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RBI/2017-18/190
FIDD.CO.FSD.BC.No.21/05.04.001/2017-18
June
7, 2018
The Chairman / Managing Director
& CEOs
All Public & Private Sector Scheduled Commercial Banks
Madam/Sir
Continuation of Interest
Subvention Scheme for short-term crop loans on interim basis during the
year 2018-19
Please refer to our circular FIDD.CO.FSD.BC.No.14/05.02.001/2017-18 dated
August 16, 2017 on Interest Subvention Scheme for Short-term Crop
Loans 2017-18 wherein we had advised the continuation and implementation of
the Interest Subvention Scheme for the year 2017-18. As regards the Scheme
for the year 2018-19, Ministry of Agriculture & Farmers Welfare,
Government of India (GoI) has informed that they have initiated the process
for continuation of the Interest Subvention Scheme 2018-19.
2. As advised by GoI, as
an interim measure, the Interest Subvention Scheme will be implemented in
2018-19 till further instructions are received, on the terms and conditions
approved for the Scheme for 2017-18, as contained in the above cited
circular. All banks are, therefore, advised to take note and implement the
Interest Subvention Scheme for 2018-19 accordingly.
3. Further, as advised by GoI,
from 2018-19 the ISS is being put on DBT mode on ‘In kind/services’ basis and not on ‘In
cash’ basis and all loans
processed in 2018-19 are required to be brought on ISS portal/DBT platform,
once it is launched.
4. In terms of Govt. of India
letter F.No. 1-4/2017-Credit –I dated August 16, 2017 (Copy enclosed), the Interest Subvention Scheme as
Plan-Non plan categorization of schemes will be dispensed with.
Accordingly, the Interest Subvention Scheme 2018-19 will be required to be
settled as applicable in Plan Scheme viz. Scheduled Caste (SC), Scheduled
Tribe (ST) and North East Region (NER) etc.
5. Therefore, banks are required
to capture category-wise data (General, Scheduled Caste (SC), Scheduled
Tribes (ST), North Eastern Region (NER)-General, North Eastern Region
(NER)-SC, North Eastern Region (NER)-ST) of beneficiaries under the Scheme
for reporting of the same on ISS portal individual farmer wise to settle
the claims arising from 2018-19 onwards. Till such time the DBT portal
becomes functional banks are requested to submit their claims,
category-wise as indicated above.
6. The Bank in consultation with
Govt. is working on the detailed modalities regarding categorisation of loans.
Till such time the modalities are finalised, banks may obtain the
category-wise data on self-declaration basis. There should however be no
cap on the loans given under each category.
Yours faithfully,
(G.P.Borah)
Chief General Manager-in-Charge
Encl: As above
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