Please refer to our circular No. NB.107/DoR-32/2020 dated 16 April 2020, communicating the policy guidelines on Short Term refinance under ST (Others) to State Cooperative Banks for the financial year 2020-21. In this connection, paragraphs G.1.b.6.1 and 7.1 of Annexure II to the Circular stand revised and may be read as under :
Para G.1.b.6.1: The interest rate of refinance is subject to revision from time to time by NABARD. Interest is payable at quarterly rests on the first day of each quarter i.e. 1 July, 1 October, 1 January and 1 April every year, or on repayment of the entire principal amount.
Para G.1.b.7.1 : The quantum of refinance will be in the range of 80% to 95% as detailed in paragraph 4 of Annexure I of the circular.