What changed
The cut-off date for lapsing of sanction and completion of disbursement of loans under PMRY for programme year 2005-06 has been extended by one month for Assam, Kerala, Tamil Nadu, West Bengal, and Pondicherry. The new deadline is June 30, 2006, instead of May 31, 2006.
What it means for you
Banks in these states/UT get additional time to process and disburse PMRY loans without sanctions lapsing. This helps avoid disruptions in credit flow to small entrepreneurs under the scheme. Lenders must update internal systems and communicate the revised timeline to branches.
What you must do
- Issue instructions to regional/controlling offices and branches in Assam, Kerala, Tamil Nadu, West Bengal, and Pondicherry about the extended cut-off date.
- Update internal loan processing systems to reflect June 30, 2006 as the new deadline for PMRY 2005-06 sanctions and disbursements.
- Ensure acknowledgment of this circular to RBI as required.
Who it affects
All Indian scheduled commercial banks (excluding RRBs), Branches in Assam, Kerala, Tamil Nadu, West Bengal, and Pondicherry, PMRY loan applicants in these states/UT
What is the new cut-off date for PMRY loans in the specified states?
The cut-off date for lapsing of sanction and completion of disbursement is extended to June 30, 2006, from the earlier May 31, 2006.
Which states and union territory are covered by this extension?
Assam, Kerala, Tamil Nadu, West Bengal, and the Union Territory of Pondicherry.
Does this apply to all banks?
It applies to all Indian scheduled commercial banks, excluding Regional Rural Banks (RRBs).