RBI asks banks to submit progress report on NULM

MUMBAI: The Reserve Bank today asked banks to submit progress on the work done under the National Urban Livelihoods Mission ( NULM) on a quarterly basis.

"To better monitor the progress of the targets vis-a-vis the achievements under the NULM, banks are advised to furnish cumulative progress reports on a quarterly basis," RBI said in a statement.

The central bank also gave a proforma as per which the progress has to be reported.

They have to report the progress to the joint secretary for urban poverty alleviation and the RBI as well.

The banks have to report the progress by the end of next month of the quarter to which they relate, it said.

The Swarna Jayanti Shahari Rozgar Yojana was restructured as the NULM. The NULM is focused on reducing poverty and vulnerability of the urban poor households.

The banks help in the self-employment programme with the interest rate subsidy.