Kanpur: Union Human Resource Development (HRD) Minister Kapil Sibal on Monday said the centre has planned to set up a corporation for providing financial assistance to the needy students interested in pursuing higher studies.

"To counter the financial crisis of the needy and meritorious students interested in taking up higher studies, the central government has proposed to set up the education finance corporation," Sibal told reporters in the city, 90 km from Lucknow.

The minister was in Kanpur to attend a function organised by the Uttar Pradesh Madhyamik Shikshak Sangh.

"The Planning Commission is already looking into the matter and a final decision related to the setting up of the corporation would be taken very soon in order to solve the financial crisis of the poor and brilliant students," he added.

Sibal emphasised the need to set up more schools, colleges, universities in the country, and said he would welcome involvement of private sector in the field of education.

"There's a need to increase the number of educational institutes. We would welcome private players if they assist us in providing better education to the students, particularly those coming from financially weaker section of the society."

Responding to a question on growing suicidal tendencies amongst the students, Sibal blamed parents, saying that their ever-rising expectations of their children's performance in examination builds pressure on the students, who then take the extreme step. IANS