Regulatory Alerts2020-11-19
Added · Updated
SMESPD Circular Letter No. 14: Special loan/investment facility provided to CMSME sector affected by Novel Corona Virus (COVID-19) pandemic
The SMESPD amends paragraphs 8(x) and 9(x) of Circular Letter No. 01/2020 to address compliance difficulties regarding excess position adjustments for CMSME loans. The revision clarifies that loan/investment positions must not exceed the approved limit, allowing a 10-day grace period after each quarter-end for borrowers to repay excess amounts caused by accrued interest or profit. Additionally, banks are granted a 12-day window in the month following each quarter to submit data via Annexure-3 and apply for interest/profit subsidies from the Accounts and Budgeting Department.
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