What changed
The Reserve Bank of India (RBI) has amended the Directions for Regional Rural Banks by adding 'AgriSURE - Agri Fund for Start Ups & Rural Enterprises' as item 2 in Annex I.
What it means for you
This amendment adds AgriSURE to the list of financial services Regional Rural Banks may undertake, effective immediately.
What you must do
- Review and update internal policies and procedures to reflect the changes in the Directions.
- Ensure compliance with the new requirements and submit necessary reports to the RBI.
- Consider exploring opportunities to support rural entrepreneurship and financial inclusion through AgriSURE.
Who it affects
Regional Rural Banks
What is AgriSURE?
AgriSURE is a dedicated fund for start-ups and rural enterprises, aimed at supporting rural entrepreneurship and financial inclusion.
When does the amendment come into effect?
The amendment is effective immediately, as per the RBI's notification.
What are the implications of this amendment for Regional Rural Banks?
Regional Rural Banks must review and update their internal policies and procedures to reflect the changes in the Directions and ensure compliance with the new requirements.