Arijit Banerjee, J.

The Government of India in the budget of 2009-10 had introduced the Central Scheme for Interest Subsidy (in short CSIS Scheme) on educational loan to provide interest subsidy on all educational loans sanctioned/availed up to 31st March, 2009 and outstanding as on 31st December, 2013 by students belong to economically weaker section. The Scheme was applicable for Post Class XII studies in recognized technical/professional courses in India. Students with an annual gross parental/family income up to Rs. 4.5 lac per year as on the date of availing the loan would be deemed to belong to the economically weaker section. It would apply to all education loans sanctioned up to 31st March, 2009 and outstanding as on 31st December, 2013. Only the interest component of the loan would be adjusted under the Scheme.

2. The petitioner applied for the UCO education loan for undergoing the MBA course. Such loan was sanctioned by the respondent bank in May 2007. The total sum disbursed to the petitioner under the loan between 18th May, 2007 and 8th October, 2008 was, according to the petitioner, Rs. 2,66,400/-. According to the petitioner he deposited a sum of Rs. 1,51,233/