Kuala Lumpur, Oct 17: Indian mathematician and Super 30 founder Anand Kumar has asked banks to be more liberal in giving education loans particularly to talented youths belonging to the underprivileged sections of the society, saying investment in future generation is never wasted.
"Parents cannot afford the cost of education of these students, who are mostly first-generation learners. So, the banks can come to their rescue," Kumar said while participating in a banker's meet at Malaysia, "Even if some loans turn to be bad loans, it should not be a worry.
After all, investment in the future generation never goes waste. That is the safest bet," he said. Citing the example of Super 30 students, he said they were entirely dependent on loans from the bank to complete their studies in India's premiere institution IITs despite having the talent to qualify for it.
The mathematician runs an academy at his home in native town Patna in Bihar where talented students from the poor section of the society are provided free education, food and lodging. Super 30 has won accolades across the world for its impressive records of helping the majority of its students qualify in IITs.
Kumar said that banks had diversified their roles in a big way over the years, but in the rapidly changing world it was important not to lose sight over a big chunk of population, which is not so blessed. [There is no substitute for teachers; says Anand]
"The challenge of the time is to involve more and more people in income generating activities, which would come the basis for assets generating activity for the nation. That will make a better and just society, in which everyone will be involved in constructive activity," he added.