UK Immigration has published a list of financial institutions that do not provide financial statements suitable for the purposes of applying for a Tier 4 student visa. These financial institutions are all in India, Pakistan and the Philippines.
UK immigration will give thirty days from the day that a financial institution appears on the list for the rule to come into effect. Beyond the thirty day period the statement from the financial institution will not help you to meet the maintenance funds requirements for the Tier 4 student visa category. In practice this means that if you use any financial institution on this list your student visa application will not be successful.
UKBA will keep this list under review. You should keep an eye on this list. UKBA could suddenly decide to add more financial institutions to the list. UKBA also says that they may remove financial institutions from the list.
This new list may put off potential students from India, Pakistan and the Philippines. Overall, this makes it more difficult for overseas students to meet the maintenance requirements for the Tier 4 visa.