In a great new development, it was learnt that as many as 12,51,000 students have benefited from the UPA's educational loan through banks. The banks have disbursed Rs 12,000 crore since the scheme was launched, Union Finance Minister P Chidambaram said.

"Students could apply online for the educational loan and although this facility was currently available with only eight banks, all banks would introduce the system by the end of this year," he said.

Impressed by the work of banks, the FM said that there was a considerable increase of 27 per cent in the quantum of educational loan disbursed by banks in Puducherry as on December 2007. This has enabled more students to go in for higher education, he said during the inauguration function of a bank.

An increase in the total amount of loan disbursed to the students in Puducherry joining higher educational institutions from Rs 59.29 crore in March 2007 to Rs 75.94 crore in December the same year, are definitely impressive numbers, he said.

There were also accolades for the government, as it was keen that there should be no hurdles for youth to get bank aid, and hence, the show of those numbers. Chidambaram said the rise in plan outlay from Rs 1,450 crores in 2007-2008 to Rs 1,750 crore for current fiscal year corroborated the good performance of Puducherry government.

Talking about the groups in Puducherry, he was all praise for the 12,000 all women self groups in Puducherry saying as much as Rs 58 crore had been available to 6,000 groups as bank loans. He also appealed to the remaining self-help groups to become eligible for the loan facility.

Union Minister of State for Planning and Parliamentary Affairs V Narayanasamy, also present at the occasion, said that the UPA government had taken several steps taken to benefit the farmers and weaker sections.