Credit Facilities to Minority Communities
The Reserve Bank of India (RBI) has issued a Master Circular outlining the guidelines for credit facilities to minority communities.
Definition of Minority Communities: The circular defines minority communities as Muslims, Sikhs, Christians, Buddhists, Parsis, and Jains.
Special Cell and Exclusive Officer: Banks are required to create a special cell and designate an exclusive officer to oversee credit facilities to minority communities.
Role of Lead Banks: Lead banks are responsible for coordinating and monitoring credit facilities to minority communities in their respective districts.
Advances under DRI Scheme: The circular outlines the guidelines for advances under the Differential Rate of Interest (DRI) scheme, which provides concessional rates of interest to minority communities.
Monitoring and Training: Banks are required to monitor credit facilities to minority communities and provide training to their staff on the guidelines outlined in the circular.
Publicity: Banks are required to publicize the credit facilities available to minority communities through various channels.
National Minorities Development and Finance Corporation (NMDFC): The circular outlines the role of NMDFC in providing credit facilities to minority communities.
Prime Minister’s New 15 Point Programme: The circular outlines the guidelines for implementing the Prime Minister’s New 15 Point Programme for the Welfare of Minorities, which aims to improve the socio-economic status of minority communities.
Appendix: The circular includes an appendix that provides a list of circulars consolidated in the Master Circular.
Chat with the Master Circular:
Download: Master Circular on Credit Facilities to Minority Communities