What changed
RBI introduced a modified monthly format for SGSY progress reports to address difficulties banks faced in compiling and reporting data correctly and uniformly. The new format aims to improve comparability between total applications received and those sanctioned or disbursed. It also captures pending applications with detailed aging buckets.
What it means for you
Banks must adopt the revised SGSY reporting format immediately to ensure accurate and consistent data submission. This change will help RBI and banks better track the scheme's performance and identify bottlenecks in application processing. Lenders need to update their internal reporting systems and train branch staff on the new format.
What you must do
- Replace the old SGSY monthly format with the enclosed modified format for all reports from the month ended September 30, 2004 onwards.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Controlling offices and implementing branches handling SGSY loans
Why was the SGSY reporting format changed?
Banks faced difficulties in compiling and reporting data correctly and uniformly under the old format, especially in comparing total applications received with those sanctioned or disbursed. The modified format addresses these issues.
From when should the new format be used?
The modified monthly format must be used for reports from the month ended September 30, 2004 onwards.
What key data points does the new format capture?
It captures cumulative and monthly applications received, sanctioned, disbursed, returned/rejected, and pending applications broken down by aging (less than 1 month, over 1 month, over 3 months, etc.), separately for individuals and SHGs.