PMRY loans disbursements to be complete within this fiscal:RBI
Mumbai, Apr 16: Reserve Bank of India (RBI) has asked state governments to formulate apropreate action plans to improve loan recoveries from beneficiaries under the Prime Minister Rojgar Yojana(PMRY) during the current fiscal year.
The Centre has allocated a target of 3,84,340 persons to all states and Union Territories(UTs) to cover during the year. The targets have been worked out on the basis of the final performance report for the year 2004-05 of states/UTs.
The States/UTs where loan recovery is less than 30 percent, heve been asked to initiate appropriate action plans for improving recovery.Action plans may be formulated by each individual state, a RBI notification said.
The targets for these states, have, been set as per their actual performance in 2004-05 only, RBI said.
In case there is substantial improvement in the recovery based on the RBI reports for the half year ending September, 2006, suitable enhancement of the targets for these states can be considered.
As per the PMRY, the scheme will be implemented in the rural as well as in the urban areas of the country and all efforts should be made to achieve the target that includes complete disbursement of loan and subsidy by the end of March 2007.
While processing fresh applications, the state authorities were requested to take into account applications already pending with them so that such persons are not required to apply afresh.
The scheme envisages 22.5 per cent reservation for SC/STs and 27 per cent reservation for Other Backward Classes (OBCs). A fair and adequate share may be ensured for women and the minorities, the RBI notification observed.
All efforts must be made to improve loan recovery under the Scheme, both by the Government Agencies ( DICs ) and the implementing banks, it added.