Page 52 - Banking Finance June 2020

RBI CIRCULAR

RBI

CIRCULAR

Interest Subvention (IS) and Prompt Fisheries (AHDF) upto ?3 lakh per farmer (upto ?2 lakh
for AHDF farmers).
Repayment Incentive (PRI) for Short
3. All other terms and conditions remained unchanged.
Term Loans for Agriculture including
Animal Husbandry, Dairy and Fisheries (Sonali Sen Gupta)
Chief General Manager
for extended period on account of Covid-
19 Extension of timeline for compliance with

RBI/2019-20/250 various payment system requirements
June 4, 2020
RBI/2019-20/251
1. Please refer to our circular FIDD.CO.FSD.BC.No.24/ June 04, 2020
05.02.001/2019-20 dated April 21, 2020 advising banks
on the Governments’ decision to continue the 1. A reference is invited to Reserve Bank of India (RBI)
availability of 2% IS and 3% PRI to farmers for the instructions – (a) DPSS.CO.PD.No.1164/02.14.006/2017-
extended period of repayment upto May 31, 2020 or 18 dated October 11, 2017 (as updated from time to
date of repayment, whichever is earlier. time) on Master Direction on Issuance and Operation
of Prepaid Payment Instruments (PPI-MD), (b)
2. In view of the extension of lockdown and continuing
DPSS.CO.PD No.1343/02.14.003/2019-20 dated January
disruption on account of COVID-19, the RBI vide circular
dated May 23, 2020 has permitted all lending 15, 2020 on Enhancing Security of Card Transactions,
(c) DPSS.CO.PD No.629/02.01.014/2019-20 dated
institutions to extend moratorium by another three
September 20, 2019 on Harmonisation of Turn Around
months, i.e., upto August 31, 2020. In order to ensure
that farmers do not pay higher interest during the Time (TAT) and Customer Compensation for Failed
Transactions using Authorised Payment Systems, and
extended moratorium period, the Government has
(d) DPSS.CO.PD.No.1810/02.14.008/2019-20 dated
decided to continue the availability of 2% IS and 3%
March 17, 2020 on Guidelines on Regulation of
PRI to farmers for the extended period of repayment
upto August 31, 2020 or date of repayment, whichever Payment Aggregators and Payment Gateways.
is earlier. This benefit will be applicable to all short term 2. Keeping in view the present situation it has been
loans for Agriculture and Animal Husbandry, Dairy and decided to extend the timeline for compliance in respect

52 | 2020 | JUNE | BANKING FINANCE