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Priority Sector Returns: Revised Classification for June 2007

Current · Source: Reserve Bank of India · RBI/2007-2008/113 · issued 09 Aug 2007 · ~1 min read
Quick answerBanks must submit Special Returns I, II, and III for priority sector advances as of last reporting Friday of June 2007, using existing formats but classifying loans from April 30, 2007 onward per revised priority sector guidelines.
The rule, in the simplest words
How it plays out — a real example

Rohan, a priority‑sector lending officer in Mumbai, reads the RBI circular and checks all loans he approved between April 30 and June 22. He re‑classifies them according to the new guidelines, fills out the existing Special Return forms, submits them by the June deadline, and sends an acknowledgement email to the Chief General Manager.

What changed

RBI reminded banks to file annual Special Returns I, II, and III for priority sector advances as of June 2007. Loans granted from April 30, 2007 to June 22, 2007 must be classified under the revised priority sector guidelines issued on April 30, 2007, while the return formats remain unchanged.

What it means for you

Banks need to ensure accurate classification of priority sector loans for the June 2007 reporting period, applying the new guidelines for loans made after April 30. This ensures consistency in monitoring and reporting of priority sector lending, which is critical for meeting regulatory targets and avoiding compliance gaps.

What you must do

Who it affects

All Scheduled Commercial Banks (excluding Regional Rural Banks), Priority sector lending departments, Compliance and reporting teams

❓ Common questions

What are Special Returns I, II, and III?

Special Return I covers Direct Finance to Agriculture and Allied activities (Outstanding as well as disbursement), Return II covers Recovery of agricultural advances, and Return III covers Disbursal of advances to priority sectors. All are annual returns as of last reporting Friday of June.

What is the deadline for submitting these returns?

The returns must reach RBI within 2 months from the reference date, which is the last reporting Friday of June 2007.

📜 Read the original circular — full text as issued by RBI
RBI/2007-2008/113 RPCD. Stat.BC.No.18/11.01.04/2007-08 August  09,  2007 To The Chairman/Managing Director All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir, Monitoring bank advances to priority sectors Special Returns I – Direct Finance to Agriculture and Allied activities (Outstanding as well as disbursement) as on the last reporting Friday of June(Annual) Special Return II – Recovery of agricultural advances as on the last reporting Friday of June (Annual) and Special Return III – Disbursal of advances to priority sectors as on the last reporting Friday of June (Annual) In terms of our circular RPCD.No.PS.BC39/C.464(M)/C.456(H)-83 dated June 27, 1983 read with RPCD. No. Stat. 86/Stat 5(CB)-86 dated February 27, 1986, banks are required to submit the above mentioned Special Returns I, II and III to Reserve Bank on an annual basis (as on last reporting Friday of June) and these returns should reach within 2 months from the reference date. As you are aware, Reserve Bank has issued revised policy guidelines on priority sector advances vide circular RPCD. No. Plan BC 84/04.09.01/2006-07 dated April 30, 2007 .  Keeping in view the fact that the priority sector guidelines have been revised with effect from 30 April 2007, you are requested to furnish the data in the existing formats of Special Returns I, II and III as on the last reporting Friday of June 2007. However, loans granted from April 30, 2007 to June 22, 2007 may be classified on the basis of revised guidelines on priority sector advances. Please acknowledge receipt Yours faithfully (G.Srinivasan) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/113 · issued 09 Aug 2007. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All Scheduled Commercial Banks (excluding Regional Rural Banks), Priority sector lending departments, Compliance and reporting teams), your first concrete step on “Priority Sector Returns: Revised Classification for June 2007” is: “Prepare Special Returns I, II, and III as of last reporting Friday of June 2007 using existing formats.” (RBI issued this 09 Aug 2007).

  1. Circular: RBI/2007-2008/113 -- Priority Sector Returns: Revised Classification for June 2007
  2. Issued: 09 Aug 2007
  3. Action required: Prepare Special Returns I, II, and III as of last reporting Friday of June 2007 using existing formats.
  4. Action required: Classify all priority sector loans granted from April 30, 2007 to June 22, 2007 under the revised priority sector guidelines.
  5. Action required: Submit the returns to RBI within 2 months from the reference date.
  6. Action required: Acknowledge receipt of this circular to the Chief General Manager.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3759&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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