What changed
Previously, banks reported KCC term loan progress monthly. Now, reporting is quarterly, with reports due within 15 days of quarter-end. A one-time deadline of April 10, 2007 is set for the March 2007 quarter.
What it means for you
This reduces reporting burden for banks, allowing more time to compile data. However, the quarterly format still requires detailed breakdowns of crop and term loan cards issued and amounts sanctioned. Banks must adjust internal reporting cycles to meet the new timeline.
What you must do
- Update internal reporting schedules from monthly to quarterly for KCC term loan progress.
- Ensure quarterly reports are submitted within 15 days of quarter-end.
- Submit the March 2007 quarter report by April 10, 2007.
- Use the prescribed format for reporting crop and term loan data.
Who it affects
All Scheduled Commercial Banks, Banks offering KCC term loans for agriculture and allied activities
What is the new reporting frequency for KCC term loan progress?
Quarterly, instead of monthly. Reports are due within 15 days of the quarter's end.
Is there a special deadline for the March 2007 quarter?
Yes, the report for the quarter ending March 2007 must be submitted by April 10, 2007.
What data must be included in the quarterly report?
Number of cards issued, aggregate credit limit sanctioned, and cumulative figures for both crop loans and term loans under KCC.