What changed
The Ministry of Agro and Rural Industries extended the cut-off date for lapsing of sanctions and completion of disbursement for PMRY loans sanctioned during 2004-05 by one month, from June 30, 2005 to July 31, 2005. This supersedes the earlier deadline set in the May 4, 2005 circular.
What it means for you
Banks now have additional time to disburse loans already sanctioned under PMRY for 2004-05 without those sanctions lapsing. This reduces pressure on branch staff to meet the earlier June 30 deadline and helps avoid re-sanctioning delays for borrowers.
What you must do
- Update internal systems and branch instructions to reflect the new cut-off date of July 31, 2005 for PMRY 2004-05 sanctions.
- Communicate the extension to all regional/controlling offices and branches handling PMRY loans.
- Ensure pending disbursements are completed before the revised deadline to avoid lapse of sanctions.
- Acknowledge receipt of this circular to RBI as instructed.
Who it affects
All Indian Scheduled Commercial Banks (excluding RRBs), Regional and controlling offices of banks, Bank branches handling PMRY loans, PMRY loan borrowers under 2004-05 programme year
What is the new cut-off date for PMRY loan sanctions under 2004-05?
The cut-off date has been extended from June 30, 2005 to July 31, 2005 for both lapsing of sanctions and completion of disbursement.
Which banks are covered by this circular?
All Indian Scheduled Commercial Banks, excluding Regional Rural Banks (RRBs), are required to implement this extension.
Do we need to acknowledge receipt of this circular?
Yes, the circular explicitly asks banks to acknowledge receipt to the RBI.