Ref. No.NB.MCID /1299 / DAY-NRLM-Policy / 2022-23

Circular No. 237 / MCID-03 / 2022

11 November 2022

(1) The Chairman

All Regional Rural Banks (RRBs)

(2) The Managing Director

All State Cooperative Banks / District Central Cooperative Banks

Madam / Dear Sir,

Master Circular on Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) & Interest Subvention Scheme for Women SHGs under DAY-NRLM for the Year 2022-23 - Corrigendum

Please refer to our circular letter NB.MCID / 842 /DAY-NRLM-Policy/ 2022-23 dated 26 August 2022 on the captioned subject. In this connection, we draw your kind attention to para (iii) of the Annexure II. In view of the various queries raised by the banks, you are requested to read the para (iii) of the Annexure II of the above mentioned circular as below.

“For loans above ₹ 3 lakh and upto ₹ 5 lakh under the scheme, banks will extend credit at interest rate equivalent to their 1 year-MCLR or lending rate approved by the board of the bank or any other external benchmark based lending rate or 10% per annum, whichever is lower. For outstanding credit balance above ₹ 3 lakh and upto ₹ 5 lakh, banks will be subvented at a uniform rate of 5% per annum during FY 2022-23. Regional Rural Banks and Cooperative Banks will be required to disclose their applicable benchmark rate or lending rates for credit above ₹ 3 lakh and upto ₹ 5 lakh to NABARD”.

2. Other instructions in the circular remain unchanged.

Yours faithfully,

(L. Leivang)

Chief General Manager