What changed
The previous extension of credit concessions for J&K borrowers, which was set to expire on March 31, 2010, has been further extended by one year. The new deadline for these relaxations is now March 31, 2011.
What it means for you
Banks must continue to offer the same credit relaxations and concessions to borrowers in Jammu & Kashmir for another year. This ensures ongoing support for trade and industry in the region, without any change in the terms of the relief.
What you must do
- Issue instructions to all controlling and branch offices to continue the existing credit relaxations for J&K borrowers until March 31, 2011.
- Ensure compliance with the original April 21, 2004 circular's provisions for the extended period.
- Monitor the implementation of these concessions in J&K branches to avoid any disruption in relief to customers.
Who it affects
All scheduled commercial banks (excluding RRBs), Borrowers and customers in Jammu & Kashmir, Trade and industry in Jammu & Kashmir
Which borrowers are covered under this extension?
All borrowers and customers in the state of Jammu & Kashmir who were eligible under the original April 2004 circular and subsequent extensions.
What is the new validity period for these concessions?
The concessions are now valid up to March 31, 2011, extended from the earlier deadline of March 31, 2010.
Are Regional Rural Banks (RRBs) included in this directive?
No, the circular explicitly excludes RRBs. It applies only to all other scheduled commercial banks.