What changed
This master circular updates and replaces the earlier circular dated July 2, 2007. It consolidates all prior guidelines, instructions, and directives on SGSY into one document for easier compliance.
What it means for you
Banks now have a single, updated reference for SGSY lending, reducing confusion from multiple circulars. Compliance with priority sector lending norms under this scheme should be based on this consolidated circular.
What you must do
- Replace the July 2, 2007 circular with this master circular as the primary reference for SGSY.
- Ensure all branches and credit staff are aware of the consolidated guidelines.
- Align internal processes and reporting with the instructions in this master circular.
- Acknowledge receipt of the circular as directed by RBI.
Who it affects
All commercial banks, Priority sector lending departments, Rural and microfinance branches
Does this master circular introduce new SGSY rules?
No, it consolidates all existing guidelines issued up to the date of the circular. No new rules are introduced.
Which earlier circular does this replace?
It replaces the circular dated July 2, 2007 (RBI/2007-08/65; RPCD. No. SP.BC. 10/09.01.01/2007-08).
Do we need to keep earlier SGSY circulars on record?
The master circular consolidates all prior instructions, so earlier circulars are superseded. However, retain them for audit trail if needed.