What changed
The Ministry of Agriculture & 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 July 31, 2005 to August 31, 2005. This follows the earlier circular dated May 16, 2005.
What it means for you
Banks get an additional month to disburse loans already sanctioned under the 2004-05 PMRY programme, reducing the risk of sanctions lapsing. However, the overall target for 2005-06 remains unchanged, requiring banks to complete both sanction and disbursement activities by March 31, 2006.
What you must do
- Complete disbursement of all PMRY loans sanctioned during 2004-05 by August 31, 2005.
- Ensure achievement of allocated targets for 2005-06 by completing sanction and disbursement activities by March 31, 2006.
- Issue necessary instructions to all regional, controlling offices, and branches regarding the extended deadline.
- Acknowledge receipt of this circular to the RBI.
Who it affects
All Indian Scheduled Commercial Banks (excluding RRBs), Regional and controlling offices of banks, Bank branches implementing PMRY loans
What is the new cut-off date for PMRY loan disbursements under 2004-05?
The cut-off date has been extended from July 31, 2005 to August 31, 2005.
What is the deadline for completing 2005-06 PMRY sanctions and disbursements?
All sanction and disbursement activities for the 2005-06 programme year must be completed by March 31, 2006.