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artisans, village and cottage industries of these organizations, should be treated as Priority Sector Advances, subject to the condition that the relative advances are exclusively for the purpose of purchase and supply of inputs to and / or marketing of the outputs of beneficiaries of these organizations.
2.7 Rejection of loan applications in respect of SCs / STs should be done at the next higher level instead of at the branch level and reasons of rejection should be clearly indicated. Role of SC / ST Development Corporations The Government of India has advised all State Governments that the Scheduled Caste/ Tribes Development Corporations can consider bankable schemes / proposals for bank finance.
As regards Collateral Security and / or third party guarantee for loans, guidelines issued to banks on priority sector lending will apply. Reservations for SC / ST Beneficiaries under Major Centrally Sponsored Schemes.
There are several major centrally sponsored schemes under which credit is provided by banks and subsidy is received through Government Agencies. (iii) Differential Rate of Interest Scheme Under the DRI Scheme, banks provide finance up to ₹15,000/- at a concessional rate of interest of 4 percent per annum to the weaker sections of the community for engaging in productive and gainful activities.
It will be necessary for the banks to consider loan proposals of these communities with utmost sympathy and understanding.Banks should advise their branches to organize meetings more frequently exclusively for SC / ST beneficiaries to understand their credit needs and to incorporate the same in the credit plan.2.3 Circulars issued by RBI / NABARD should be circulated among the staff for compliance.Details regarding the scheme of DAY-NRLM are available in the Master Circular FIDD. 5.2 Convenor bank (of SLBC) should invite the representative of National Commission for SCs / STs to attend SLBC meetings.Besides, the Convener bank may also invite representatives from National Scheduled Castes and Scheduled Tribes Finance and Development Corporation (NSFDC) and State Scheduled Castes and Scheduled Tribes Finance and Development Corporation (SCDC) to attend SLBC meetings 5.3 A periodical review should be made by the Head Office of banks of the credit extended to SCs / STs on the basis of returns and other data received from the branches.