RBI extends cut off date for PMRY loan disbursements

Mumbai, Apr 2 (UNI) The Reserve Bank of India (RBI) has extended the cut off date for lapsing of sanction and completion of disbursement of loans under the Prime Minister's Rozgar Yojana for fiscal 2008 to May 31.

The Apex Bank in a circular to all scheduled commercial banks said the extension has been granted by the Union Minsitry of Micro, Small and Medium Enterprises under certain conditions. The Centre had stated that the banks should not entertain or sanction fresh applications after March 31 and extension of cut off date will be utilised for disbursement of loans in respect of cases already sanctioned upto March 31.

It said despite being clearly mandated in the ''Quarterly Schedule'' of the programme year 2007-08 that all sanctions and disbursements under the programme year be completed by March 2008, it had been observed that implementing banks have not yet completed their disbursement of the cases under the said programme year and were yet to achieve the target.

It urged all implementing banks of PMRY to strictly adhere to the deadline and complete the disbursements of sanctioned cases under the programme year 2007-08 by May 31.

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