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Banks repeatedly violate RBIâs circular, deny student loans citing parentsâ credit score 16 January 2021 Despite the mandate of an education-loan policy to benefit poor students that has been in place since 2001, India s public-sector banks continue to deny student loans citing poor credit ratings. INDRANIL MUKHERJEE/AFP/Getty Images Despite the mandate of an education-loan policy to benefit poor students that has been in place since 2001, India s public-sector banks continue to deny student loans citing poor credit ratings. INDRANIL MUKHERJEE/AFP/Getty Images Nearly twenty years after the National Democratic Alliance government introduced an education loan scheme to benefit students from poor families, Indiaâs public banks continue to deny loans to students whose parents have poor credit ratings. The Indian Banksâ Association, a representative body of all banks with offices in the country, had prepar ....