Regulatory Alerts2010-06-20
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ACD Circular Letter No. 01: Use of Agents/Intermediaries for Loan Disbursement and Recovery under the Refinance Scheme for Solar Energy, Bio-gas and Effluent Treatment Plant Sectors
The document amends ACD Circular No. 06 by adding a provision that allows banks and financial institutions to use any company or organization as an agent or intermediary for customer selection, loan proposal preparation, evaluation, approval, disbursement, monitoring, and recovery under the Refinance Scheme for Solar Energy, Bio-gas, and Effluent Treatment Plant sectors. This authorization applies immediately and stipulates that the interest rate for such services shall be the prevailing bank rate plus a maximum of 5%.
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