What changed
The Ministry of MSME revised PMRY targets for 2007-08 for six states/UTs. Nagaland target increased from 400 to 1,500, Uttarakhand from 4,800 to 8,000, Mizoram from 200 to 700, Orissa from 8,500 to 12,500, Tripura from 1,200 to 2,200. Chandigarh target reduced from 400 to 150.
What it means for you
Banks in these states/UTs must adjust their branch-level planning to meet the new, higher targets in most cases. The unchanged terms and conditions mean existing PMRY guidelines continue to apply. Active participation is expected to achieve the revised numbers by the fiscal year-end.
What you must do
- Communicate revised PMRY targets to all regional/controlling offices and branches in affected states/UTs.
- Monitor branch-level progress against the new targets to ensure achievement by March 31, 2008.
- Align lending efforts and outreach activities to meet the increased targets in Nagaland, Uttarakhand, Mizoram, Orissa, and Tripura.
- Adjust plans for Chandigarh to reflect the reduced target of 150.
Who it affects
All Indian Scheduled Commercial Banks (excluding RRBs), Branches and regional offices in Nagaland, Uttarakhand, Mizoram, Orissa, Tripura, and Chandigarh
What is the deadline for achieving the revised PMRY targets?
The revised targets must be achieved by March 31, 2008, 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 advised in the earlier circular dated May 29, 2007.