What changed
The previous deadline of 31 March 2005 for credit concessions in Jammu & Kashmir has been extended to 31 March 2006. All existing relaxations remain operative for this additional year.
What it means for you
Banks must continue offering the same credit relaxations to J&K borrowers without any modification. This ensures uninterrupted support to trade and industry in the state, requiring no new policy changes from lenders.
What you must do
- Issue instructions to all controlling and branch offices to continue existing J&K credit concessions until 31 March 2006.
- Ensure no disruption in the application of relaxations as per the April 2004 circular.
- Acknowledge receipt of this circular to RBI.
Who it affects
All scheduled commercial banks (excluding RRBs) with operations in Jammu & Kashmir, Borrowers and customers in Jammu & Kashmir state
What specific concessions are being extended?
The circular does not list the concessions; it refers to the relaxations detailed in the April 2004 circular (DBOD.No.BP.BC.77/21.04.012/2003-2004). Banks should refer to that earlier circular for specifics.
Does this apply to RRBs?
No, the circular is addressed to all scheduled commercial banks excluding Regional Rural Banks (RRBs).
What is the new validity period?
The concessions are now valid up to 31 March 2006, extended from the earlier deadline of 31 March 2005.