RBI / 2007-08/ 272
RPCD.PLNFS.BC.No. 54 / 09.04.01/ 2007 – 2008

April 01, 2008

The Chairman / Managing Director
All Indian Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir,

PMRY- Cut-off date for lapsing of sanction and completion of disbursement of loans
in cases sanctioned for the programme year 2007-08 – regarding further extension.

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 has been observed that implementing banks have not yet completed their disbursement of the cases under the said programme year and are yet to achieve the target.    

2. In order to enable completion of disbursement against the sanctioned cases of the programme year 2007-08, a one time extension of the cut-off date for lapsing of sanction and completion of disbursement for the cases of 2007-08 up to 31st May, 2008 has been granted by Ministry of Micro, Small & Medium Enterprises, Govt. of India, subject to the following conditions:

i) No fresh application will be entertained or sanctioned after 31.03.2008

ii) Extension of cut-off date granted up to 31.05.2008 would be utilized for disbursement of loans in respect of cases already sanctioned upto 31.03.2008.

3. All implementing banks of PMRY are requested to strictly adhere to this deadline and complete the disbursements of sanctioned cases under the programme year 2007-08 by 31st May, 2008. 

4. You may issue necessary instructions to your Regional /Controlling Offices/ Branches in this regard.

Yours faithfully,

(Rosemary Sebastian)
General Manager