New Delhi, Feb. 24 -- The government is contemplating rolling out a system to route and settle interest subsidies on education loans throughdigital currency wallets,Economic Timesreported quoting bank executives aware of this.

A system is being worked out to integrate theCentral Bank Digital Currency (CBDC)-based subsidy system with the Unified Portal for Education Loan, one of the executives said. Once this happens, the portal will streamline application submission, loan tracking, and subsidy claims.

After streamlining takes place, the interest subvention amount would be credited to the CBDC wallet of the candidate who is entitled to receive loan subsidy under the Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) scheme upon receipt of claims ...