PMRY 2006-07 Targets and Recovery Focus

RBI/2005-06/358 RPCD.PLNFS.BC.No. 74 /09.04.01/ 2005 –2006 April 13, 2006 The Chairman / Managing Director All Indian Scheduled Commercial Banks (Excluding RRBs) Dear Sir, Target under the Prime Minister Rozgar Yojana (PMRY) for the year 2006-2007 We advise that Government of India have allocated a target of 3,84,340 to States/UTs as per ` Annexure A ', under PMRY for the year 2006 – 2007. 2. The targets have been worked out on the basis of the final performance report for the year 2004-05 of states/UTs. 3 . The list of States/UTs where the recovery of loans is less than 30 percent as per RBI report for the half year ending March, 2005 is given at ` Annexure B '. The targets for these states, have, therefore been kept at their actual performance in 2004-05 only . In case there is substantial improvement in the recovery based on the RBI reports for the half year ending September, 2006, suitable enhancement of the targets for these states can be considered. Hence appropriate action plans for improving recovery of loans may be formulated by each of these states and the Ministry informed of the action taken in this regard . 4. The other terms and conditions of the Yojana are as under: i. The scheme will be implemented in the rural as well as in the urban areas of the country. ii. All efforts should be made to achieve the target (i.e., complete Disbursement of loan and subsidy) by the end of March 2007. iii. While processing fresh applications, the DICs of your State/ UT may be requested to take into account applications already pending with them so that such persons are not required to apply afresh. iv. The scheme envisages 22.5 % reservation for SC/STs and 27 % reservation for Other Backward Classes (OBCs). A fair and adequate share may be ensured for women and the minorities. v. All efforts must be made to improve loan recovery under the Scheme, both by the Government Agencies ( DICs ) and the implementing banks. (vi) Attention is drawn to the revised Quarterly Schedule at`Annexure C' for sponsoring and sanctioning of applications and disbursement of loans / subsidies during 2006 –2007. This schedule may be implemented strictly so as to prevent bunching of applications towards the end of the financial year. The number of sponsored cases should be 125 percent of the assigned target. vii. For 2005-06 , the cut off date of lapsing of sanction and completion of disbursement has been extended upto 31.05.2006 . This period shall not be extended further . It may therefore be ensured that the quarterly schedules referred to in para (vi) above is adhered to strictly and sanction of loans for the programme year 2006-07 is completed by 31st December, 2006 (except for replacement of rejected applications from banks) and loan disbursed in all cases positively by 31st March 2007 . 5. You may issue necessary instructions to your Regional /Controlling Offices/ Branches for active participation and achievement of allocated targets by 31.03.2007. 6. Please acknowledge receipt. Yours faithfully, (G.P.Borah) Deputy General Manager Annexure - A Targets under the prime minister's Rozgar Yojana (PMRY) for the year 2006-2007 Sr. No.

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2005-06/358 · issued 13 Apr 2006. The plain-English explanation above is BankPulse’s own independent summary.

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