What changed
Previously, banks reported progress on government-sponsored schemes SGSY, SJSRY, and SLRS on a quarterly basis, with data due within 45 days of quarter-end. Now, reporting frequency shifts to monthly, with data due by the end of the next month. The first monthly report is for April 2004, due by end of May 2004.
What it means for you
Banks must now submit progress data monthly instead of quarterly, increasing reporting frequency and operational load. This aligns with government demand for more frequent reviews. Lenders need to adjust internal data collection and submission processes to meet tighter deadlines.
What you must do
- Update internal reporting schedules to monthly for SGSY, SJSRY, and SLRS data.
- Ensure first monthly report for April 2004 reaches RBI by end of May 2004.
- Communicate new monthly timeline to all controlling offices and implementing branches.
- Maintain existing data format; no changes to submission templates.
Who it affects
All scheduled commercial banks (excluding RRBs), Controlling offices and implementing branches handling government schemes, Bank staff involved in progress reporting for SGSY, SJSRY, and SLRS
When does the monthly reporting start?
Effective from April 2004. The first monthly progress report for April 2004 must be submitted by end of May 2004.
Does the data format change?
No, the format for submission remains the same as before.
Which schemes are affected?
The change applies to SGSY, SJSRY, and SLRS government-sponsored schemes.