What changed
RBI issued a circular forwarding a Government of India letter dated January 14, 2009, which modifies the earlier Agricultural Debt Waiver and Debt Relief Scheme, 2008. The specific changes are not detailed in this circular, but banks are instructed to take action and give wide publicity to the revised scheme.
What it means for you
Primary Urban Co-operative Banks must update their internal processes to align with the amended scheme parameters. Banks need to actively inform eligible 'other farmers' about the changes to ensure they can access the debt relief benefits.
What you must do
- Review the enclosed Government of India letter and implement the revised scheme provisions.
- Give wide publicity to the changes so all eligible 'other farmers' are aware of the relief.
- Acknowledge receipt of this circular to your respective Regional Office.
- Update internal records and loan systems to reflect the amended debt waiver criteria.
Who it affects
Primary (Urban) Co-operative Banks, Eligible 'other farmers' under the Agricultural Debt Waiver and Debt Relief Scheme, 2008
What is the main purpose of this circular?
It forwards a Government of India letter that amends the Agricultural Debt Waiver and Debt Relief Scheme, 2008, and directs UCBs to implement and publicise the changes.
Who are 'other farmers' as mentioned in the circular?
The circular does not define 'other farmers', but it refers to a category of farmers eligible for debt relief under the scheme, distinct from small and marginal farmers.
What action is required from UCBs?
UCBs must take necessary action to implement the scheme changes, give wide publicity to ensure eligible farmers benefit, and acknowledge receipt to their Regional Office.