RRBs should comply with the following common guidelines for all categories of advances under the priority sector.
-> Rate of interest-The rate of interest on bank loans will be as per directives issued by our Department of Banking Regulation from time to time.
-> Service charges- No loan related and adhoc service charges/inspection charges should be levied on priority sector loans up to ₹ 25,000. In case of lending to SHGs/JLGs, the loan limit shall be applicable per member of SHG/JLG and not to the group as a whole.
-> Receipt, Sanction/Rejection/Disbursement Register- A register/ electronic record should be maintained by the bank, wherein the date of receipt, sanction/rejection/disbursement with reasons thereof, etc., should be recorded. The register/ electronic record should be made available to all inspecting agencies.
-> Issue of Acknowledgement of Loan Applications- Banks should provide acknowledgement for loan applications received under priority sector loans. Bank Boards should prescribe a time limit within which the bank communicates its decision in writing to the applicants.
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