Australia’s DIBP updates the list of acceptable banks for student funding for India, Nepal, Bhutan and Bangladesh.

DIBP has updated its list of Acceptable financial institutions for funds and loans- Visas and Migration

This major update makes the system simplified and thus puts the onus on the respective central bank of the countries and breaking from the past practice, has not tried to put out their own list. While it may appear to be procedural, it will have an impact immediately on the market. I wish to remind that only in recent years, DIBP had reduced the list of acceptable banks for Nepal to 2 banks due to increased concern on fraud in documents. Now the update will make 28 banks from Nepal as acceptable. For India, we may still need some clarification if bank loans from non-banking institutions such as Credila or Avanse will be acceptable. Credila was accepted as it somehow managed to explain itself as a subsidiary of HDFC Bank. 

The updated list as on the Australian High Commission website is as follows:

India

DIBP recognises Commercial Banks that are regulated by the Reserve Bank of India (RBI).

For further information on the legal framework in India refer to the RBI website at:

https://rbi.org.in/commonman/English/Scripts/BanksInIndia.aspx

Nepal

DIBP recognises only those organisations that are regulated by the Nepal Rastra Bank as Class “A” Commercial Banks.

For further information on the legal framework in Nepal refer to the Nepal Rastra Bank website at:

http://nrb.org.np/bfr/bfrdirectives.php?vw=15

Bangladesh

DIBP recognises only those organisations that are regulated by the Central Bank of Bangladesh as “Scheduled” Banks.

For further information on the legal framework in Bangladesh refer to the Central Bank of Bangladesh website at:

https://www.bb.org.bd/links/links.php

Bhutan

DIBP recognises only those organisations that are regulated by the Royal Monetary Authority of Bhutan as Commercial Banks.

For further information on the legal framework in Bhutan refer to the RMA of Bhutan website at:

https://www.rma.org.bt/fiutp.jsp

Source: http://india.embassy.gov.au/ndli/vm_studyloans.html

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