Banks have found a new way to maintain the track of the students who have taken the education loan. The banks will now use social networking sites for tracking the education loan takers. With the help of Twitter and facebook banks will now try to keep the records.
The banks believe that this will help them to control the defaults. According to data State-run banks have over 2.6 million education loan accounts with outstanding credit of about Rs 60,000 crore. Most of the students have their accounts on the social networking sites so this will help the banks in keeping their records.
Some banks track education loan defaulters through their online friends. From last year the central bank of India the top provider of education loans to the Indian Institutes of Management last year, has switched to keeping a tab on borrowers through social networking websites.