Salient features of Vidya Lakshmi Portal The IBA Managing Committee at its meeting held on 26th June, 2015 had approved certain changes to the IBA Model Education Loan Scheme as suggested by the Reserve Bank of India and Government of India. One of the suggestions contained in the proposal from the RBI, as approved by the Ministry of HRD and DFS, was establishment of a common portal for students to apply for loans and to facilitate tracking and follow up of the loan during its life cycle. The IBA working group on Education Loan Scheme had discussions with NSDL to develop the portal, named as “Vidya Lakshmi Electronic Platform.” The portal is made operational for students and Banks which will minimize the need for personal interaction with student and loan disbursing agency besides providing transparent processing of student loan.