What changed
The Government of India decided to continue the SRMS scheme beyond March 31, 2009. RBI now directs banks to complete loan disbursements under the scheme by September 30, 2009, instead of the earlier March 2009 deadline.
What it means for you
Banks have a clear three-month window to process and disburse loans to eligible manual scavengers and their dependents. This extension ensures continued rehabilitation efforts without disruption, but requires banks to prioritize time-bound disbursement to meet the new deadline.
What you must do
- Identify all eligible applicants under SRMS and expedite loan processing.
- Ensure loan disbursement to all eligible applicants by September 30, 2009.
- Follow existing RBI guidelines for SRMS loans without deviation.
- Acknowledge receipt of this circular to the issuing office.
Who it affects
All Indian Public Sector Banks (excluding RRBs), Manual scavengers and their dependents eligible under SRMS, Implementing agencies of the SRMS scheme
What is the new deadline for SRMS loan disbursement?
The deadline is extended to September 30, 2009, from the earlier March 31, 2009.
Which banks are covered by this circular?
All Indian Public Sector Banks are covered, excluding Regional Rural Banks (RRBs).
Do we need to follow new guidelines for SRMS loans?
No, banks must follow the existing guidelines issued by RBI in earlier circulars.