web Portal

Development Agency.

portal and the Web Portal Development Agency.

(d) The Corpus Bank shall ensure the proper functioning of the development

agency and provide helpdesk support for the students as well as MLIs to resolve

their grievances

(e) The Corpus Bank shall upload/update the portal regarding any financial inflow

and outflow like payment of interest subvention, credit guarantee against

default, realisation of AGF amount from MLI, periodic infusion from the

department.

(f) The Corpus Bank shall notify the DHTE about any financial discrepancy

regarding inflows and outflows in the Corpus Fund.

(g) The Corpus Bank shall monitor the utilisation level of corpus fund and suggest

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

appropriate levels for smooth implementation of the Scheme.

(h) The Corpus Bank shall supply any form of financial information as and when

required by the High-level committee.

9. Constitution of High Level Committee

The DHTE shall constitute a High-level committee to ensure smooth

implementation, coordination, monitoring of the scheme. The constitution of the

High-level committee shall be as follows: -

Director, Higher Education, Department of Higher & Technical

Education, Government of Jharkhand

Chairperson

Director, Technical Education, Department of Higher and Technical

Education, Government of Jharkhand

Vice-

Chairperson

Representative from Department of Finance (Deputy Secretary or

above)

Member

Representative from Cabinet Secretariat and Vigilance Department

(Vigilance Section) (Deputy Secretary or above)

Member

Representative from Department of Information Technology & E-

Governance (Deputy Secretary or above)

Member

SC/ST Representative from Department of Personnel, Administrative

Reforms and Rajbhasha (Deputy Secretary or above)

Member

Two banking sector officers (Manager or above) nominated by SLBC

(one expert from credit and other expert from IT field) preferably from

the Corpus Bank

Member

Deputy Director, Higher Education, Department of Higher and

Technical Education, Government of Jharkhand

Member

Secretary

Special Invitees- as authorised by the Chairperson

The Committee will convene quarterly or as and when directed by the Chairperson to

monitor progress of the scheme and to deliberate on issues, if any regarding the smooth

implementation of the Scheme.

10. Powers and Functions of the High Level Committee

(i)

To monitor the overall progress of the scheme.

(ii)

To approve SoPs (Standard Operating Procedure), DCF (Data Capture Formats),

Process Flows, Functional Requirements, MoU’s, Agreements etc. for the scheme.

(iii)

To decide and approve the colleges and courses for which the scheme shall

be applicable.

(iv)

To coordinate with all stakeholders for smooth implantation of the scheme.

(v)

To ensure periodic audits of the IT system of the Scheme.

(vi)

To ensure periodic financial audits of the Scheme by empanelled Concurrent

Auditors of MLI and analyse their reports.

(vii) To prepare the Annual Progress Report of the scheme.

(viii) To propose limits on scheme related finances including the yearly corpus

required for smooth implementation of the scheme.

(ix)

To approve and authorize the unblocking of funds set aside for interest

subvention payments and use it for any purpose it deems necessary.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(x)

To deliberate and approve the Nodal Officer/Financial and Disbursement

Authority.

(xi)

To approve decisions related to recovery of loan from accounts under default by

invocation of Public Demand Recovery (Jharkhand Amendment) Act, 2016 or any

other means as deemed fit by the committee.

(xii) To deliberate, approve and procure manpower, technological and hardware

requirements pertaining to the scheme.

(xiii) To create and empower sub-committees/district level committees for monitoring

of scheme at state/district level.

(xiv) To empanel service providers for setting up Grievance/Helpdesk to address

issues/queries raised the student on the portal.

(xv) To constitute the Project Monitoring Unit (PMU) under the scheme and analyse

the inputs and feedbacks given by the PMU.

(xvi) Any other decision related to the smooth implementation and functioning of the

scheme.

11. Constitution of High Power Monitoring Committee

(i)

The State Government shall set up a High-power monitoring committee under

the Chairpersonship of Divisional Commissioner, Jharkhand for regular

monitoring of the progress of the scheme of the scheme.

(ii)

The High Power Monitoring Committee shall hold the at least 2 (two) review

meetings in a year to monitor the progress of the schemes.

(iii)

The High Power Committee shall act as an advisor to the State Government and

monitor whether the scheme’s performance is in line with the envisaged

mission and vision of the Government.

(iv)

The constitution of High Power Monitoring Committee shall be as follows: -

Development Commissioner, Jharkhand

Chairperson

Addl. Chief Secretary/Principal Secretary/Secretary, Department of

Higher and Technical Education

Member

Addl. Chief Secretary/Principal Secretary/Secretary, Department of

Finance

Member

Addl. Chief Secretary/Principal Secretary/Secretary, Department of

Information Technology & E-Governance

Member

Addl. Chief Secretary/Principal Secretary/Secretary, Department of

School Education and Literacy

Member

Addl. Chief Secretary/Principal Secretary/Secretary, Department of

Labour, Employment, Training and Skill Development

Member

Representative of State Level Banking Committee (not below the rank

of Deputy General Manager)

Member

Director, Higher Education, Department of Higher & Technical

Education

Member

Secretary

12. Quantum of loan and documentation

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(i)

The maximum loan available under the Scheme is Rs. 15 lakhs (Rupees Fifteen lakh) at

subsidised rate of 4% p.a. simple rate of interest to the student.

(ii) The rate of interest to be charged by the MLI shall be at prevalent EBLR of State Bank

of India Plus 1.5% p.a. simple interest. For girl students, additional benefit by way of

further reduction of rate of interest by 0.50% p.a. to be extended by the Banks, thereby

making the effective rate of interest @ EBLR of State Bank of India Plus 1%p.a. simple

interest rate. The rate of interest shall be floating and periodically revised as per revision in

the EBLR of State Bank of India and calculated at simple interest rate for the entire

duration of the loan.

(iii) The concerned MLI shall upload the details of the loan in the web-portal immediately after

disbursement of the loan and such detail shall be updated by the MLI in the web- portal

from time to time.

(iv) The loan application should be submitted by the student with the parent/ legal guardian

as co-borrower.

(v) Student and their Parents/ Legal Guardians shall enter into an agreement with the MLI.

13. Margin Money

(i)

Up to Rs. 4.00 Lakhs: NIL

(ii) Above Rs. 4.00 Lakhs: 5% of the total sanctioned loan amount.

(iii) Scholarship/ Assistance ship to be included in Margin.

(iv) Margin will be brought in one year to year basis as and when disbursements are made on

a pro-rata basis in applicable cases.

14. Security

The MLI shall not insist on any security /collateral security in tangible/ intangible form

on the student other than the co-obligation of the parents/ Legal guardians during the

loan sanctioning process.

15. Insurance

There shall be a life cover in the name of the student up to the sanctioned loan amount.

The insurance premium is to be borne by the students and the same may be debited from

their loan account.

16. Corpus Fund

(i) This fund shall be placed in a designated flexi bank account of the corpus bank for the

purpose of this scheme.

(ii) The interest accrued shall be payable as per the prevailing interest rate of the corpus bank.

(iii) The High-level committee/DHTE shall authorize the corpus bank for disbursements from

this fund.

(iv) The High-level committee shall determine on the appropriate division of the fund under

two (2) heads for payment of interest subvention and Credit Guarantee in case of default

by borrower.

(v) The web portal shall determine the interest subvention amount required for serving the

loan for its entire repayment term/duration and shall block this amount against each

education loan application.

(vi) The High-level committee shall review and submit recommendations of the quantum of

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

fresh fund required every year required for the smooth implementation of the scheme.

(vii) The High-level committee can approve and authorize to unblock the funds set aside for

interest subvention payments and use it for any purpose it deems necessary.

17. Mode of Disbursement

(i)

The Institutional expense will be credited directly to the designated account of the

Institution concerned in case of payment of course fees and other fees related to the

Institution as per the institution’s payment schedule uploaded by the student on the

portal.

(ii)

The Non-Institutional expense shall be reimbursed to the student’s bank account on

submission of valid bills/certificates/tickets etc on the portal subject to the condition that

all previous claims of Non-Institutional expense has been settled by the MLI.

(iii) The maximum amount of Non-Institutional expense available per semester to the student

shall be proportional to the Institutional expense disbursed per semester as per the

payment schedule of the institution.

(iv) The sub clause (ii) of this section shall not be applicable to the Non-Institutional Advance

which shall be available as a one-time advance of Non-Institutional Expense to be

disbursed to the student’s bank account.

(v)

The amount of Non-Institutional Advance cannot breach the overall limit of Non-

Institutional Expense as mentioned in sub clause (iii) of this section.

(vi) The student should submit valid bills/documents for utilisation of Non-Institutional

Advance, within the time specified by the High-level committee failing which no further

reimbursements of Non-Institutional expense shall be made to the student.

(vii) The MLI shall not charge any processing fee for sanctioning and disbursement of

loan/expense/advance.

18. Maximum Loan Approval Limit

The maximum loan amount to be approved every financial year shall be fixed at Rs

500 Crore (Rupees Five Hundred Crore). The High-level committee, if it deems

necessary, may alter/modify the maximum loan amount to be approved for the

financial year.

19. Timeline

There shall be a defined turn around time (ToT) for all the processes in the Scheme. The

High-Level Committee shall decide the time required for each process and may alter/

modify the time limit, if necessary for the smooth implementation of the Scheme.

20. Repayment Holiday / Moratorium

There will be a moratorium or repayment holiday of one year under this scheme after

completion of the course or one year after getting an employment, whichever is earlier.

21. Repayment

(i)

The repayment period shall be 15 (fifteen) years for any loan availed under this

scheme including the moratorium/ repayment holiday and the period of study.

(ii) The student or his/her parent/ legal guardian can repay the loan amount at any

time before the stipulated period of repayment and in case of early repayment of

the loan there shall be no penalty or processing cost charged by the MLI.

(iii) The student shall have an option to either start repayment during his period of

study or avail moratorium/repayment holiday as prescribed in section 09 of the

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Scheme.

(iv) If the student chooses the option to fully service the interest of the loan during

his/her period of study, there shall be a concession of 1% p.a. in interest rate

applicable for the entire duration of the loan. The financial liability of the

concession shall be borne by the MLI.

(v) The student or the co-borrower shall be liable to repay the loan on time as 1st

charge.

(vi) The loan will be made available at the rate of 4% p.a. simple interest rate to the

student.

(vii) The DHTE shall provide appropriate subvention of interest rate for all the

borrowers during the entire period of the Loan to restrict the actual rate of simple

interest to 4% per annum, at student level.

22. Internal Monitoring System

The internal monitoring of the scheme shall be done by the High-level committee or by

any committee that the High-Level Committee may create for this purpose. A Project

Monitoring Unit (PMU) consisting of professional consultants (such as chartered

accountant, financial analyst, management/ functional consultant, technical consultant,

project lead, etc.) shall be set up by the DHTE for assisting the High-Level Committee in

smooth implementation of the scheme. The role and functions of the PMU shall include:

(i)

To assist the High-level committee in overall management, monitoring, and

reporting of the Scheme.

(ii) Conducting AS-IS assessment to understand current systems and integration with

banking, treasury system for assistance in development of a web-portal for the

scheme

(iii) Developing conceptual model and strategic roadmap for the web portal in the

scheme detailing architecture, modules, and functions of the system. This is to act

as a framework for implementation.

(iv) Coordinating with stakeholders for web-portal development.

(v)

Assistance in conducting UAT (User Acceptance Test) and coordination with corpus bank

for rectification/improvement.

(vi) Assistance in development of fund management rules and other SoPs for scheme

implementation.

(vii) Submitting monthly reports and analysis of total financial burden on state basis the

number of applicants and loan disbursed.

(viii) Bid process management for hiring SI for technology development, if required.

(ix) Training assistance to DHTE or any other stakeholder as and when required.

(x)

Updating the list of institutions and course/s eligible covered under the Scheme as per the

latest NIRF Rankings and NAAC Accreditations every year for submission to the High-level

committee for approval.

(xi) Analysing KPIs of the scheme like no. of beneficiaries, quantum of loan disbursed,

no. of loan account under default, level of the corpus fund etc and drawing

meaningful insights from it

23. Public Grievance Redressal System

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

The DHTE shall set up a public grievance redressal cell headed by a Senior Officer just

below the rank of Director, Higher Education. It shall consist of the helpdesk support

set up by the corpus bank for the smooth implementation of the Scheme. The cell shall

work in coordination with the PMU to provide training to helpdesk employees on basic

issue resolution and FAQ preparation pertaining to the Scheme. It shall analyse monthly

reports submitted by the helpdesk and apprise the High-level committee regarding any

issues in the implementation of the scheme.

24. Issuance of Identification Card

Students studying in Class 12^th from any government/private school in State of

Jharkhand who are interested in availing the benefit of this scheme shall get a system

generated e- Card after registration on web portal. The student may store this e-card in

digital form or get it printed to store it in physical form.

25. Awareness and Outreach Programs for the Scheme

The meritorious students of Jharkhand shall be the targeted beneficiary of the Scheme. A

multi-level awareness campaign and outreach program shall be conducted by all the

stakeholders for ensuring high participation in the scheme. A non-exhaustive list of

activities to be carried out by the stakeholders are as follows: -

(i)

Fixing of Posters and Banners with key highlights of the scheme at all schools, colleges,

universities, and other Higher Education Institutions of the state.

(ii)

Fixing of Posters and Banners across all State Government Offices at district, subdivision,

block, and panchayat level.

(iii) The District Collectors/Divisional Commissioners shall be responsible for public outreach

and awareness activities of the scheme in their respective districts.

(iv) The Department shall publish advertisements regarding key highlights of the scheme in all

leading newspapers of English and Hindi Language.

(v)

The Department shall publish advertisements in Cinema Halls/Multiplexes, FM Radio

Centres, Targeted YouTube channels/geo-fenced locations regarding the key highlights of

the scheme.

(vi) The Department shall request all Hon’ble Member of Legislative Assembly (MLA), Member

of Parliament (M.P.) of Jharkhand to share key highlights of the scheme on their official

social media accounts like Twitter, Facebook, Instagram, Koo etc.

(vii) The State Government shall affix posters of the scheme on all City Transport Buses, and

other public transport system.

(viii) All empanelled MLI’s and Corpus Bank shall prominently affix posters and banners of the

scheme in all their branches/offices/customer service centre/regional and zonal offices of

the state.

(ix) All empanelled MLI’s and Corpus Bank shall make available the link of GSCC Scheme Portal

and soft copy of the detailed guidelines of the scheme on their Education Loan section of

their website prominently display it on their website homepage.

(x)

The School Education & Literacy Department shall conduct seminars/workshops/lectures

by District Education Officers (D.E.O) and Block Education Officers (B.E.O) in all schools

under their respective jurisdictions for spreading awareness about the scheme.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Chapter 2: CREDIT GUARANTEE ARRANGEMENT FOR GSCC

SCHEME

1. Title and date of commencement

(i) The Arrangement shall be known as the Guruji Student Credit Guarantee Arrangement for

Student Education Loans (GSCGASEL).

(ii) It shall come into force from the date of notification by the Government of Jharkhand.

(iii) New education loans sanctioned under the Guruji Student Credit Card (GSCC) scheme

(herewith after called the Scheme) after the date of notification of the scheme with

features as under will be eligible for the coverage under the scheme.

2. Loan Limit

The maximum loan limit under this scheme is Rs 15 lakh (Rupees Fifteen Lakh) without

collateral security as specified in the scheme.

3. Interest Rate

For the entire amount of loan sanctioned up to Rs.15 lakh (Rupees Fifteen Lakh), rate of

interest to be charged by the Member lending institutions shall be at prevalent EBLR of

State Bank of India Plus 1.5% simple interest p.a. For girl students, additional benefit by

way of further reduction of rate of interest by 0.50% p.a. to be extended by the Banks,

thereby making the effective rate of interest @ EBLR of Sate Bank of India Plus 1%

simple interest p.a. However, ultimate rate of interest payable by the student borrower for

the entire loan quantum up to the maximum limit of Rs. 15 lakh (Rupees Fifteen Lakh)

will be at 4% simple rate of interest per annum, after application of the benefit of

interest subvention to be extended by the DHTE, Government of Jharkhand. The Rate of

Interest shall be floating and periodically revised as per revision in the EBLR of State

Bank of India and calculated at simple interest rate for the entire duration of the loan.

4. Margin

Up to Rs. 4 lakh Nil

Above Rs. 4 lakh 5% of the total sanctioned loan amount

Scholarship/ Assistance ship to be included in Margin.

Margin will be brought in one year to year basis as and when disbursements are

made on a pro-rata basis in applicable cases.

5. Definitions

Unless the context otherwise requires, the following terms shall have the meaning

assigned against each as follows: –

(i)

“Amount in Default” means the loan amount outstanding in the loan account(s) of the

student borrower, inclusive of accrued interest, as on the date of the account becoming

NPA, or the date of lodgement of claim application, whichever is lower, or such other

amount as may be specified by the Web-Portal.

(ii)

“Corpus Bank” means the designated bank in which the corpus fund for the scheme is

placed by DHTE.

(iii)

“Eligible borrower” means new or existing borrower with Indian Nationality and

having completed, from a recognized school, Class 10^th to avail the scheme to pursue

diploma, Class 10^th and 12^th for undergraduate and above courses in Jharkhand as

prescribed under Guruji Student Credit Card Scheme for pursuing Education in India and

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

executed loan documents with the member lending institution to avail education loan.

Parents/Legal Guardians will be the co-borrowers/joint borrowers. In case of a married

person, joint borrower can be either spouse or the parent(s)/parents-in-law.

(iv)

“Collateral security” means any asset in tangible/ intangible form other than co-

obligation of the parents/ Legal guardians.

(v)

DHTE” means the Department of Higher & Technical Education, Government of

Jharkhand responsible to operate the Guruji Credit Guarantee Arrangement for

Student Education Loans (GCGASEL).

(vi)

“Education Loan” means any financial assistance by way of loan, extended by the

member lending institution to the eligible borrower for pursuing education after

passing Class 10^th onwards to Undergraduate, Postgraduate courses including

professional degree, Diploma courses and research at doctoral/ post-doctoral

level or other similar courses in institutions like IITs, IIMs, IIESTs ISIs, NLUs, AIIMs,

NITs, XLRI, BITS, SPA, NID, IISc, IIFTs, ICFAI Business School etc, within the country

as per GURUJI Student Credit Card Scheme.

(vii) “Fund” means the Corpus fund under the scheme which shall be used for interest

subvention as well as Credit Guarantee Fund for Education Loans set up by

Government of Jharkhand with the purpose of paying interest subvention as well

as guaranteeing payment against default in Education Loans, extended by the

Member lending institutions(s) (MLIs) to eligible borrowers. The AGF for

outstanding loan amount shall be credited to the said fund by the MLIs.

(viii) “Flexi” means a account with features of Savings Account and Fixed Deposit.

(ix)

“Guarantor” means a person acceptable to the bank, who guarantees to repay the

education loan, in the event of failure of the borrower to repay.

(x)

“Guarantee Cover” means maximum cover (i.e., 100%) available per eligible

borrower of the amount in default in respect of the credit facility extended by the

member lending institution.

(xi)

“Institution(s)” means a school/college/university notified by the High-level

committee in which student shall secure admission for eligibility under the

scheme.

(xii) “Member lending institution(s)” mean identified Public Sector Banks, Private

Sector Banks and the Sate Cooperative Bank and its affiliated Central Cooperative

Banks and District Central Cooperative Banks of the State of Jharkhand and

Regional Rural Banks empanelled for lending activities under the Scheme.

(xiii) “Material date” means the date on which the guaranteed fee on the amount

covered in respect of eligible borrower becomes payable by the member lending

institution to the DHTE.

(xiv) “Non-Performing Assets” means an asset classified as a non-performing based

on the instructions and guidelines issued by the Reserve Bank of India from time

to time.

(xv) “Public Demand Recovery Act” means the Bihar and Odisha Public Demand

Recovery (Jharkhand-Amendment) Act 2016.

(xvi) “web portal” means the web based portal developed by the corpus bank for the

scheme and hosted on the State Data Centre of Jharkhand/MeiTY Cloud Service

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Provider.

Accordingly, all matters pertaining to the operations of GCGASEL would be undertaken

by DHTE through a High-level committee headed by a chairperson.

Scope And Extent of the Arrangement

6. Guarantees by the Fund

Subject to the other provisions of the Scheme, DHTE undertakes, in relation to Education

Loans up to Rs. 15.00 lakh to guarantee any default Education Loan referred to it by the

Member lending institution.

7. Education

Loan

eligible

under

the

Guarantee

Arrangement

(i) The Fund shall cover education loans extended by Member lending institutions(s) to an

eligible borrower as per Guruji Student Credit Card Scheme, on or after entering into an

agreement with the DHTE without any collateral security and/or third-party guarantee,

provided that the member lending institution applies for guarantee cover in respect of

education loans so sanctioned within such time period as per the procedures prescribed by

the DHTE for the purpose.

(ii) The member lending institution applies for guarantee cover in respect of education loans

disbursed in the quarter April-June, July-September, October-December and January-March

prior to expiry of the following quarter viz. July-September, October- December, January-

March and April-June, respectively on the web-portal.

(iii) As on the material date,

(a) There are no overdue in respect of the account to the member lending institutions

and/or the loan has not been classified as a Non-Performing Asset (NPA) in the books

of the member lending institution, and/or the activity of the borrower for which the

credit facility was granted has not ceased; and / or

(b) The credit facility has not wholly or partly been utilized for adjustment of any debts

deemed bad or doubtful of recovery, without obtaining a prior consent in this

regard from DHTE.

(iv) DHTE may, at its discretion, approve / frame a list of educational institutes and / or their

courses, loans for which the guaranteed cover will be available, or the DHTE may also

notify the categories of educational institutions/ course for which the guarantee cover shall

not be available.

8. Education Loans not eligible under the Scheme

The following Education Loans shall not be eligible for being guaranteed under the

Arrangement: -

(i)

Any Education Loan in respect of which risks are additionally covered by Government or

by any general insurer or any other person or association of persons carrying on the

business of insurance, guarantee or indemnity, to the extent they are so covered (other

than life cover in case of death of the student borrower).

(ii) Any Education Loan, which does not conform to, or is in any way inconsistent

with,the provisions of any law, or with any directives or instructions issued by the

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Govt. of Jharkhand or the Reserve Bank of India, which may, for the time being, be

in force.

(iii) Any Education loan which has been sanctioned by the member lending institution with

interest rate of more than as specified in the guidelines of Guruji Student Credit Card

Scheme.

(iv) Any Education loan which has been sanctioned by the member lending institution to the

student studying in any institution or course except the institution and course specified by

the DHTE.

9. Agreement to be executed by the member lending

institution

A Member lending institution shall be entitled to a guarantee in respect of eligible

Education Loan granted by it, after it has entered into an agreement with DHTE in such

form as specified by the DHTE. Further the Member lending institution, the Student and

DHTE shall enter into a tripartite agreement, as per the draft agreement provided in

Schedule 04 of the guideline.

10. Responsibilities of Member lending institution under the

scheme

(i)

The member lending institution shall evaluate and sanction Education Loan in accordance

with the Guruji Student Credit Card Scheme for pursuing studies in India and conduct the

account(s) of the borrowers with normal banking prudence and due diligence.

(ii)

The member lending institution shall disburse the Institutional Expense strictly as per the

fee payment schedule uploaded by the student. It should also ensure strict adherence to

turn around time (TaT) notified by the High-level committee

(iii) The member lending institution shall submit disbursement certificates as and when loan

disbursement is made against each loan account to claim the interest subvention for that

additional disbursed amount. If not submitted, then interest subvention will be

disbursed on the loan amount as-is for which the last disbursement certificate is uploaded.

(iv) The member lending institution shall ensure to submit the information required by the

DHTE for giving guarantee cover to the Education Loan borrower account.

(v)

The member lending institution shall ensure that the loan covered under credit guarantee

shall be non-dischargeable.

(vi) The member lending institution shall ensure that the loan sanctioned under this scheme is

non-transferable to any other MLI under this Scheme or any Scheduled Commercial Bank

outside this scheme except in case of merger of two or more MLI’s under this Scheme or

merger of a MLI under this scheme with a Scheduled Commercial Bank outside this

Scheme.

(vii) The member lending institution shall ensure linkage of every education loan with Aadhar

number and register the borrower’s/co-borrower’s name with an appropriate credit

information bureau.

(viii) The member lending institution shall closely monitor the borrower’s account and follow up

for repayment.

(ix) The member lending institution shall ensure that the guarantee claim in respect of the

Education Loan given to the borrower is lodged with the DHTE in the form an in the

manner and within such time specified by DHTE in this regard and that there shall not

be any delay on its part to notify the default in the borrower’s account which shall result in

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

DHTE facing higher guarantee claims.

(x)

The payment of guarantee claim by DHTE to the member lending institution does not in

any way takeaway the responsibility of the member lending institution to recover the

entire outstanding amount of the credit from the borrower with applicable interest.

(xi) The member lending institution shall exercise all the necessary precautions and maintain

its recourse to the borrower for entire amount of education loan owed to it and initiate

such necessary actions for recovery of the outstanding amount, including such action as

may be advised by DHTE.

(xii) The member lending institution must maintain and submit a trail to DHTE showing efforts

made for recovering the outstanding amount (including but not limited to communication,

notice served, visits etc) on the web portal or in any form required by DHTE.

(xiii) The member lending institution shall comply with such directions as may be issued by

DHTE, from time to time, for facilitating recoveries in the guaranteed account, or

safeguarding its interest as a credit guarantor, as DHTE may deem fit and the member

lending institution shall be bound to comply with such directions.

(xiv) The member lending institution shall, in respect of any guarantee account, exercise the

same diligence in recovering the dues, and safeguarding the interest of the DHTE in all the

ways open to it as it might have exercised in the normal course if no guarantee had been

furnished by the DHTE.

(xv) The member lending institution shall, in particular, refrain from any act omission or

commission, either before or subsequent to invocation of guarantee, which may adversely

affect the interest of the DHTE as the guarantor. In particular, the member lending

institution should intimate the DHTE while entering any compromise or one- time

settlement arrangement.

(xvi) Further the member lending institution shall secure for the DHTE or its appointed agency,

through a stipulation in an agreement with the borrower or otherwise, the right to publish

the defaulted borrowers’ names and particulars by the DHTE.

(xvii) The Member lending institution shall also maintain a list of students/accounts with

recurring defaults which may be foreseen as accounts turning NPA, and the same shall be

furnished to DHTE on the web-portal or as directed by the DHTE.

11. Guarantee Fee:-

(i) For availing the guarantee coverage, the Member lending institution shall pay Annual

Guarantee Fee (AGF) of 0.50% p.a. of the outstanding amount as on the date of

application of guarantee cover, upfront to the DHTE within 30 days from the date of

Credit Guarantee Demand Advice Note (CGDAN) of guarantee fee in a bank

account as specified by DHTE. All subsequent AGFs would be calculated based on the

outstanding loan amount as at the beginning of the Financial Year, i.e., 1^st April.

However, the DHTE reserves the right to charge different guarantee fees in future for

education loans depending on their risk rating/risk profile.

(ii) The procedure for collection of guarantee fee under the Scheme shall be as under: -

(a) The demand on MLIs for the AGF in respect of fresh guarantee would be raised

upon approval of guarantee cover by the DHTE on the web-portal.

(b) The guarantee start date would be the date on which proceeds of the AGF are

credited to DHTE’s designated Bank account.

intervening years on the outstanding loan amount at the beginning of the financial year.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(d) In the latter case, the AGF shall be paid by the MLI within 30 days i.e. on or before April

30, of every year.

(e) Provided further that in the event of non-payment of AGF within the stipulated time or

such extended time that may be agreed to by the DHTE on such terms, liability of the

DHTE to guarantee such credit facility would lapse in respect of those credit facility

against which the AGF are due and not paid,

(iii) In the event of any error or discrepancy or shortfall being found in the computation of the

amounts or in the calculation of the guarantee fee, such deficiency / shortfall shall be paid

by the eligible member lending institution to the DHTE together with interest on such

amount at a simple interest rate of 4% over and above the Bank Rate. Any amount found to

have been paid in excess would be refunded by the DHTE. In the event of any representation

made by the member lending institution in this regard, the DHTE shall take a decision based

on the available information with it and the clarification received from the member lending

institution. Notwithstanding the same, the decision of the DHTE shall be final and binding

on the member lending institution.

(iv) The guarantee fee once paid by the member lending institution to DHTE is non- refundable,

except under certain circumstances like-

(a) Excess remittance,

(b) Remittance made more than once against the same Education loan, and

12. Extent of the guarantee

The DHTE shall provide guarantee cover to the extent of 100% of the amount in default.

The DHTE reserves the right to modify the same. The guarantee cover will commence

from the date of payment of guarantee fee by and shall run through the agreed tenure of

the Education Loan.

13. Invocation of Guarantee

(i) The member lending institution may invoke the guarantee in respect of Education loan up to

a maximum period of one year from the date of last declaration of loan account as NPA,

after the following conditions are satisfied:

(a) The guarantee in respect of that credit facility was in force at the time of account turning

NPA.

(b) The account must remain NPA for a minimum period of 3 months (90 days) preceding the

date of invoking the guarantee.

or the date of commencement of guarantee cover in respect of loan covered, whichever

is later, has elapsed. As per Guruji Student Credit Card Scheme, the moratorium is course

period +1 year. Further, servicing of interest during study period and the moratorium

period till commencement of repayment is optional for students.

(d) The amount due and payable to the member lending institution in respect of the

Education loan has not been paid and the dues have been classified by the member

lending institution as Non-Performing Assets (NPA). Provided that the member lending

institution shall not make or be entitled to make any claim on DHTE in respect of the said

Education loan if the loss in respect of the said credit facility had occurred owing to

actions/ decisions taken contrary to or in contravention of the guidelines issued under

Guruji Student Credit Card Scheme.

(e) The credit facility has been recalled and the recovery proceedings have been initiated

under due process of law.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(ii) The claim should be preferred by the member lending institution in such

manner and within such time to be specified by the DHTE in this behalf.

(iii) The DHTE shall pay 75 per cent of the guaranteed amount of eligible claim by

the member lending institution, within 90 days, subject to the claim being

otherwise found in order and complete in all respects. The balance 25 percent

of the guaranteed amount will be paid after obtaining a certificate from the

Member lending institution (MLI) that all avenues for recovering the amount

have been exhausted including recovery by taking legal action under

provisions of PDR Act or any other relevant acts after a minimum period of 1

year from date of release of 75% of the guaranteed amount. On a claim being

paid, the DHTE shall be deemed to have been discharged from all its liabilities

on account of the guarantee in force in respect of the borrower concerned.

(iv) After payment of the guaranteed amount to the member lending institution, nothing

in the scheme document or otherwise shall restrict the DHTE or the High-level

committee to recover the loan amount from defaulting students by the powers

conferred to the Government under the Bihar and Odisha Public Demand Recovery

(Jharkhand- Amendment) Act 2016.

(v) In the event of default, the member lending institution shall exercise its rights, if any

including to take over the assets of the borrowers and the amount realized, if any,

from the sale of such assets or otherwise shall first be credited in full by the member

lending institutions to the DHTE before it claims the remaining portion of the

guaranteed amount.

(vi) The member lending institution shall be liable to refund the claim released by the

DHTE together with penal interest at the rate of 4% above the prevailing Bank Rate, if

such a recall is made by the DHTE in the event of deficiencies having existed in the

matter of appraisal / renewal / follow-up / conduct of the Education loan or where

lodgement of the claim was more than once or where there existed suppression of

any material information on the part of the member lending institutions for the

settlement of claims.

(vii) The member lending institution shall pay such penal interest, when demanded by

the DHTE, from the date of the initial release of the claim by the DHTE to the date of

refund of the claim.

(viii) The Guarantee Claim received directly from the branches or offices other

than the designated Office/ Branches of Member lending institutions will not

be entertained.

14. Subrogation of rights and recoveries on account of

claims paid

(i) The member lending institution shall furnish to the DHTE, as and when required by the

DHTE, the details of its efforts for recovery, realizations, and such other information. The

DHTE shall not exercise any subrogation rights and the responsibility of the dues shall rest

with the member lending institutions.

(ii) In the event of a borrower owing several distinct and separate debts to the member lending

institution and making payments towards any one or more of the same, whether the

account towards which the payment is made is covered by the guarantee of the DHTE or not,

such payment shall, for the purpose of this clause, be deemed to have been appropriated by

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

the member lending institution to the debt covered by the guarantee and in respect of

which, a claim has been preferred and paid, irrespective of the manner of appropriation

indicated by such borrower or the manner in which such payments are actually

appropriated.

(iii) Recoveries due to the Guarantor may be linked to the end of each financial year and

may be made payable within 30 days of the end of each financial year instead of linking it

with the date of recovery.

15. Appropriation of amount received from the member

lending institutions

The amount received from the member lending institutions shall be appropriated

in the order in which the service fee, penal interest and other charges have fallen

due. If the service fee and the penal interest have fallen due on the same date, the

appropriation shall be made first towards service fee and then towards the penal

interest and finally towards any other charges payable in respect of the eligible

credit facility.

16. Appropriation of amount realized by the member

lending institution in respect of a credit facility

after the guarantee has been invoked

Where subsequent to the Fund having released a sum to the member lending

institution towards the amount in default in accordance with the provisions

contained in Para 13 of this Scheme, the member lending institution recovers

money subsequent to the recovery proceedings initiated by it, the same shall be

deposited by the member lending institution with the DHTE, after adjusting

towards the legal costs incurred by it for recovery of the amount, if any. The

DHTE shall appropriate the same first towards the pending service fee, penal

interest, and other charges due to the Fund, if any, in respect of the credit facility

towards which the amount has been recovered by the member lending institution,

and the balance, if any, shall be appropriated against the losses on account of

deficit in recovery of the credit facility by the member lending institution.

17. Fund’s liability to be terminated in certain cases

(i) If the liabilities of a borrower to the member lending institution on account

Education Loan guaranteed under this Arrangement are transferred or

assigned to any other borrower and if the conditions as to the eligibility of

the borrower and the amount of the Education Loan and any other terms

and conditions, if any, subject to which the Education Loan can be

guaranteed under the Arrangement are not satisfied after the said transfer

or assignment, the guarantee in respect of the Education Loan shall be

deemed to be terminated as from the date of the said transfer or

assignment.

(ii) If a borrower becomes ineligible for being granted Education Loan under the

GSCGASEL scheme, the liability of the DHTE in respect of Education

Loan granted to him/her by a member lending institution under the

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

GSCGASEL scheme shall be limited to the liability of the borrower to the

member lending institution as on the date on which the borrower becomes

so ineligible, subject, however, to the limits on the liability of the DHTE

fixed under this Arrangement.

18. Returns, Inspections and Concurrent Audit

(i) The member lending institution shall submit such statements and furnish such

information as and when required by the DHTE in connection with Education Loan

under Guruji Student Credit Card Scheme.

(ii) The member lending institution shall also furnish to the DHTE all such documents,

receipts, certificates, and other writings as and when required by the DHTE and

shall be deemed to have affirmed that the contents of such documents, receipts,

certificates and other writings are true, provided that no claim shall be rejected,

and no liability shall attach to the member lending institution or any officer

thereof for anything done in good faith.

(iii) The DHTE shall, in so far as it may be necessary for the purposes of the

Arrangement, have the right to inspect or call for copies of the books of account

and other records (including any book of instructions or manual or circulars

covering general instructions regarding conduct of advances) of the member

lending institution, and of any borrower from the member lending institution.

Such inspection may be carried out through the officers of the DHTE, or any other

person appointed by the DHTE for the purpose of inspection. Every officer or

other employee of the member lending institution or the borrower, who is in a

position to do so, shall make available to the officers of the DHTE or the person

appointed for the inspection, as the case may be, the books of account and other

records and information which are in his/her possession.

(iv) The member lending institution shall conduct regular concurrent audits of

education loans under this scheme or accounts of any borrower of education loan

under this scheme. This concurrent audit shall be conducted by the empanelled

auditors of the MLI. The report of this audit shall be placed before the High-level

committee for discussion and decision on any legal/penal action, if required.

19. Conditions imposed under the Scheme to be binding on

the member lending institution

(i) Any guarantee given by the DHTE shall be governed by the provisions of the

Arrangement as if the same had been written in the documents evidencing such

guarantee.

(ii) The member lending institution shall as far as possibly ensure that the conditions

of any contract relating to an account guaranteed under the Arrangement are not

in conflict with the provisions of the Arrangement but notwithstanding any

provision in any other document or contract, the member lending institution shall

in relation to the DHTE be bound by the conditions imposed under the

Arrangement.

20. Modification and Exemptions

(i) The DHTE reserves to itself the right to modify, cancel or replace the

Arrangement, so that the rights or responsibilities arising out of, or accruing under

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

a guarantee issued under the Arrangement up to the date on which such a

modification, cancellation or replacement comes into effect, shall not be affected.

(ii) Notwithstanding anything herein contained, the DHTE shall have a right to alter

the terms and conditions of the Arrangement with regard to an education loan

account in respect of which guarantee has not been issued as on the date of such

alteration.

(iii) In the event of the Arrangement being cancelled, no claim shall lie against the

DHTE in respect of facilities covered by the Arrangement, unless the provisions

contained in Clauses (i) and (ii) of para 13 of the Arrangement are complied with

by the member lending institution prior to the date on which the cancellation

comes into force.

21. Interpretation

If any question arises with regard to the interpretation of any of the provisions of

the Arrangement or of any directions or instructions or clarification given in

connection therewith, the decision of the DHTE shall be final.

22. Supplementary and Additional Provisions

In respect of any matter not specifically provided for in this Arrangement, the

DHTE through the High-level committee may make such supplementary or

additional provisions or issue such instructions or clarifications as may be

necessary.

Chapter 3: GURUJI STUDENT CREDIT CARD INTEREST SUBSIDY

ARRANGEMENT, 2023

1. Introduction

One of the major objectives of the State Government is to ensure that no student is

denied the opportunity to pursue higher education because of their financial status. To

achieve this objective, Government of Jharkhand has launched an Arrangement

titled GURUJI STUDENT CREDIT CARD INTEREST SUBSIDY ARRANGEMENT,

2023

(GSCCISA). The arrangement provides interest subvention to the extent that

the students have to bear interest burden of only 4% p.a. at simple interest rate

during the full period of the education loans without providing any collateral

security and third-party guarantee, for pursuing diploma after completion of

class 10^th, and UG and above courses after completion of Class 10^th and Class

12^th from a recognized school in the State of Jharkhand.

2. Objective of the Arrangement

This arrangement benefits all categories of students irrespective of their

income level for pursuing education / research in India and intends to provide

affordable higher education to them. The Arrangement envisages uplifting the

students from the grassroot level and fulfilling the nation’s growing need for

qualified technicians / professionals.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

3. Features of the Arrangement

The emphasis of the arrangement is to provide students with an opportunity to

pursue higher education, with financial support from the banking system on

reasonable and affordable terms and conditions. Under this Arrangement the

aspiring students may upon fulfilling the terms and conditions detailed herein,

obtain a maximum education loan of Rs. 15.00 lakhs at the rate of 4% p.a.

simple interest from State Cooperative Banks and its affiliated Central

Cooperative Banks and District Central Cooperative Banks and Public Sector/

Private Sector Banks operating in the State of Jharkhand. Under the

arrangement, education loan shall be provided without any collateral security

and third-party guarantee.

4. Eligibility

(i) The student seeking loan under the arrangement must have completed, from a

recognized school, Class 10th from Jharkhand to avail the scheme to pursue

diploma, and Class 10th and Class 12th from Jharkhand for undergraduate and

above courses, from a recognized school in the State of Jharkhand.

(ii) The student must secure admission for higher studies / research within the

country, in institutions like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI,

BITS, SPA, NID, IIFTs, ICFAI Business School etc and in the institutions within and

outside of the state (within India ) which are ranked up to 200 in the overall list

of NIRF Ranking (Overall) or ranked up to 100 in their respective category of

NIRF Rankings or have been accredited Grade ‘A’ or above by NAAC. The list of

courses and colleges/universities, for which this scheme can be availed shall be

decided by a high- level committee constituted by DHTE and will be notified from

time to time.

(iii) The student shall apply online as per the format provided through a web-

based portal to be maintained by the corpus bank on behalf of the DHTE

after securing admission in a school/college/university notified by High

Level Committee/DHTE with proof of admission and detailed fee

schedule. The portal will have dashboard for each such student which

shall be accessible by the DHTE, Member Lending Institution and Corpus

Bank.

(iv) The students should not be aged more than 40 (forty) years at the time of

education loan application under this scheme.

(v) The student must not have availed loan under The Guruji Student Credit

Card (GSCC) Scheme.

(vi) The student should not have availed an education loan from any State

Co-operative Banks or Central Co-operative Banks or District Central Co-

operative Banks or any other Public and private sector Banks for the

course he/she is applying for loan under The Guruji Student Credit Card

(GSCC) Scheme.

5. Interest Rates

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

The rate of interest to be charged by the member lending institution shall be at

prevalent EBLR of State Bank of India Plus 1.5% p.a. simple interest rate for

the entire amount of loan sanctioned up to Rs.15 Lakh. For Girl students, an

additional concession @ 0.5% p.a. in the interest rate is to be extended. The

Rate of Interest shall be floating and periodically revised as per revision in the

EBLR by State Bank of India and calculated at simple interest rate for the entire

duration of the loan. The appropriate subvention amount will be provided by the

State Government for all the borrowers during the entire period of the education

loan to restrict the actual rate of simple interest to 4% per annum, at borrower

level.

6. Moratorium Period/Repayment Holiday

There shall be moratorium or repayment holiday of one year on the education

loan after completion of the course or one year after getting employment,

whichever is earlier under the arrangement.

7. Competent Authority

The member lending institution shall implement the Arrangement based on the

notification of the Department of Higher and Technical Education, Government

of Jharkhand.

8. Applicable Academic Year

The Arrangement shall be applicable with effect from the academic year 2023-24.

9. List of Technical/ Professional and other courses

The education loan shall be available for pursuing education in IITs, IIMs,

IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs,

ICFAI Business School etc. and in the institutions within and outside of the

state (within India ) which are ranked up to 200 in the overall list of NIRF

Ranking (Overall) or ranked up to 100 in their respective category of NIRF

Rankings or have been accredited at least grade ‘A’ by NAAC. The list of

courses and colleges/universities, for which this scheme can be availed shall be

decided by a high-level committee constituted by DHTE and will be notified

from time to time.

10. Monitoring

(i) An Interest Subsidy dashboard shall be incorporated in the web portal developed

by the corpus bank for the interest subsidy arrangement with real time data

from banks on geographical/ socioeconomic/ gender/ institution/ category/

course-wise distribution of loan applications, sanctions, interest subvention

liability, loan repayments by students, NPA accounts, credit default liability etc.

(ii) This dashboard shall be accessible by the DHTE to ensure effective monitoring

and enable the High Level Committee/ Sub-Committee under DHTE to measure

the outcomes of the Arrangement.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

The Project Monitoring Unit (PMU) set up by the DHTE with professional

consultants from shall analyse KPIs of the Arrangement and recommend

remedial measures, if any.

11. Disbursement of Interest Subsidy claims

The corpus bank shall disburse the interest subvention amount against a particular

education loan account to the designated member lending institutions on

quarterly basis by DHTE based on simple interest calculation until the loan

account has been flagged as NPA or under specific directions issued by the High

Level Committee/DHTE.

12. Interest Concession

(i) Under the Arrangement, an interest concession of 1% p.a. simple interest in the

rate of interest shall be provided to the borrowers if they choose to service the

interest during moratorium/repayment holiday specified for interest repayment

under the arrangement. This interest subvention shall be provided by the

member lending institution to the student.

Ex: - If the effective interest for a loan is 12% p.a. simple interest and student

chooses to avail benefit of interest subvention by paying the interest during

study period then the interest sharing will be as follows: -

If Concession not Availed by Student

If Concession Availed by the student

Interest Burden on Student = 4%

Interest Burden on Student = 3%

Interest Burden on DHTE = 8%

Concession by MLI = 0%

Concession by MLI = 1%

Total Interest Rate Applicable = 12%

Total Interest Rate Applicable = 11%

(ii) This concession in interest rate provided above shall be applicable for the entire

loan repayment period.

13. Concurrent Audit

Once the interest subvention amount due for education loan accounts is calculated by

the portal under GSCC and subsequently paid by DHTE/Student/Both, the member

lending institution is required to carry out quarterly audits by the statutory auditor of

the member lending institution and upload the reports on the web portal for access

by the DHTE. Subsequently, the member lending institution shall ensure the audit

of its consolidated interest subvention by the RBI appointed central auditors at quarterly

interval (ending 30^th June 30^th September 31^st December & 31^st March) and upload its

detailed report on the web- portal for access by the DHTE.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Schedule 1: Guruji Student Credit Card (GSCC)

Scheme Financial Model, 2023

1. Introduction

To check the Financial Impact of the scheme, DHTE has designed a Financial

Model. The Model is designed to check the financial implications of the

scheme on the State Government at various default levels e.g., students

defaulting at 10% or 20% etc.

2. Assumptions considered while designing Financial Model

(i)

Total loan amount to be sanctioned every year is capped at Rs. 500 Crores.

(ii)

Total duration of the course in which the student is enrolled is 04 years.

(iii) Total loan period of 15 Years (including course period of 04 years,

moratorium of 01 year and repayment period of 10 years)

(iv) The total loan amount shall be disbursed over the course period of 4 years

as per the fees schedule of the institute in which the student is enrolled

(v)

The average loan amount per student is Rs. 12,00,000 (Rupees Twelve Lakh)

(vi) The student paying neither the principal nor interest amount during

course and moratorium period.

(vii) The amount allocated under the scheme to be utilized for interest

subvention payment and credit guarantee payment in case of default.

(viii) To calculate the interest accrued during the loan period number of boy

and girl students considered in equal proportion.

(ix) The SBI's EBLR has been taken into account as base for calculation interest rate

i.e. @ 9.15% as on 15/12/2022.

(x)

The interest rate @ 5% per annum (compounded annually) taken into

consideration to calculate Interest earned on corpus fund.

(xi) Annual Guarantee fee @ 0.50% per annum (compounded annually) taken on

total loan outstanding at the end of respective year.

(xii) The credit guarantee payment against defaults considered in 6^th year from

the year of loan sanctioning.

(xiii) The DHTE shall deposit balance available fund at end of each year with

Corpus bank

The financial model thus designed by DHTE, to check the annual financial

burden of the scheme at various default levels, can be further analysed using three

scenarios illustrated here

(i) At 20% Default -Keeping closing balance around INR 50 to 100 Crore.

(ii) At 20% Default -Keeping closing balance around INR 30 Crore.

(iii) At 20% Default -Keeping closing balance at zero/just enough level.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

3. Scenario 1 - At 20% Default -Allocation keeping

balance fund around INR 50 to 100 Crore

In Cr.

Year

Opening

Balance ^Budget

Available

fund

Interest

Payment ^Guarantee

Fees

Default

Balance

Fund

Interest

Received

Closing

Balance

D=B+C

H=D-

E+F-G

J=H+I

0.00

50.00

8.31

0.63

0.00

42.31

2.12

44.43

50.00

94.43

24.94

1.88

0.00

71.37

3.57

74.93

50.00

124.93

49.88

3.75

0.00

78.81

3.94

82.75

50.00

132.75

83.13

6.25

0.00

55.87

2.79

58.67

50.00

108.67

116.38

8.75

0.00

1.04

0.05

1.10

325.00

326.10

160.50

11.97

128.92

48.64

2.43

51.07

325.00

376.07

193.52

14.37

128.92

68.00

3.40

71.40

325.00

396.40

224.00

16.57

128.92

60.05

3.00

63.05

325.00

388.05

251.67

18.55

128.92

26.01

1.30

27.31

400.00

427.31

276.22

20.28

128.92

42.44

2.12

44.56

400.00

444.56

297.31

21.74

128.92

40.07

2.00

42.07

400.00

442.07

314.56

22.89

128.92

21.47

1.07

22.55

450.00

472.55

327.56

23.71

128.92

39.77

1.99

41.76

450.00

491.76

335.84

24.16

128.92

51.16

2.56

53.71

450.00

503.71

338.89

24.20

128.92

60.10

3.00

63.10

450.00

513.10

330.58

23.57

128.92

77.18

3.86

81.04

400.00

481.04

313.95

22.32

128.92

60.48

3.02

63.51

400.00

463.51

289.01

20.45

128.92

66.02

3.30

69.32

350.00

419.32

255.76

17.95

128.92

52.58

2.63

55.21

350.00

405.21

222.51

15.45

128.92

69.22

3.46

72.68

125.00

197.68

178.39

12.23

0.00

31.52

1.58

33.10

125.00

158.10

145.37

9.83

0.00

22.55

1.13

23.68

125.00

148.68

114.89

7.63

0.00

41.42

2.07

43.49

125.00

168.49

87.22

5.65

0.00

86.92

4.35

91.27

50.00

141.27

62.67

3.92

0.00

82.52

4.13

86.65

0.00

86.65

41.58

2.46

0.00

47.53

2.38

49.91

0.00

49.91

24.32

1.31

0.00

26.89

1.34

28.23

0.00

28.23

11.33

0.49

0.00

17.39

0.87

18.26

0.00

18.26

3.05

0.04

0.00

15.25

0.76

16.02

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Scenario 2 - At 20% Default -Allocation keeping

balance fund around INR 30 Crore

In Cr.

Year

Opening

Balance ^Budget

Available

fund

Interest

Payment ^Guarantee

Fees

Default

Balance

Fund

Interest

Received

Closing

Balance

D=B+C

H=D-

E+F-G

J=H+I

0.00

30.00

8.31

0.63

0.00

22.31

1.12

23.43

25.00

48.43

24.94

1.88

0.00

25.37

1.27

26.63

50.00

76.63

49.88

3.75

0.00

30.51

1.53

32.03

50.00

82.03

83.13

6.25

0.00

5.16

0.26

5.42

110.00

115.42

116.38

8.75

0.00

7.79

0.39

8.18

275.00

283.18

160.50

11.97

128.92

5.73

0.29

6.02

310.00

316.02

193.52

14.37

128.92

7.94

0.40

8.34

340.00

348.34

224.00

16.57

128.92

11.99

0.60

12.59

360.00

372.59

251.67

18.55

128.92

10.54

0.53

11.07

380.00

391.07

276.22

20.28

128.92

6.20

0.31

6.51

410.00

416.51

297.31

21.74

128.92

12.02

0.60

12.62

425.00

437.62

314.56

22.89

128.92

17.02

0.85

17.87

425.00

442.87

327.56

23.71

128.92

10.10

0.50

10.60

450.00

460.60

335.84

24.16

128.92

20.00

1.00

21.00

450.00

471.00

338.89

24.20

128.92

27.38

1.37

28.75

425.00

453.75

330.58

23.57

128.92

17.82

0.89

18.72

425.00

443.72

313.95

22.32

128.92

23.16

1.16

24.32

400.00

424.32

289.01

20.45

128.92

26.83

1.34

28.17

350.00

378.17

255.76

17.95

128.92

11.44

0.57

12.01

350.00

362.01

222.51

15.45

128.92

26.02

1.30

27.32

150.00

177.32

178.39

12.23

0.00

11.16

0.56

11.72

150.00

161.72

145.37

9.83

0.00

26.17

1.31

27.48

100.00

127.48

114.89

7.63

0.00

20.22

1.01

21.23

75.00

96.23

87.22

5.65

0.00

14.66

0.73

15.40

70.00

85.40

62.67

3.92

0.00

26.65

1.33

27.98

20.00

47.98

41.58

2.46

0.00

8.86

0.44

9.31

25.00

34.31

24.32

1.31

0.00

11.29

0.56

11.85

5.00

16.85

11.33

0.49

0.00

6.01

0.30

6.31

0.00

6.31

3.05

0.04

0.00

3.30

0.17

3.47

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Scenario 3 - At 20% Default - At 20% Default - to the

extent of outflow required

In Cr.

Year

Opening

Balance ^Budget

Available

fund

Interest

Payment ^Guarantee

Fees

Default

Balance

Fund

Interest

Received

Closing

Balance

D=B+C

H=D-

E+F-G

J=H+I

0.00

7.69

8.31

0.63

0.00

23.06

24.94

1.88

0.00

46.13

49.88

3.75

0.00

76.88

83.13

6.25

0.00

107.63

116.38

8.75

0.00

277.45

160.50

11.97

128.92

0.00

308.07

193.52

14.37

128.92

0.00

336.35

224.00

16.57

128.92

0.00

362.05

251.67

18.55

128.92

0.00

384.86

276.22

20.28

128.92

0.00

404.50

297.31

21.74

128.92

0.00

420.60

314.56

22.89

128.92

0.00

432.77

327.56

23.71

128.92

0.00

440.61

335.84

24.16

128.92

0.00

443.61

338.89

24.20

128.92

0.00

435.93

330.58

23.57

128.92

0.00

420.55

313.95

22.32

128.92

0.00

397.49

289.01

20.45

128.92

0.00

366.74

255.76

17.95

128.92

0.00

335.99

222.51

15.45

128.92

0.00

166.16

178.39

12.23

0.00

135.54

145.37

9.83

0.00

107.26

114.89

7.63

0.00

81.57

87.22

5.65

0.00

58.75

62.67

3.92

0.00

39.12

41.58

2.46

0.00

23.02

24.32

1.31

0.00

10.84

11.33

0.49

0.00

3.01

3.05

0.04

0.00

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Schedule 2: Draft Agreement between DHTE and Corpus

Bank

Agreement

(Under the provisions of Paragraph XX of the Selection of Corpus Bank under

the Guruji Student Credit Card Scheme as notified and published by the

Government of Jharkhand in Jharkhand Gazette vide No. XXX dated

XX.XX.XXXX)

This Agreement is made and executed on THIS _day of , 2023

In between

The Director, Higher Education duly authorized by the Government of

Jharkhand in the Department of Higher and Technical Education having its

office at Yojana Bhawan, Nepal House, Doranda, Ranchi-834002 and to be carried

out all his successors and assignees, in THE FIRST PART,

AND

The _

(Designation of the Person)

, Jharkhand, (Name

of the Bank)

(hereinafter referred to as the Corpus Bank, which

expression shall unless repugnant to its context, includes its successors and

assignees) having its office at

, for and on behalf of the Corpus Bank and

all its subsidiary Banks and branches operated in the State of Jharkhand, and duly

authorized by the Board of Directors of the Corpus bank, in THE SECOND

PART

NOW THIS INDETURE IS WITNESSETH AS FOLLOWS: -

1. Scope and Extent: -That on and from the date of execution of this

Agreement THE SECOND PART shall become the certified Corpus Bank under

the Guruji Student Credit Card Scheme (“Scheme”) as notified and published

by the FIRST PART in Jharkhand Gazette vide Notification No(s). XXX dated

XX.XX.XXXX, No. XXX dated XX.XX.XXXX, No. XXX dated XX.XX.XXXX and no.

XXXX dated XX.XX.XXXX

2. Corpus Fund - THE SECOND PART has been selected by THE FIRST PART for

placing the fund allocated for implementation of the Scheme.

3. THE FIRST PART shall place fund on time to time with THE SECOND PART

under the Scheme in a designated flexi bank account of THE SECOND PART.

4. THE SECOND PART shall pay interest accrued as per the prevailing interest

rate of THE SECOND PART to THE FIRST PART.

5. Development of Web Portal - The web portal of the Scheme shall be

developed by THE SECOND PART or an empanelled agency of THE SECOND

PART, and it shall be responsible for the development and maintenance of the

web-portal. The broad functions of the Web Portal Development Agency shall

be but not limited to as mentioned below: -

(i)

THE SECOND PART shall develop and maintain the web-portal which

include web version as well as mobile version of the web application and

shall also develop mobile application of the same, to its full functionality

and ensure that it is hosted on the State Data Centre of Jharkhand/MeiTY

Cloud Service Provider.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(ii) THE SECOND PART shall ensure that web portal adhere to the Guidelines for

Indian Government Websites (GIGW - 2018) and is issued a Certified Quality

Website (CQW) mark by SQTC, MeiTY, Government of India.

(iii) THE SECOND PART shall ensure periodic security audits of the web-portal by CERT-

IN or STQC IT LABS empanelled auditors from time to time.

(iv) THE SECOND PART shall have ISO 20000-1, 27001, 20022 and 27018 certifications.

(v) THE SECOND PART shall prepare the Wireframes, Functional Requirement

Specifications (FRS), Software Requirement Specifications (SRS) and Business

Requirement Document (BRD) document of the web portal and get the same

approved by the High-level committee.

(vi) THE SECOND PART shall conduct load testing and performance testing of the

web portal.

(vii) THE SECOND PART shall establish and operate toll free helpline number(s) for

queries regarding the scheme or any technical issues raised by stakeholders of

the scheme.

(viii) THE SECOND PART shall establish secured data storage facilities for storing all

scheme related information.

(ix) THE SECOND PART shall make provisions in the portal to access external APIs as

and when required by the DHTE.

6. THE SECOND PART shall appoint designated officer/s for accessing the web-based portal.

7. THE FIRST PART shall appoint designated Nodal Officer/s for accessing the web-

based portal at the Department Level.

8. THE FIRST PART shall access the web portal with a view to check KPIs of the scheme like

no. of applications received, approved, rejected etc, analyse and incorporate

modifications into its process or policy.

9. THE SECOND PART shall provide access real time financial data like the interest

subvention liability, default liability, active loan accounts, loan accounts under NPA,

status of AGF payment, real time balance of the corpus fund etc to THE SECOND

PART.

10. THE FIRST PART shall access individual loan details to monitor disbursement timelines of

the MLI to the institution, payment history of THE FIRST PART and the student to

the FIRST PART and reimbursement status of the Non-Institutional Expense

submitted to the FIRST PART by the student on the web portal.

11. THE SECOND PART shall be responsible for the overall monitoring of the web portal

and the Web Portal Development Agency. THE SECOND PART shall ensure the

proper functioning of the web portal development agency and provide helpdesk

support for the students as well as Member lending Institutions to resolve their

grievances.

12. THE SECOND PART shall upload/update the portal regarding any financial inflow and

outflow like payment of interest subvention, credit guarantee against default,

realisation of AGF amount from MLI, periodic infusion from the department.

13. THE SECOND PART shall notify THE FIRST PART about any financial discrepancy

regarding inflows and outflows in the account established by THE FIRST PART.

14. THE SECOND PART shall monitor the utilisation level of the account and

suggest appropriate levels for smooth implementation of the Scheme.

15. THE SECOND PART shall supply any form of financial information as and when

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

required by the High-level committee.

16. Change Management: THE SECOND PART accepts to resolve critical and non-critical

changes within ……... and .............. hours respectively. The categorisation of blocking

and

non-blocking change shall be done by THE FIRST PART.

17. Timeline for Development of Portal: THE SECOND PART accepts to develop the portal

within ............. days from the date of the signing of this agreement.

18. Additional Cost to be charged for development of Web Portal: THE SECOND PART

accepts to develop and maintain the web portal at no additional cost from THE

FIRST PART.

19. Bug Resolution: THE SECOND PART accepts to resolve all bugs relation to the web portal

within a period of ..................... hours from the time of reporting of the bug.

20. Interpretation: If any question arises regarding the interpretation of any of the

provisions of the Arrangement or of any directions or instructions or clarification

given in connection therewith, the decision of THE FIRST PART shall be deemed final.

21. Supplementary and Additional Provisions: In respect of any matter not specifically

provided for in this Arrangement, THE FIRST PART through the High-level committee

may make such supplementary or additional provisions or issue such instructions or

clarifications as may be necessary.

22. Confidentiality: The term “Confidential Information” for the purpose of this clause

means any information, including information created by or for the other Party, whether

written or oral ( which is confirmed in writing by disclosing party within 15 (fifteen) days

of such oral disclosure) , which relates to internal controls, computer or data

processing programs, algorithms, electronic data processing applications, routines,

subroutines, techniques or systems, or information concerning the business or

financial affairs and methods of operation or proposed methods of operation,

accounts, transactions, proposed transactions or security procedures of either Party

or any of its affiliates, or any client of either Party.

(i)

Either party shall keep any Confidential Information with the same degree of care

as it would treat its own confidential information of similar nature, which degree

of care in no case shall be less than reasonable.

(ii) Either party shall use the Confidential Information only for the purposes of this

Agreement and not for any other purposes.

(iii) Either party shall cause all its employees or agents who have been given access

to the Confidential Information bound by the confidentiality obligations of this

Agreement.

(iv) Nothing in this Article shall prevent a Party from treating confidential

information as non-confidential, if such information is:

a) In the possession of, or was known to such Party prior to its receipt,

without an obligation to maintain its confidentiality;

b) Becomes generally known to the public without violation of this

agreement by such Party;

c) Obtained by such Party from a person

•

Who such Party does not know to have violated, or to have obtained

such information in violation of any obligation to another person or

the other Party with respect to such information;

•

Who does not require such Party to refrain from disclosing such

information;

•

Who has the right to disclose it, without the obligation to keep

such information confidential.

d) Independently developed by such Party without the use of confidential

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Information and without the participation of individuals who have had

access to confidential information.

e) Is required to be disclosed by such Party under the compulsion of law,

or by order of any court or government or regulatory body to whose

supervisory authority the receiving party is subject.

23. Indemnification: Subject to final judicial determination, THE SECOND PART hereby

agrees to indemnify and hold harmless & undertakes to defend THE FIRST PART,

and their respective, officers and directors, to the extent of any legal liability, against

any claim made by a third party for infringement of such third party’s copyright by

any deliverable of the web portal by THE FIRST PART under this Agreement.

However, the indemnity obligations shall not apply to infringements caused by

modifications by THE FIRST PART under this agreement or that result from any

designs, specifications or other information provided by THE FIRST PART or from

combination of such work with information, products or services not provided by

THE SECOND PART.

24. Consequences of breach and penalties: In the event of breach, THE FIRST PART shall

have the right to recover any direct loss, damage, or cost of hardship from THE

SECOND PART caused due to the breach of the terms of this Agreement. The

decision must be mutually agreed to by both the parties. Both the parties shall have

recourse to arbitration in case of any dispute regarding the said determination.

25. Force Majeure: Except as provided herein neither party shall be responsible to the

other for any delay or failure in performance of its obligations due to any occurrence

commonly known as Force Majeure which is beyond the control of any of the

Parties, including, but not limited to, fire, flood, explosion, acts of God or any

Governmental body, public disorder, riots, embargoes, or strikes, acts of military

authority, epidemics, insurrections, civil commotion, war, enemy actions. If a Force

Majeure arises, THE SECOND PART shall notify promptly to THE FIRST PART in

writing of such condition and the cause thereof. Unless otherwise directed by THE

FIRST PART, THE SECOND PART shall continue to perform his obligations under the

Agreement as far as is reasonably practical and shall seek all reasonable alternative

means for performance not prevented by the Force Majeure event.

26. Arbitration: THE FIRST PART and THE SECOND PART shall make every effort to

resolve amicably by direct informal negotiation any disagreement or dispute arising

between them under or in connection with this agreement. If, after thirty (30) days

from the commencement of such informal negotiations, any and all disputes,

controversies and conflicts (“Disputes”) arising out of this Agreement between the

parties or arising out of or relating to or in connection with this Agreement or the

performance or non-performance of the rights and obligations set forth herein or

the breach, termination, invalidity or interpretation shall resolve or settle amicably

through mutual negotiation and discussions, if the dispute/disputes is not settled

amicably then in that case it shall be finally decided by reference Arbitration and

Conciliation Act, 1996 (including all subsequent amendments). The place of arbitration

shall be Ranchi, Jharkhand. The Arbitral Award shall be in writing and shall be final and

binding on each party and shall be enforceable in any court of competent

jurisdiction.

27. Settlement of Legal Disputes: This Agreement shall be governed by the Laws for the

time being in force in India and Courts in Ranchi only shall have exclusive

jurisdiction over matters relating to or arising from this Agreement.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

28. Intellectual Property Rights: All Intellectual Property Rights under the agreement

will belong exclusively to THE FIRST PART, except the pre-existing Intellectual

Property Rights of THE SECOND PART or its subcontractors (if any). THE FIRST PART

shall at all times retain all right, title and interest in and to any Intellectual Property

Rights in the deliverables to be provided by THE SECOND PART under this

Agreement and any modifications thereto or works derived from there except the

pre-existing Intellectual Property Rights of THE SECOND PART or its subcontractors

(if any). It is hereby expressly clarified that THE SECOND PART shall have no right,

title or interest in or to such Intellectual Property Rights for any purpose, except the

right to use, modify, enhance and operate such designs, programs, modifications as

per requirement of THE FIRST PART. THE SECOND PART shall not use such Intellectual

Property for any other purpose during and after the term of the Agreement.

THE SECOND PART hereby undertakes;

a) Not to provide access to the Intellectual Property Rights of THE FIRST PART to

persons other than authorized users duly notified by THE FIRST PART.

b) To ensure that all authorized users are appropriately notified of the importance

of respecting the Intellectual Property Rights and that they are made aware of

and undertake to abide by the terms and conditions of the Agreement.

c) Not to permit any person, other than the authorized users, to copy, duplicate,

translate into any language, or in any way reproduce the Intellectual Property.

d) To effect and maintain reasonable security measures to safeguard the

Intellectual Property from unauthorized access or use by any third party other

than the authorized users.

e) To notify THE FIRST PART promptly of any unauthorized disclosure, use or

copying of the Intellectual Property of which THE SECOND PART becomes aware.

29. Termination

This Agreement shall commence on the date of execution of this Agreement and

continue in full force unless terminated by the FIRST PART as per the

following provisions.

a) If the SECOND PART fails to comply with any or all provisions of this

agreement, the FIRST PART may terminate the agreement by giving a 90

(ninety) days written notice sent by registered post to the SECOND

part;

b) The SECOND PART upon termination of this agreement shall transfer

all the deposits lying in corpus fund account as on the date of

termination of the Agreement to the FIRST PART. All plans, proposals,

drawings, Business Requirement Documents (BRD), Functional

Requirement Specifications (FRS), SRS, source code, database, etc.

shall belong to DHTE and upon termination of this agreement the

SECOND PART shall transfer all the documents, knowledge and know-how

of the developed web-portal to the FIRST PART or any other vendor

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Schedule 3: Draft Agreement between DHTE and MLI

AGREEMENT

(Under the provisions of Paragraph XX of the Credit Guarantee Arrangement under

the Guruji Student Credit Card Scheme as notified and published by the

Government of Jharkhand in Jharkhand Gazette vide No. XXX dated

XX.XX.XXXX)

This Agreement is made and executed on THIS _day of , 2023

In between

The Director, Higher and Technical Education duly authorized by the

Government of Jharkhand in the Department of Higher and Technical Education

having its office at Yojana Bhawan, Nepal House, Doranda, Ranchi-834002 and

to be carried out all his successors and assignees, in THE FIRST PART,

AND

The _

(Designation of the Person)

Jharkhand,

(Name of the Bank)

(hereinafter referred to as the Member lending institution

(MLI)), (which expression shall unless repugnant to its context, includes its

successors and assignees) having its office at

, for and on behalf

of the said Bank and all its subsidiary Banks and Branches operated in the State

of Jharkhand, and duly authorized by the Board of Directors of the said Bank, in

THE SECOND PART

NOW THIS INDETURE IS WITNESSETH AS FOLLOWS: -

1. Scope and Extent: That on and from the date of execution of this Agreement THE

SECOND PART shall become a empanelled Member Lending Institution (MLI) under the

Credit Guarantee Arrangement and Interest Subsidy Arrangement (herewith after

called the Arrangement) made under the Guruji Student Credit Card (GSCC) Scheme

(herewith after called the Scheme) as notified and published by the FIRST PART in

Jharkhand Gazette vide Notification No(s). XXX dated XX.XX.XXXX, No. XXX dated

XX.XX.XXXX, No. XXX dated XX.XX.XXXX and no. XXXX dated XX.XX.XXXX

2. Guarantees by the Fund: Subject to the other provisions of this Agreement, THE

FIRST PART hereby undertakes, in relation to loan up to Rs 15.00 lakhs, right to

accept or reject any proposal referred to it by THE SECOND PART which otherwise

satisfies the norms provided in this Agreement and the Schemes referred to above.

3. Loan Limit: The maximum loan limit under this scheme is Rs 15.00 lakhs (Rupees

Fifteen Lakh Only) without collateral securities, as specified in the scheme.

4. Interest Rate: For the entire amount of loan sanctioned up to Rs.15.00 Lakh

(Rupees Fifteen Lakh Only), rate of interest to be charged by the SECOND PART

shall be at prevalent EBLR of State Bank of India Plus 1.5% p.a. For girl students,

additional benefit by way of further reduction of rate of interest by 0.50% p.a. to be

extended by the Banks, thereby making the effective rate of interest @ EBLR of

State Bank of India Plus 1% p.a (simple interest), The Rate of Interest so fixed on the

date of sanction will remain fixed and calculated at simple rate for the entire

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

duration of the loan. However, the ultimate rate of interest payable by the student

borrower for the entire loan quantum up to the maximum limit of Rs. 15.00 lakhs will

be at 4% simple rate of interest per annum, after application of the benefit of interest

subvention to be extended by the Government of Jharkhand.

5. Margin:

(i) Up to Rs. 4.00 Lakhs: NIL

(ii) Above Rs. 4.00 Lakhs: 5% of the total sanctioned loan amount.

(iii) Scholarship/ Assistance ship to be included in Margin.

(iv) Margin will be brought in on year to year basis as and when disbursements are

made on a pro-rata basis in applicable cases.

6. Loan eligible under the Guarantee Arrangement:

(i)

The Fund shall cover education loans extended by THE SECOND PART to an

eligible borrower as per the Scheme, on or after entering into an agreement

with THE FIRST PART without any collateral security and/or third-party

guarantee, provided that THE SECOND PART applies for guarantee cover in

respect of education loans so sanctioned within such time period as per the

procedures prescribed by THE FIRST PART for the purpose.

(ii)

THE SECOND PART applies for guarantee cover in respect of education loans

disbursed in the quarter April-June, July-September, October-December and

January-March prior to expiry of the following quarter viz. July-September,

October-December, January-March and April-June, respectively on the web-

portal.

(iii) As on the material date,

(a) There are no overdue in respect of the account to THE SECOND PART

and/or the loan has not been classified as a Non-Performing Asset (NPA) in

the books of THE SECOND PART, and/or the activity of the borrower for

which the credit facility was granted has not ceased; and / or

(b) The credit facility has not wholly or partly been utilized for adjustment of

any debts deemed bad or doubtful of recovery, without obtaining a prior

consent in this regard from THE FIRST PART.

(iv) THE FIRST PART may, at its discretion, approve / frame a list of educational

institutes and / or their courses, loans for which the guaranteed cover will be

available, or the FIRST PART may also notify the categories of educational

institutions/ course for which the guarantee cover shall not be available.

7. Education Loans not eligible under this arrangement:

The following Education loans shall not be eligible for being guaranteed

under the Arrangement:

(i) Any Education Loan in respect of which risks are additionally covered by

Government or by any general insurer or any other person or association of

persons carrying on the business of insurance, guarantee or indemnity, to the

extent they are so covered (other than life cover in case of death of the student

borrower).

(ii) Any Education Loan, which does not conform to, or is in any way inconsistent

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

with, the provisions of any law, or with any directives or instructions issued by

the Government of Jharkhand or the Reserve Bank of India, which may, for the

time being, be in force.

(iii) Any Education loan which has been sanctioned by the member lending institution

with interest rate of more than as specified in the guidelines of the Scheme.

(iv) Any Education loan which has been sanctioned by THE SECOND PART to the

student studying in any institution or course except the institution and course

specified by THE FIRST PART.

8. Responsibilities of SECOND PART under this arrangement: -

(i) THE SECOND PART shall evaluate and sanction Education Loan in accordance

with the Scheme for pursuing studies in India and conduct the account(s) of the

borrowers with normal banking prudence and due diligence.

(ii) THE SECOND PART shall disburse the Institutional Expense strictly as per the fee

payment schedule uploaded by the student. It should also ensure strict adherence

to turn around time (TaT) notified by the High-level committee

(iii) THE SECOND PART shall submit disbursement certificates as and when loan

disbursement is made against each loan account to claim the interest subvention for

that additional disbursed amount. If not submitted, then interest subvention will be

disbursed on the loan amount as-is for which the last disbursement certificate is

uploaded.

(IV) THE SECOND PART shall ensure to submit the information required by THE FIRST

PART for giving guarantee cover to the Education Loan borrower account.

(V) THE SECOND PART shall ensure that the loan covered under credit guarantee shall

be non-dischargeable.

(VI) THE SECOND PART shall ensure that the loan sanctioned under this scheme is

non- transferable to any other MLI under this Scheme or any Scheduled

Commercial Bank outside this scheme except in case of merger of two or more

MLI’s under this Scheme or merger of a MLI under this scheme with a Scheduled

Commercial Bank outside this Scheme.

(VII) THE SECOND PART shall ensure linkage of every education loan with Aadhaar

number and register the borrower’s/co-borrower’s name with an appropriate

credit information bureau.

(VIII) THE SECOND PART shall closely monitor the borrower’s account and follow up

for repayment.

(IX) THE SECOND PART shall ensure that the guarantee claim in respect of the Education

Loan given to the borrower is lodged with THE FIRST PART in the form an in

the manner and within such time specified by THE FIRST PART in this regard

and that there shall not be any delay on its part to notify the default in the

borrower’s account which shall result in THE FIRST PART facing higher

guarantee claims.

(X) The payment of guarantee claim by THE FIRST PART to THE SECOND PART does not

in any way takeaway the responsibility of the member lending institution to

recover the entire outstanding amount of the credit from the borrower with

applicable interest.

(XI) THE SECOND PART shall exercise all the necessary precautions and maintain its

recourse to the borrower for entire amount of education loan owed to it and initiate

such necessary actions for recovery of the outstanding amount, including such

action as may be advised by THE FIRST PART.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(XII) THE SECOND PART must maintain and submit a trail to THE FRST PART showing

efforts made for recovering the outstanding amount (including but not limited

to communication, notice served, visits etc) on the web portal or in any form

required by THE FRST PART.

(XIII) THE SECOND PART shall comply with such directions as may be issued by THE

FIRST PART, from time to time, for facilitating recoveries in the guaranteed

account, or safeguarding its interest as a credit guarantor, as THE FIRST PART may

deem fit and THE SECOND PART shall be bound to comply with such directions.

(XIV) THE SECOND PART shall, in respect of any guarantee account, exercise the same

diligence in recovering the dues, and safeguarding the interest of THE FIRST

PART in all the ways open to it as it might have exercised in the normal course

if no guarantee had been furnished by THE FIRST PART.

(XV) THE SECOND PART shall, in particular, refrain from any act omission or commission,

either before or subsequent to invocation of guarantee, which may adversely

affect the interest of THE FIRST PART as the guarantor. In particular, THE

SECOND PART should intimate THE FIRST PART while entering any compromise

or one-time settlement arrangement.

(XVI) Further THE SECOND PART shall secure for THE FIRST PART or its appointed

agency, through a stipulation in an agreement with the borrower or otherwise,

the right to publish the defaulted borrowers’ names and particulars by THE

FIRST PART.

(XVII) THE SECOND PART shall also maintain a list of students/accounts with recurring

defaults which may be foreseen as accounts turning NPA, and the same shall

be furnished to THE FIRST PART on the web-portal or as directed by THE FIRST

PART.

9. Guarantee Fee:-

(I) For availing the guarantee coverage, THE SECOND PART shall pay Annual Guarantee Fee

(AGF) of 0.50% p.a. of the outstanding amount as on the date of application of

guarantee cover, upfront to THE FIRST PART within 30 days from the date of Credit

Guarantee Demand Advice Note (CGDAN) of guarantee fee in a bank account as

specified by THE FIRST PART. All subsequent AGFs would be calculated based on the

outstanding loan amount as at the beginning of the Financial Year, i.e., 1^st April.

However, THE FIRST PART reserves the right to charge different guarantee

fees in future for education loans depending on their risk rating/risk profile.

(II) The procedure for collection of guarantee fee under the Scheme shall be as under: -

(a) The demand on MLIs for the AGF in respect of fresh guarantee would be raised

upon approval of guarantee cover by THE FIRST PART on the web-portal.

(b) The guarantee start date would be the date on which proceeds of the AGF are

credited to THE FIRST PART’s designated Bank account.

full for the intervening years on the outstanding loan amount at the

beginning of the financial year.

(d) In the latter case, the AGF shall be paid by the MLI within 30 days i.e. on or

before April 30, of every year.

(e) Provided further that in the event of non-payment of AGF within the stipulated

time or such extended time that may be agreed to by THE FIRST PART on such

terms, liability of THE FIRST PART to guarantee such credit facility would lapse in

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

respect of those credit facility against which the AGF are due and not paid,

(III)

In the event of any error or discrepancy or shortfall being found in the

computation of the amounts or in the calculation of the guarantee fee, such

deficiency/ shortfall shall be paid by the eligible member lending institution to

THE FIRST PART together with interest on such amount at a simple interest rate

of 4% over and above the Bank Rate. Any amount found to have been paid in

excess would be refunded by THE FIRST PART. In the event of any representation

made by THE SECOND PART in this regard, THE FIRST PART shall take a decision

based

the

available

information

with

and the

clarification

received from THE SECOND PART. Notwithstanding the same, the decision of

THE FIRST PART shall be final and binding on THE SECOND PART.

(IV)

The guarantee fee once paid by THE SECOND PART to THE FIRST PART is non-

refundable, except under certain circumstances like-

(a) Excess remittance,

(b) Remittance made more than once against the same Education loan, and

(10) Extent of the guarantee: - THE FIRST PART shall provide guarantee cover to the

extent of 100% of the amount in default. THE FIRST PART reserves the right to

modify the same. The guarantee cover will commence from the date of payment

of guarantee fee and shall run through the agreed tenure of the Education Loan.

(11) Invocation of guarantee: -

(i)

THE SECOND PART may invoke the guarantee in respect of Education loan up to

a maximum period of one year from the date of last declaration of loan account

as NPA, after the following conditions are satisfied:

a) The guarantee in respect of that credit facility was in force at the time of

account turning NPA.

b) The account must remain NPA for a minimum period of 3 months (90

days) preceding the date of invoking the guarantee.

c) The lock-in period of 12 months from either the end of period of

moratorium of interest or the date of commencement of guarantee cover

in respect of loan covered, whichever is later, has elapsed. As per Guruji

Student Credit Card Scheme, the moratorium is course period +1 year.

Further, servicing of interest during study period and the moratorium

period till commencement of repayment is optional for students.

d) The amount due and payable to THE SECOND PART in respect of the

Education loan has not been paid and the dues have been classified by

THE SECOND PART as Non-Performing Assets (NPA). Provided that THE

SECOND PART shall not make or be entitled to make any claim on THE

FIRST PART in respect of the said Education loan if the loss in respect of

the said credit facility had occurred owing to actions/ decisions taken

contrary to or in contravention of the guidelines issued under Guruji

Student Credit Card Scheme.

e) The credit facility has been recalled and the recovery proceedings have

been initiated under due process of law.

(ii) The claim should be preferred by THE SECOND PART in such manner and within

such time to be specified by THE FIRST PART in this behalf.

(iii) THE FIRST PART shall pay 75 per cent of the guaranteed amount of eligible claim by

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

THE SECOND PART, within 90 days, subject to the claim being otherwise found

in order and complete in all respects. The balance 25 percent of the guaranteed

amount will be paid after obtaining a certificate from THE SECOND PART (MLI)

that all avenues for recovering the amount have been exhausted including

recovery by taking legal action under provisions of PDR Act or any other relevant

acts after a minimum period of 1 year from date of release of 75% of the

guaranteed amount. On a claim being paid, THE FIRST PART shall be deemed to

have been discharged from all its liabilities on account of the guarantee in force

in respect of the borrower concerned.

(iv) After payment of the guaranteed amount to THE SECOND PART, nothing in the

scheme document or otherwise shall restrict THE FIRST PART or the High-level

committee to recover the loan amount from defaulting students by the powers

conferred to the Government under the Bihar and Odisha Public Demand

Recovery (Jharkhand- Amendment) Act 2016.

(v) In the event of default, THE SECOND PART shall exercise its rights, if any including

to take over the assets of the borrowers and the amount realized, if any, from

the sale of such assets or otherwise shall first be credited in full by THE SECOND

PARTs to THE FIRST PART before it claims the remaining portion of the

guaranteed amount.

(vi) THE SECOND PART shall be liable to refund the claim released by THE FIRST PART

together with penal interest at the rate of 4% above the prevailing Bank Rate, if

such a recall is made by THE FIRST PART in the event of deficiencies having

existed in the matter of appraisal / renewal / follow-up / conduct of the

Education loan or where lodgement of the claim was more than once or where

there existed suppression of any material information on the part of THE SECOND

PARTs for the settlement of claims.

(vii) THE SECOND PART shall pay such penal interest, when demanded by THE FIRST

PART, from the date of the initial release of the claim by THE FIRST PART to the

date of refund of the claim.

(viii) The Guarantee Claim received directly from the branches or offices other

than the designated Office/ Branches of THE SECOND PART will not be

entertained.

12. Subrogation of rights and recoveries on account of claims paid: -

(i) The SECOND PART shall furnish to THE FIRST PART, as and when required

by THE FIRST PART, the details of its efforts for recovery, realizations and

such other information. THE FIRST PART shall not exercise any

subrogation rights and the responsibility of the dues shall rest with the

SECOND PART.

(ii) In the event of a borrower owing several distinct and separate debts

to the SECOND PART and making payments towards any one or more of the

same, whether the account towards which the payment is made is covered

by the guarantee of THE FIRST PART or not, such payments shall, for the

purpose of this clause, be deemed to have been appropriated by the

SECOND PART to the debt covered by the guarantee and in respect of which,

a claim has been preferred and paid, irrespective of the manner of

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

appropriation indicated by such borrower or the manner in which such

payments are actually appropriated.

(iii) Recoveries due to the Guarantor may be linked to the end of each financial year.

13. Appropriation of amount received from the SECOND PART: - The amount

received from the SECOND PARTs shall be appropriated in the order in which the

service fee, penal interest and other charges have fallen due. If the service fee

and the penal interest have fallen due on the same date, the appropriation shall

be made first towards service fee and then towards the penal interest and finally

towards any other charges payable in respect of the eligible credit facility.

14. Appropriation of amount realized by the SECOND PART in respect of a

credit facility after the guarantee has been invoked: -

Where subsequent to the Fund having released a sum to THE SECOND PART

towards the amount in default in accordance with the provisions contained in

Para 13 of this Scheme, the member lending institution recovers money

subsequent to the recovery proceedings initiated by it, the same shall be

deposited by THE SECOND PART with THE FIRST PART, after adjusting

towards the legal costs incurred by it for recovery of the amount, if any. THE

FIRST PASRT shall appropriate the same first towards the pending service

fee, penal interest, and other charges due to the Fund, if any, in respect of the

credit facility towards which the amount has been recovered by the member

lending institution, and the balance, if any, shall be appropriated against the

losses on account of deficit in recovery of the credit facility by the member

lending institution.

15. THE FIRST PART's liability to be terminated in certain cases: -

(i) If the liabilities of a borrower to the SECOND PART on account Education

Loan guaranteed under this Arrangement are transferred or assigned to

any other borrower and if the conditions as to the eligibility of the

borrower and the amount of the Education Loan and any other terms

and conditions, if any, subject to which the Loan can be guaranteed under

the Arrangement are not satisfied after the said transfer or assignment,

the guarantee in respect of the Education Loan shall be deemed to be

terminated as from the date of the said transfer or assignment.

(ii) If a borrower becomes ineligible for being granted Education Loan under

the GSCGASEL scheme, the liability of THE FIRST PART in respect of

Education Loan granted to him/her by THE SECOND PART under the

GSCGASEL scheme shall be limited to the liability of the borrower to the

member lending institution as on the date on which the borrower

becomes so ineligible, subject, however, to the limits on the liability of

the DHTE fixed under this Arrangement.

16. Returns and Inspections: -

(i) THE SECOND PART shall submit such statements and furnish such

information as and when required by THE FIRST PART in connection with

Education Loan under the Scheme.

(ii) THE SECOND PART shall also furnish to THE FIRST PART all such

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

documents, receipts, certificates and other writings as and when required

by THE FIRST PART and shall be deemed to have affirmed that the

contents of such documents, receipts, certificates and other writings are

true, provided that no claim shall be rejected, and no liability shall attach to

the SECOND PART or any officer thereof for anything done in good faith.

(iii) THE FIRST PART shall, in so far as it may be necessary for the purposes of

the Arrangement, have the right to inspect or call for copies of the books

of account and other records (including any book of instructions or

manual or circulars covering general instructions regarding conduct of

advances) of the SECOND PART, and of any borrower from THE SECOND

PART. Such inspection may be carried out through the officers of THE

FIRST PART, or any other person appointed by THE FIRST PART for the

purpose of inspection. Every officer or other employee of the SECOND

PART or the borrower, who is in a position to do so, shall make available

to the officers of THE FIRST PART or the person appointed for the

inspection, as the case may be, the books of account and other records

and information which are in his/her possession.

17. Conditions imposed under the Scheme to be binding on the SECOND PART: -

(i) Any guarantee given by THE FIRST PART shall be governed by the

provisions of the Arrangement as if the same had been written in the

documents evidencing such guarantee.

(ii) THE SECOND PART shall as far as possibly ensure that the conditions of any

contract relating to an account guaranteed under the Arrangement are

not in conflict with the provisions of

the Arrangement but

notwithstanding any provision in any other document or contract, THE

SECOND PART shall in relation to THE FIRST PART be bound by the

conditions imposed under the Arrangement.

18.

Modification and Exemptions : -

(i) THE FIRST PART reserves to itself the right to modify, cancel or

replace the Arrangement, so that the rights or responsibilities arising

out of, or accruing under a guarantee issued under the Arrangement

up to the date on which such a modification, cancellation or

replacement comes into effect, shall not be affected.

(ii) Notwithstanding anything herein contained, THE FIRST PART shall have

a right to alter the terms and conditions of the Arrangement with

regard to an education loan account in respect of which guarantee

has not been issued as on the date of such alteration.

(iii) In the event of the Arrangement being cancelled, no claim shall lie

against THE FIRST PART in respect of facilities covered by the

Arrangement, unless the provisions contained in Clauses (i) and (ii)

of para 11 of the Arrangement are complied with by the member

lending institution prior to the date on which the cancellation comes

into force.

19. Interpretation: -

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

If any question arises with regard to the interpretation of any of the provisions of

the Arrangement or of any directions or instructions or clarification given in

connection therewith, the decision of THE FIRST PART shall be final.

20. Supplementary and Additional Provisions : -

In respect of any matter not specifically provided for in this Arrangement, THE

FIRST PART through the High-level committee may make such supplementary or

additional provisions or issue such instructions or clarifications as may be

necessary.

21. Confidentiality:- The term “Confidential Information” for the purpose of this

clause means any information, including information created by or for the other

Party, whether written or oral ( which is confirmed in writing by disclosing party

within 15 (fifteen) days of such oral disclosure) , which relates to internal

controls, computer or data processing programs, algorithms, electronic data

processing applications, routines, subroutines, techniques or systems, or

information concerning the business or financial affairs and methods of

operation or proposed methods of operation, accounts, transactions,

proposed transactions or security procedures of either Party or any of its

affiliates, or any client of either Party.

(i) Either party shall keep any Confidential Information with the same degree of

care as it would treat its own confidential information of similar nature, which

degree of care in no case shall be less than reasonable.

(ii) Either party shall use the Confidential Information only for the purposes of

this Agreement and not for any other purposes.

(iii) Either party shall cause all its employees or agents who have been given

access to the Confidential Information bound by the confidentiality

obligations of this Agreement.

(iv) Nothing in this Article shall prevent a Party from treating confidential

information as non-confidential, if such information is:

(a)

In the possession of, or was known to such Party prior to its receipt,

without an obligation to maintain its confidentiality;

(b)

Becomes generally known to the public without violation of this

agreement by such Party;

(c)

Obtained by such Party from a person

• Who such Party does not know to have violated, or to have obtained

such information in violation of any obligation to another person or

the other Party with respect to such information

• Who does not require such Party to refrain from disclosing

such information

• Who has the right to disclose it, without the obligation to

keep such information confidential

(d)

Independently developed by such Party without the use of confidential

Information and without the participation of individuals who have had access

to confidential information.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(e)

Is required to be disclosed by such Party under the compulsion of law, or

by order of any court or government or regulatory body to whose

supervisory authority the receiving party is subject.

22. Indemnification: Subject to final judicial determination, THE SECOND PART

hereby agrees to indemnify and hold harmless & undertakes to defend THE

FIRST PART, and their respective, officers and directors, against any claim

made by a third party for infringement of such third party’s copyright by

any deliverable of the web portal by THE FIRST PART under this Agreement.

However, the indemnity obligations shall not apply to infringements caused by

modifications by THE FIRST PART under this Agreement or that result from any designs,

specifications or other information provided by THE FIRST PART or from combination of such

work with information, products or services not provided by THE SECOND PART.

23.

Consequences of breach and penalties: In the event of breach, THE FIRST PART

shall have the right to recover any direct loss, damage or cost of hardship from THE

SECOND PART caused due to the breach of the terms of this Agreement. The decision

has to be mutually agreed by both the parties. Both the parties shall have recourse

to Arbitration in case of any dispute regarding the said determination.

24.

Force majeure: Except as provided herein neither party shall be responsible to

the other for any delay or failure in performance of its obligations due to any

occurrence commonly known as Force Majeure which is beyond the control of any of

the Parties, including, but not limited to, fire, flood, explosion, acts of God or any

Governmental body, public disorder, riots, embargoes, or strikes, acts of military

authority, epidemics, insurrections, civil commotion, war, enemy actions. If a Force

Majeure arises, THE SECOND PART shall notify promptly to THE FIRST PART in

writing of such condition and the cause thereof. Unless otherwise directed by THE

FIRST PART, THE SECOND PART shall continue to perform his obligations under the

contract as far as is reasonably practical and shall seek all reasonable alternative means

for performance not prevented by the Force Majeure event.

25.

Arbitration: THE FIRST PART and THE SECOND PART shall make every effort to

resolve amicably by direct informal negotiation any disagreement or dispute arising

between them under or in connection with this Agreement. If, after thirty (30) days from

the commencement of such informal negotiations, any and all disputes, controversies

and conflicts (“Disputes”) arising out of this Agreement between the parties or arising

out of or relating to or in connection with this Agreement or the performance or non-

performance of the rights and obligations set forth herein or the breach,

termination, invalidity or interpretation shall resolve or settle amicably through

mutual negotiation and discussions, if the dispute/disputes is not settled amicably

then in that case it shall be finally decided by reference Arbitration and Conciliation

Act, 1996 (including all subsequent amendments). The place of arbitration shall be

Ranchi. The Arbitral Award shall be in writing and shall be final and binding on each party

and shall be enforceable in any court of competent jurisdiction.

26.Settlement of legal disputes: This Agreement shall be governed by the

Laws for the time being in force in India and Courts in Ranchi, Jharkhand

only shall have exclusive jurisdiction over matters relating to or arising

from this Agreement.

27.Intellectual Property Rights: All Intellectual Property Rights under the Agreement

will belong exclusively to THE FIRST PART, except the pre-existing Intellectual

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Property Rights of THE SECOND PART or its subcontractors (if any),. THE FIRST

PART shall at all times retain all right, title and interest in and to any Intellectual Property

Rights in the deliverables to be provided by THE SECOND PART under this Agreement and

any modifications thereto or works derived from there except the pre- existing

Intellectual Property Rights of THE SECOND PART or its subcontractors (if any),. It is hereby

expressly clarified that THE SECOND PART shall have no right, title or interest in or to

such Intellectual Property Rights for any purpose, except the right to use,

modify,enhance and operate such designs, programs, modifications as per requirement of

THE FIRST PART. THE SECOND PART shall not use such Intellectual Property for any other purpose

during and after the term of the Agreement.

THE SECOND PART hereby undertakes;

(i)

Not to provide access to the Intellectual Property Rights of THE FIRST PART to

persons other than authorized users duly notified by THE FIRST PART.

(ii)

To ensure that all authorized users are appropriately notified of the importance

of respecting the Intellectual Property Rights and that they are made aware

of and undertake to abide by the terms and conditions of the MOU.

(iii)

Not to permit any person, other than the authorized users, to copy,

duplicate, translate into any language, or in any way reproduce the

Intellectual Property.

(iv)

To effect and maintain reasonable security measures to safeguard the

Intellectual Property from unauthorized access or use by any third

party other than the authorized users.

(v)

To notify THE FIRST PART promptly of any unauthorized disclosure, use or

copying of the Intellectual Property of which THE SECOND PART becomes

aware.

31. IN WITNESS WHEREOF the parties have executed these presents on the day and

year hereinabove written and, in the manner, hereinafter mentioned.

WITNESSESS:

(Director, Higher Education)

(Member Lending Institution)

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

Schedule 4: Draft Agreement between DHTE, MLI and Student

TRIPARTITE AGREEMENT

(Under the provisions of Paragraph XX of the Guruji Student Credit Card Scheme

as notified and published by the Government of Jharkhand in Jharkhand Gazette

vide No. XXX dated XX.XX.XXXX)

This TRIPARTITE AGREEMENT (Agreement) is made and executed ON

THIS

day of

, 2023

In between

The Director, Higher and Technical Education duly authorized by the

Government of Jharkhand in the Department of Higher and Technical Education

having its office at Yojana Bhawan, Nepal House, Doranda, Ranchi-834002 and

to be carried out all his successors and assignees, IN THE FIRST PART,

AND

The _

(Designation of the Person)

, Jharkhand, (Name

of the Bank)

(hereinafter referred to as the said Bank, (which

expression shall unless repugnant to its context, includes its successors and

assignees) having its office at

, for and on behalf of the said Bank and all

its subsidiary Banks aid Branches operated in the State of Jharkhand, and duly

authorized by the Board of Directors of the Member Lending Institution (MLI), in

THE SECOND PART

AND

Mr./Ms. ………………………..Son/Daughter of ………………………..,

Resident of

………………. And Includes Parent/legal Guardian as defined in the schemes, in

the State of Jharkhand having Aadhaar Number………….., (hereinafter called

the Student), in THE THIRD PART

NOW THIS INDETURE IS WITNESSETH AS FOLLOWS: -

1. Scope and Extent: That on and from the date of execution of this Agreement

THE THIRD PART shall become the student availed financial assistance under the

Guruji Student Credit Card Scheme (“Scheme”) as notified and published by the

FIRST PART in Jharkhand Gazette vide Notification No(s). XXX dated XX.XX.XXXX,

No. XXX dated XX.XX.XXXX, No. XXX dated XX.XX.XXXX and no. XXXX dated

XX.XX.XXXX

2. Loan Amount: THE THIRD PART has availed education loan of Rs ............. without

collateral securities, as specified in the scheme.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

3. Interest Rate: For the entire amount of loan sanctioned of Rs.15.00 Lakh

(Rupees Fifteen Lakh Only) , rate of interest to be charged by the SECOND PART

shall be at prevalent EBLR of State Bank of India Plus 1.5% p.a. For girl students,

additional benefit by way of further reduction of rate of interest by 0.50% p.a. to

be extended by the SECON PART, thereby making the effective rate of interest @

EBLR of State Bank of India Plus 1% p.a (simple interest), The Rate of Interest shall

be floating and shall be changed as per changes in the EBLR of State Bank of

India. However, THE THIRD PART shall pay rate of interest at 4% simple rate of

interest per annum, after application of the benefit of interest subvention to be

extended by the Government of Jharkhand.

4. Margin:

(i) Up to Rs. 4.00 Lakhs: NIL

(ii) Above Rs. 4.00 Lakhs: 5% of the total sanctioned loan amount.

(iii) Scholarship/ Assistance ship to be included in Margin.

(iv) Margin will be brought in one year to year basis as and when

disbursements are made on a pro-rata basis in applicable cases.

5. Security: THE SECOND PART shall not insist on any security /collateral

security in tangible/ intangible form on THE THIRD PART other than the co-

obligation of the parents/ Legal guardians during the loan sanctioning process.

6. Insurance: There will be a life cover in the name of THE THIRD PART up to the

sanctioned loan amount. The insurance premium is to be borne by THE THIRD

PART and the same may be debited from their loan account.

7. Mode of Disbursement:

(i) The Institutional expense will be credited directly to the designated

account of the Institution concerned in case of payment of course fees

and other fees related to the Institution as per the institution’s payment

schedule uploaded by THE THIRD PART on the portal.

(ii) The Non-Institutional expense shall be reimbursed to THE THIRD PART’s

bank account on submission of valid bills/certificates/tickets etc on the

portal subject to the condition that all previous claims of Non-Institutional

expense has been settled by THE SECOND PART.

(iii) The maximum amount of Non-Institutional expense available per

semester to the student shall be proportional to the Institutional expense

disbursed per semester as per the payment schedule of the institution.

(iv) The sub clause (ii) of this section shall not be applicable to the Non-

Institutional Advance which shall be available as a one-time advance of

Non-Institutional Expense to be disbursed to THE THIRD PART’s bank

account.

(v) The amount of Non-Institutional Advance cannot breach the overall limit

of Non- Institutional Expense as mentioned in sub clause (iii) of this

section.

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

(vi) THE THIRD PART should submit valid bills/documents for utilisation of Non-

Institutional Advance, within the time specified by THE FIRST PART failing which

no further reimbursements of Non-Institutional expense shall be made to THE

THIRD PART.

(vii) THE SECOND PART shall not charge any processing fee for sanctioning

and disbursement of loan/expense/advance.

8. Repayment Holiday / Moratorium: There will be a moratorium or repayment

holiday of one year under this scheme after completion of the course or one

year after getting an employment, whichever is earlier.

9. Repayment:

(i) The repayment period shall be 15 (fifteen) years for any loan availed under

this scheme including the moratorium/ repayment holiday and the period

of study.

(ii) THE THIRD PART or his/her parent/ legal guardian can repay the loan

amount at any time before the stipulated period of repayment and in case of

early repayment of the loan there shall be no penalty or processing cost

charged by THE SECOND PART.

(iii) THE THIRD PART shall have an option to either start repayment during his

period of study or avail moratorium/repayment holiday as prescribed in

section 09 of the Scheme.

(iv) If THE THIRD PART chooses the option to fully service the interest of the

loan during his/her period of study, there shall be a concession of 1% p.a. in

interest rate applicable for the entire duration of the loan. The financial

liability of the concession shall be borne by THE SECOND PART.

(v) THE THIRD PART or the co-borrower shall be liable to repay the loan on

time as 1st charge.

(vi) The loan will be made available at the rate of 4% p.a. simple interest rate

to the student. (vii)THE

FIRST

PART

shall

provide

appropriate

subvention of interest rate for all the borrowers during the entire

period of the Loan to restrict the actual rate of simple interest to 4% per

annum, at THE THIRD PART level.

10. THE THIRD PART may utilise the entire sanctioned loan amount for Institutional

expenses during the period of study, which includes: -

(i) Fees payable for pursuing education in the institutions within and outside

of the state (within India) which have ranked up to 200 in the overall list or

have ranked up to 100 in their respective individual category of NIRF

Rankings or have been accredited grade either “A" or above by NAAC as

course/tuition fees.

(ii) Fees payable for accommodation in the institution hostel, if included in the

fee structure.

(iii) Fees payable for mess/food provided in the institution hostel, if included

in the fee structure.

(iv) Fees payable for caution deposit/ building fund / refundable deposit/

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

examination/ library/ laboratory, if included in the fee structure.

(v) Fees payable for study material such as books/computer/laptop/tablet etc.

provided by the institute, if included in the fee structure.

11. THE THIRD PART may utilise maximum up to 30% of the total sanctioned loan

amount for Non-Institutional expenses during the whole period of study which

includes: -

(i)

Expenses incurred as rent/ license fees for living outside the hostel or living

as a Paying Guest.

(ii) Expense incurred by the student for availing mess/food services from any

sources other than School/ College/ University/ Institution.

(iii) Expense

incurred

travel for

participation instudy

tours/conferences/seminars/competitions

approved

appropriate

authority.

(iv) Expenses incurred in travel from the institution to the place of residence.

(v) Expenses incurred for purchasing medical aids by specially-abled students.

(vi) Expenses incurred for hiring Day Care/ Child Care Services by Women

with child/children between ages 0 to 5 years.

(vii) Advance available as Non-Institutional Advance to be claimed as the first

disbursement of Non-Institutional Expense.

(viii) Non-Institutional Advance shall be a one-time advance available to the

student up to the Non-Institutional expense limit available per semester.

(ix) If unutilised, the Non-Institutional Advance shall be carried over to the next

semester.

12. Application and loan disbursement:

(i)

THE THIRD PART registers on the web-based portal by filling the required

details as approved by THE FIRST PART.

(ii) THE THIRD PART submits the detailed loan application form as per the

format approved by THE FIRST PART.

(iii) THE THIRD PART submits an undertaking for truthfulness of fulfilling of all

eligibility criteria under the scheme and accepting any legal/penal liability if

found incorrect. The student shall also provide details of the benefits availed

by him/her under any scholarship scheme, if any.

(iv) THE THIRD PART uploads the admission letter and fee payment schedule

of the institute.

(v) After due process and scrutiny, THE SECOND PART approves the student

loan application, quantum of loan amount and timeline of disbursement.

In case of rejection of loan application, THE SECOND PART shall provide

proper justification for rejection.

(vi) After sanctioning the loan to THE THIRD PART, THE SECOND PART shall

upload the sanction letter stating the quantum, interest charged,

moratorium period/repayment holiday and repayment period.

(vii) THE SECOND PART disburses loan to academic institution – MLI’s

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

disburses the institutional expense amount to the designated bank

account of the institute as per the payment schedule uploaded by THE

THIRD PART.

(viii) The web portal shall autopay the interest subvention amount against the

disbursed loan to THE SECOND PART as per the decided frequency between

THE FIRST PART and THE SECOND PART.

13. Disbursement of Institutional Expense:

(i) As per the fee payment schedule uploaded by THE THIRD PART, the web

portal notifies the student to submit the required documents before the

scheduled date for fee payment.

(ii) THE THIRD PART uploads valid marksheet of last semester indicating the student

has passed the semester. The student shall submit a self-declaration stating

that he has maintained an attendance of least 75% in the previous semester

The student raises request for fee payment and due date for payment of fees.

(iii) Request flows to MLI Dashboard for approval and verification- THE SECOND PART

gets notified of the fee payment request against the particular loan account and

verifies it against the fee payment schedule and marksheet.

(iv) If satisfied with the documents, THE SECOND PART disburses the required fee as

per the fee schedule to the Institution's Bank Account.

(v) THE SECOND PART uploads the disbursement certificate, and the loan

liability gets updated on THE THIRD PART’s as well as on THE FIRST PART

dashboard hosted on the web portal.

(vi) The total loan amount gets auto updated for THE THIRD PART and THE

FIRST PART’s financial liability is updated against the loan account.

14. Reimbursement of Non-Institutional Expense:

(i)

Non-Institutional Expense Limit is set by the web portal as per payment

schedule.

(ii) If claimed, system allows submission of bill/documents and entry of

details as per format provided by THE SECOND PART

(iii) System checks whether previous Non-Institutional Expense is settled

by THE SECOND PART or not.

(iv) On submission of valid bills/documents, THE SECOND PART verifies the

claim and decides to approve or reject the expense.

(v) If approved, then the approved amount gets disbursed from THE

SECOND PART to THE THIRD PART’s bank account provided in the

portal and THE SECOND PART uploads a payment confirmation slip on

the portal.

(vi) The disbursed loan amount gets added to THE FIRST PART loan

account and financial liability for THE THIRD PART and THE FIRST PART

is reflected on respective dashboards.

(vii) If rejected, student has the option to raise objections against the

rejection on the grievance redressal system.

15. Non-Institutional Advance Claim by Student:

(i)

The Web Portal auto calculates the limit for Non-Institutional Advance

from the Non-

Institutional Expense limit approved by THE SECOND PART

(ii) This limit gets updated on THE THIRD PART’s dashboard as an advance

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

which can be claimed by him/her as a one-time advance during his/her

period of study.

(iii) When required by THE THIRD PART, he/she raises request on the web-

portal to THE SECOND PART by selecting the quantum of and reason

for the Non- Institutional Advance. It must be the first disbursement of

Non-Institutional expense for the student.

(iv) THE SECOND PART decision on student’s request for advance- After

due verification, THE SECOND PART approves/rejects the request for non-

institutional advance.

(v) If approved, the SECOND PART disburses the advance to THE THIRD

PART’s bank account and financial liability is auto updated against THE

THIRD PART’s loan account, THE SECOND PART and THE FIRST PART.

(vi) THE THIRD PART must submit valid bills/documents against the

advance as required by THE SECOND PART.

(vii) THE SECOND PART approves or rejects the bill. If rejected, THE THIRD

PART has option to resubmit valid bill. Until then, further disbursement of

Non-Institutional Advance is on hold.

(viii) The Non-Institutional Advance limit available gets automatically

updated on THE THIRD PART’s dashboard. He/she can raise a grievance in

case of any discrepancy.

16. Loan account declared NPA by THE SECOND PART:

(i)

Loan account is flagged as NPA/ probable NPA by THE SECOND PART

for qualifying the criteria set by the RBI.

(ii) The flagged loan account appears on THE FIRST PART’s Dashboard as

NPA/prospective NPA.

(iii) THE SECOND PART that all avenues for recovering the amount have

been exhausted including recovery by taking legal action under

provisions of PDR Act or any other relevant acts

(iv) THE SECOND PART uploads the detailed document trail for activities

undertaken against the default loan account for the recovery of loan.

(v) If the guarantee is approved after scrutiny, THE FIRST PART notifies THE

THIRD PART about the charges and recovery under PDR Act.

(vi) THE THIRD PART shall accept the charges under PDR Act for the

defaulted loan account.

17. Supplementary and Additional Provisions:

In respect of any matter not specifically provided for in this Agreement, THE

FIRST PART through the High-level committee may make such supplementary

or additional provisions or issue such instructions or clarifications as may be

necessary.

18. Consequences of Breach and Penalties: In the event of breach, THE FIRST PART shall

have the right to recover any direct loss, damage, or cost of hardship from THE

SECOND PART, and THIRD PART caused due to the breach of the terms of this

Agreement. The decision has to be mutually agreed by both the parties. Both the

parties shall have recourse to Arbitration in case of any dispute regarding the said

determination.

19. Force Majeure: Except as provided herein neither party shall be responsible to the

other for any delay or failure in performance of its obligations due to any occurrence

commonly known as Force Majeure which is beyond the control of any of the Parties,

including, but not limited to, fire, flood, explosion, acts of God or any Governmental body,

झारखण्ड गजट (असाधारण) बुधवार, 25 अक्टूबर, 2023

public disorder, riots, embargoes, or strikes, acts of military authority, epidemics,

insurrections, civil commotion, war, enemy actions. If a Force Majeure arises, THE

SECOND PART, THE THIRD PART shall notify promptly to THE FIRST PART in writing of such

condition and the cause thereof. Unless otherwise directed by THE FIRST PART, THE

SECOND PART, THE THIRD PART shall continue to perform his obligations under the

contract as far as is reasonably practical and shall seek all reasonable alternative means for

performance not prevented by the Force Majeure event.

20. Arbitration: THE FIRST PART, THE SECOND PART and THE THID PART shall make every

effort to resolve amicably by direct informal negotiation any disagreement or dispute

arising between them under or in connection with this Agreement. If, after thirty (30) days

from the commencement of such informal negotiations, any and all disputes,

controversies and conflicts (“Disputes”) arising out of this Agreement between the

parties or arising out of or relating to or in connection with this Agreement or the

performance or non-performance of the rights and obligations set forth herein or the

breach, termination, invalidity or interpretation shall resolve or settle amicably through

mutual negotiation and discussions, if the dispute/disputes is not settled amicably then

in that case it shall be finally decided by reference Arbitration and Conciliation Act, 1996

(including all subsequent amendments). The place of arbitration shall be Ranchi. The

Arbitral Award shall be in writing and shall be final and binding on each party and shall

be enforceable in any court of competent jurisdiction.

21. Settlement of Legal Disputes: This Agreement shall be governed by the Laws for he

time being in force in India and Courts in Ranchi, Jharkhand only shall have exclusive

jurisdiction over matters relating to or arising from this Agreement.

22. In Witness Whereof the parties have executed these presents on the day and year

hereinabove written and, in the manner, hereinafter mentioned.

WITNESSESS:

--------------------------- (Director, Higher Education)

----------------------------- (Member Lending Institution)

---------------------------- (Student)

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झारखण्ड राजकीय मुद्रणालय

झारखण्ड राजकीय मुद्रणालय, रााँची द्वारा प्रकाशित एवं मुदद्रत

रााँची द्वारा प्रकाशित एवं मुदद्रत,

झारखण्ड गजट (असाधारण)

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