What changed
The Ministry of Agro & Rural Industries revised PMRY targets for 2005-06 for five states/UTs. Pondicherry target reduced from 900 to 650, Chandigarh from 350 to 100, Andaman & Nicobar from 400 to 200, Uttaranchal increased from 7,000 to 8,000, and Nagaland increased from 1,200 to 2,800.
What it means for you
Banks in these regions must adjust their lending plans to meet the new targets by the fiscal year-end. The revisions reflect updated government priorities, with increases for Uttaranchal and Nagaland indicating higher focus, while reductions for others suggest lower demand or capacity.
What you must do
- Update branch-level PMRY targets for the five affected states/UTs as per the revised numbers.
- Communicate revised targets to regional/controlling offices and branches immediately.
- Monitor progress actively to ensure achievement of targets by March 31, 2006.
- Acknowledge receipt of this circular to RBI as instructed.
Who it affects
All Indian scheduled commercial banks (excluding RRBs), Branches in Pondicherry, Chandigarh, Andaman & Nicobar, Uttaranchal, and Nagaland, Regional and controlling offices of banks
What is the deadline for achieving the revised PMRY targets?
The revised targets must be achieved by March 31, 2006, as per the circular.
Do the other terms and conditions of the PMRY scheme change?
No, all other terms and conditions remain the same as previously advised.
Which states/UTs have increased targets?
Uttaranchal (from 7,000 to 8,000) and Nagaland (from 1,200 to 2,800) have increased targets.