Integrated Scheme For Agricultural Marketing
Dear-Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you benefit of ADDENDUM TO OPERATIONAL GUIDELINES (OG) OF AGRICULTURE INFRASTRUCTURE SUB-SCHEME OF INTEGRETED SCHEME FOR AGRICULTURAL MARKETING.
PROVISIONS OF EXISTING GUIDELINES
Page No. of Original Guidelines (Page No.12) and Clause no. of existing guidelines (10.1.2)
Advance subsidy: NABARD will release advance subsidy to the FI for keeping the same in a Subsidy Reserve Fund (SRF) account of the concerned borrowers, to be adjusted finally against loan amount. This amount of 50% eligible subsidy would be released by NABARD to the FI on submission of a project profile-cum-claim form (Annexure-VIII)
Advance subsidy: NABARD will release advance subsidy to the FI for keeping the same in a Subsidy Reserve Fund (SRF) account of the concerned borrowers, to be adjusted finally against loan amount. This amount of 50% eligible subsidy would be released by NABARD to the FI on submission of a project profile-cum-claim form (Annexure-VIII)
MODIFIED GUIDELINES:
NABARD will release advance subsidy to the Controlling branches of FIs through PFMS within 10 working days of receipt of funds from the Government of India.
Controlling branches of FI will disburse within 10 working days of receipt of advance subsidy from NABARD to the financing bank branch and financing bank branch in turn will credit the advance subsidy to the Subsidy Reserve Fund (SRF) account of the concerned borrowers, in 2 working days to be adjusted finally against outstanding loan amount.
If the advance subsidy received by the FIs is not credited to the SRF account of the borrower within 12 working days, Penal interest @ 0.25% per month or part thereof will be charged to the FIs and no interest will be charged to the borrower by the bank on the advance subsidy from 13th working day.
Controlling branches of FI will disburse within 10 working days of receipt of advance subsidy from NABARD to the financing bank branch and financing bank branch in turn will credit the advance subsidy to the Subsidy Reserve Fund (SRF) account of the concerned borrowers, in 2 working days to be adjusted finally against outstanding loan amount.
If the advance subsidy received by the FIs is not credited to the SRF account of the borrower within 12 working days, Penal interest @ 0.25% per month or part thereof will be charged to the FIs and no interest will be charged to the borrower by the bank on the advance subsidy from 13th working day.
PROVISIONS OF EXISTING GUIDELINES
Page No. of Original Guidelines (Page No.12) and Clause no. of existing guidelines (10.1.3)
Final subsidy: Remaining 50% of the eligible subsidy amount will be released to the FI by NABARD after an inspection and recommendation by a Joint Inspection Committee (JIC) comprising of officers from NABARD (or its representative), FI and Directorate of Marketing & Inspection.
Final subsidy: Remaining 50% of the eligible subsidy amount will be released to the FI by NABARD after an inspection and recommendation by a Joint Inspection Committee (JIC) comprising of officers from NABARD (or its representative), FI and Directorate of Marketing & Inspection.
MODIFIED GUIDELINES
Final subsidy: Remaining 50% of the eligible subsidy amount will be released to the Controlling branches of FI by NABARD through PFMS within 10 working days of receipt of funds from the Government of India, after obtaining Annexure-XII (modified), from FI.
Controlling branches of FI in tum will disburse within 10 working days of receipt of final subsidy from NABARD to the financing bank branch and financing bank branch in tum will credit the advance subsidy to the Subsidy Reserve Fund (SRF) account of the concerned borrowers, in 2 working days to be adjusted finally against outstanding loan amount.
If the final subsidy received by FIs is not credited to the SRF account of the borrower within 12 working days, Penal interest @ 0.25% per month or part thereof will be charged to the FIs and no interest will be charged by the bank to the borrower on the final subsidy from 13th working day.
Controlling branches of FI in tum will disburse within 10 working days of receipt of final subsidy from NABARD to the financing bank branch and financing bank branch in tum will credit the advance subsidy to the Subsidy Reserve Fund (SRF) account of the concerned borrowers, in 2 working days to be adjusted finally against outstanding loan amount.
If the final subsidy received by FIs is not credited to the SRF account of the borrower within 12 working days, Penal interest @ 0.25% per month or part thereof will be charged to the FIs and no interest will be charged by the bank to the borrower on the final subsidy from 13th working day.
For, more information on this scheme you are requested to contact our KIP subsidy helpline on Mail – sales@kipfinancial.com and contact Number – +918683898080
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