What changed
RBI provided detailed operative instructions for implementing the Agricultural Debt Waiver and Debt Relief Scheme, 2008, including procedures for claim reimbursement, data maintenance, monitoring, and audit. Banks are required to submit one-time consolidated claims by September 30, 2008, and maintain branch-wise and state-wise data. Dedicated monitoring cells with nodal officers must be formed at bank and SLBC levels.
What it means for you
Banks must act quickly to compile and submit consolidated claims for waiver and OTS by the deadline, ensuring accurate data maintenance for audit and inspection. The requirement for dedicated monitoring cells and daily/weekly reporting will increase operational burden but ensure transparency and progress tracking. Non-compliance could lead to delays in claim reimbursement or regulatory scrutiny.
What you must do
- Submit one-time consolidated claims for waiver and OTS to RBI RPCD by September 30, 2008, using Annex I and II formats.
- Maintain detailed borrower-wise data at branches in Forms IA to VIB and summary data at regional/head offices.
- Form dedicated monitoring cells in each state with two nodal officers, and circulate their contact details via SLBC.
- Report branch-wise positions daily to controlling offices, which report to SLBC every Monday; SLBC consolidates and reports to RBI by Tuesday.
- Ensure claims are internally audited at branch level and consolidated at head office with audit certificates.
Who it affects
All Scheduled Commercial Banks including Local Area Banks, Head Offices of banks, Branch-level staff handling agricultural loans, State Level Bankers' Committees (SLBCs), Internal audit departments
What is the deadline for submitting claims under the Agricultural Debt Waiver Scheme?
Banks must submit one-time consolidated claims for waiver and OTS to RBI's RPCD by September 30, 2008.
What data must banks maintain for this scheme?
Banks must maintain detailed borrower-wise data at branches in Forms IA to VIB, and state-wise and district-wise data at head offices for waiver and OTS amounts.
How should banks report progress to RBI?
Branches report daily to controlling offices, which report to SLBC every Monday. SLBC consolidates and reports state-wise, bank-wise data to the concerned RBI Regional Office by Tuesday.