MUMBAI (TIP): RBI has asked co-operative banks to “immediately start” monitoring the NPA levels in the Self Help Group (SHG) segment and also stressed on their credit rating.
Earlier, the RBI had asked co-operative banks to report the member level data relating to the SHGs. A working group of RBI also stressed on the need for putting in place the credit information reporting for SHG members soon.
“The information requirements will be implemented in two phases. The first phase will commence from July 1, 2016 and last for one year. The depth of the credit related information to be collected would increase in Phase II to be implemented from July 1, 2017,” RBI said.
The collection and reporting of credit information in respect of SHG members will be restricted to the members of those SHGs that take bank loans exceeding Rs 1 lakh.