PSU Banks disburse maximum Education Loans, support the Youth of India

The Finance Minister of India, Smt. Nirmala Sitharaman, recently said that young people are choosing private banks over public sector banks because public sector banks are “not cool” and are associated with government banks. This statement has drawn widespread criticism, and many bankers have expressed their dissatisfaction with the remark.

When we analysed the data, we found that public sector banks continue to be an important pillar of India’s economy. They sanction and disburse a significant share of education loans taken by young people. If young people are taking education loans from public sector banks in large numbers, then the question arises: why are these banks considered “not cool” by the youth?

According to the data, public sector banks disbursed ₹18,082.76 crore in education loans in FY 2023-24, compared with ₹24,899.05 crore in FY 2022-23 and ₹16,169.82 crore in FY 2021-22. On the other hand, private banks account for a much smaller share of education loan disbursements.

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