Circular No. 08/2005/TT-NHNN guiding the implementation of Decree No. 48/2001/NĐ-CP dated August 13, 2001 on the organization and operation of People's Credit Funds and Decree No. 69/2005/NĐ-CP dated May 26, 2005 of the Government amending and supplementing certain articles of Decree No. 48/2001/NĐ-CP dated August 13, 2005 of the Government on the organization and operation of People's Credit Funds.

CIRCULAR

Guidelines for implementing Decree No. 48/2001/ND-CP dated August 13, 2001 on the organization and operation of People's Credit Funds and Decree No. 69/2005/ND-CP dated May 26, 2005 of the Government amending and supplementing certain provisions of Decree No. 48/2001/ND-CP dated August 13, 2005 of the Government on the organization and operation of People's Credit Funds

On August 13, 2001, the Government issued Decree No. 48/2001/ND-CP on the organization and operation of People's Credit Funds (hereinafter referred to as Decree No. 48/2001/ND-CP), and on May 26, 2005, the Government issued Decree No. 69/2005/ND-CP on amending and supplementing certain provisions of Decree No. 48/2001/ND-CP on the organization and operation of People's Credit Funds (hereinafter referred to as Decree No. 69/2005/ND-CP). To facilitate the implementation process of the above decrees, the State Bank of Vietnam provides specific guidelines as follows:

I. GENERAL PROVISIONS

Thông tư này quy định chi tiết khoản 4 Điều 38 Luật Thủy sản số 18/2017/QH14 đã được sửa đổi, bổ sung tại điểm c khoản 21 Điều 14 Luật số 146/2025/QH15.

1.1. This Circular guides the implementation of certain points not yet specified in detail in Decree No. 48/2001/ND-CP and Decree No. 69/2005/ND-CP.

1.2. The following contents shall be implemented according to separate guidelines of the State Bank of Vietnam: Issuance and revocation of licenses for the establishment and operation of People's Credit Funds, opening and closing operations of branches, representative offices, transaction offices, and transaction points of People's Credit Funds, and liquidation of People's Credit Funds under the supervision of the State Bank of Vietnam; Provisions on safety ratios in the operation of grassroots People's Credit Funds; accounting system; financial regulations; classification of debts, provision and use of reserves for credit risk management during operations; Provisions on the organization and operation of the board of directors, supervisory board, and management staff; Standards for members of the board of directors, supervisory board members, and managers of People's Credit Funds; Procedures and formalities for requesting approval of changes in People's Credit Funds as stipulated in Article 31 of the Law on Credit Institutions; Special control over People's Credit Funds; auditing, establishment, and use of the Safety System Fund of People's Credit Funds; rating and classification of People's Credit Funds; security work for assets and treasuries; information and reporting systems.

Thông tư này áp dụng đối với tổ chức, cá nhân có liên quan đến hoạt động kinh doanh đối tượng thủy sản nuôi chủ lực trên lãnh thổ Việt Nam.

This Circular applies to grassroots People's Credit Funds, central People's Credit Funds (hereinafter collectively referred to as People's Credit Funds).

In this technical regulation, the following terms are understood as follows:

In this Circular, the following terms shall be understood as follows:

3.1. Legal residence: refers to individuals with permanent or long-term temporary residence registration according to the law within the operational area of the grassroots People's Credit Fund.

3.2. Legal production and business activities: refers to individuals conducting production and business activities based on a Business Registration Certificate or confirmed by the People's Committee of the commune, ward, or town to have production and business activities within the operational area of the grassroots People's Credit Fund.

3.3. Capital contribution to establish member status: is the minimum amount of capital contribution required to establish member status when joining a grassroots People's Credit Fund.

3.4. Regular capital contribution: is the amount of capital contribution (excluding the capital contribution already made to establish member status) to enable the grassroots People's Credit Fund to have funds to operate in the monetary, credit, and banking service sectors.

Name and Emblem

4.1. The name of the People's Credit Fund is decided by the Founding Assembly (for newly established People's Credit Funds) or the Members' Congress (for operating People's Credit Funds), but must include the phrase "People's Credit Fund."

4.2. All People's Credit Funds uniformly use a common emblem reflecting the strength of the system: The emblem consists of three overlapping letters QTD (Credit Fund) and an image of rice stalks.

5. Term and Operation

The maximum term of operation for grassroots People's Credit Funds (hereinafter referred to as grassroots credit funds) is 50 years, and for central People's Credit Funds (hereinafter referred to as central credit funds) is 99 years from the date of issuance of the license for establishment and operation. After the expiration of the term of operation, the People's Credit Fund may be considered for extension by the State Bank; Each extension period shall not exceed the term of operation stated in the license.

II. FOR GRASSROOTS CREDIT FUNDS

1. Operational Area

1.1. Grassroots Credit Funds mainly operate within the territory of one commune, one ward, or one town (hereinafter collectively referred to as commune).

1.2. For grassroots Credit Funds organized across communes, they must be adjacent communes to the main office location of the grassroots Credit Fund (not limited to the same district, county, city, or provincial-level municipality) within the province or centrally-administered municipality, and must be approved by the People's Committee at the district, county, city, or provincial-level municipality level and the local commune People's Committee, as well as related communes; The Governor of the State Bank branch in the province or centrally-administered municipality will decide on the operational area based on specific conditions in the locality to ensure it aligns with the management capacity of the grassroots Credit Fund and the ability of the State Bank to monitor and supervise.

1.3. For grassroots Credit Funds operating in specific industries (Trade Associations, Production and Business Cooperatives,...) or individual enterprises (Rural Farms, Forest Farms, Rubber Companies, Coffee Cooperatives,...) the operational area shall be defined in accordance with the operational area of the member enterprises of such industry organizations or subordinate organizations of these enterprises within the province or centrally-administered municipality.

1.4. For grassroots Credit Funds established before this Circular takes effect and whose operational areas extend beyond those specified in point 1.2 above, they may continue to operate within the areas previously approved by the State Bank, provided that their operations remain safe and effective.

2. Conditions for Becoming a Member of a Grassroots Credit Fund

2.1. For Individuals:

a) They must be Vietnamese citizens aged 18 or older with full civil capacity, residing, working, or engaging in lawful production and business activities within the operational area of the grassroots Credit Fund;

b) Individuals who do not meet the conditions specified above or who are being pursued for criminal responsibility, individuals serving a prison sentence, individuals deprived of their professional qualifications by a court due to violations of crimes as prescribed by law, and individuals currently serving a decision to be placed in an educational facility or medical facility shall not be eligible to become members of the Basic Credit Fund.

2.2. For civil servants and government officials:

a) They are civil servants and government officials working at organizations and agencies whose main offices are located within the operational area of the Basic Credit Fund.

b) Civil servants and government officials working in fields subject to state secrets as prescribed by law, officers, non-commissioned officers, warrant officers, and professional military personnel in people's armed forces units shall not be eligible to become members of the Basic Credit Fund;

c) When participating as members of the Basic Credit Fund, civil servants and government officials may not hold the following positions within the Basic Credit Fund: Chairman and member of the Board of Directors; Head and member of the Supervisory Board; Director and Deputy Director; Chief Accountant; and other specialized professional positions.

2.3. For households:

a) Households where the members share common assets for economic activities such as: land area currently in use for agricultural, forestry, and fishery production; and other fixed assets serving the household's production and business operations;

b) When joining the Basic Credit Fund, the Household Head acts as the representative of the household. The Household Head may authorize another adult member of the household to act as the representative to join the Basic Credit Fund according to the provisions of the law;

c) Households that do not meet the conditions to become members of the Basic Credit Fund, if individual members within the household meet the required conditions, may participate as individual members.

2.4. For Legal Entities:

a) Organizations and agencies (excluding charitable funds) whose main offices are located within the operational area of the Basic Credit Fund;

b) The person named in the application to join the Basic Credit Fund must be the legal representative of the legal entity. The legal representative of the legal entity may authorize another individual within the leadership structure of the legal entity to act as the representative to join the Basic Credit Fund.

2.5. For Other Subjects:

a) Organizations and agencies (excluding social funds and charitable funds) whose main offices are located within the operational area of the Basic Credit Fund;

b) Cooperatives and Limited Liability Companies when joining the Basic Credit Fund must appoint a representative (with a power of attorney) who meets the conditions applicable to individual members.

2.6. Subjects specified in points 2.1, 2.2, 2.3, 2.4, and 2.5 above, upon submitting an application to join, agreeing to the Charter, and contributing capital as prescribed by the Basic Credit Fund Charter, may become members of the Basic Credit Fund.

Each subject may only participate as a member of one Basic Credit Fund.

3. Capital Contribution

Members may contribute capital in Vietnamese currency. State agencies and people's armed forces units may not use state property or public funds to contribute capital to the Basic Credit Fund.

3.1. Forms of Capital Contribution and Record Keeping:

a) Capital contribution to establish membership status: When joining the Basic Credit Fund, all members must contribute capital to establish their membership status; upon making this capital contribution, the contributor will receive a Member Card according to the model prescribed by the State Bank (Annex 01) issued together with this Circular;

b) Regular capital contributions: After establishing membership status through initial capital contribution, members may make regular capital contributions (if any) to enable the Basic Credit Fund to have sufficient capital for its monetary, credit, and banking service operations; members making regular capital contributions will receive a Capital Contribution Booklet according to the model prescribed by the State Bank (Annex 02) issued together with this Circular;

4. Termination of Membership Status

4.1. In principle, when terminating membership status, the member may transfer their capital contribution, rights, and obligations to another person or be refunded their capital contribution and other rights as provided in points 4.2, 4.3, 4.4, and 4.5 below:

4.2. In the following cases, if the capital contribution cannot be transferred, it shall be refunded:

a) The member is an individual who has died, disappeared, lost capacity to act, or is restricted in capacity to act;

b) The member is a household without a representative meeting the conditions stipulated in the Charter;

c) The member is a legal entity whose organization has been dissolved, declared bankrupt, or does not have a representative meeting the conditions stipulated in the Charter;

d) Members expelled by the General Assembly of Members and those accepted to leave the Basic Credit Fund due to relocation of residence, workplace, or place of production and business outside the operational area of the Basic Credit Fund.

đ) If returning capital contributions to these members leads to the Charter Capital falling below the statutory minimum capital, the Basic Credit Fund must take measures to replenish the shortfall within thirty days from the date of return.

4.3. Apart from the cases mentioned in point 4.2 above, when terminating membership status, the member may transfer their capital contribution to another person. Refund of capital contributions to these subjects will only be considered if the following conditions are met:

a) Withdrawal of capital does not reduce the Basic Credit Fund's Charter Capital below the statutory minimum capital;

b) It does not lead to violation of the minimum capital adequacy ratio of the Basic Credit Fund as prescribed by the State Bank;

c) The Basic Credit Fund operates profitably and is classified as A or B according to the People's Credit Fund Classification Regulation issued by the Governor of the State Bank.

4.4. Returning capital contributions and interest on capital contributions (if any) to members must be based on the financial status of the Basic Credit Fund at year-end settlement, after the member has settled all financial obligations (if any) with the Basic Credit Fund, including:

a) Repayment of loan amounts (principal and interest):

b) Losses that must be compensated due to liability or joint liability.

c) Losses from business operations and risks associated with the proportion of contributed capital that members share responsibility for according to the welfare resolution (if any) in accordance with the proportion of contributed capital decided by the member assembly.

4.5. When exiting the Credit Cooperative Fund, in addition to being refunded the contributed capital as prescribed, members will also enjoy benefits from the Reward Fund and Welfare Fund (if any) in accordance with the proportion of contributed capital decided by the member assembly.

5. Member Assembly

5.1. The General Meeting of All Members or the Delegates' Meeting of the Credit Cooperative Fund (referred to collectively as the Member Assembly) have the same duties and powers. Based on the actual situation at each Credit Cooperative Fund, the Board of Directors decides on the form of organization of the Member Assembly, elects delegates to attend the Member Assembly, and the number of delegates (at least fifty delegates must be present) to attend the Member Assembly in each session.

The election of delegates to attend the Member Assembly, in principle, is conducted based on residential areas and the structure of contributing members but must ensure a reasonable ratio between the number of representatives of the group of members establishing membership status and the number of representatives of the group of regular contributing members to ensure democratic equality among contributing members.

5.2. The Member Assembly is considered valid when at least two-thirds of the total number of members or member delegates are present; In case the required number is not met, the meeting must be temporarily postponed and the Board of Directors or the Supervisory Board must reconvene the Member Assembly within thirty days from the date of postponement (for the annual Member Assembly, the postponement and reconvening period shall not exceed the time limit for organizing the Member Assembly as prescribed by law).

5.3. Decisions to amend the Charter, merge, split, or dissolve the Credit Cooperative Fund can only be passed when at least three-quarters of the total number of members or member delegates present at the meeting vote in favor.

5.4. Decisions on other issues are passed when more than half of the total number of delegates present at the meeting vote in favor. In case the votes for and against are equal, the voting decision of the side with the chairperson of the Member Assembly or the member meeting is decisive.

5.5. Voting at the Member Assembly and member meetings is independent of the amount of contributed capital or the position of the member in the Credit Cooperative Fund; Each member or member delegate has only one vote.

6. Board of Directors

6.1. The Board of Directors has the function of managing the Credit Cooperative Fund in accordance with the provisions of the law. Establishing a management and operation system or separately establishing a management body and an operation body of the Credit Cooperative Fund is carried out as follows:

a) For Credit Cooperative Funds with operating capital up to five billion VND (five billion dong) may establish a combined management and operation system;

b) For Credit Cooperative Funds with operating capital exceeding five billion VND (five billion dong) must separately establish a management body and an operation body.

6.2. The Chairman and other members of the Board of Directors are directly elected by the Member Assembly through secret ballot; the number of Board of Directors members is decided by the Member Assembly, but must be at least three people. The term of office of the Board of Directors is decided by the Member Assembly and recorded in the Charter of the Credit Cooperative Fund, but must be at least two years and not more than five years.

For Credit Cooperative Funds with operating capital exceeding eight billion VND (eight billion dong), the Chairman of the Board of Directors works under a full-time system; for Credit Cooperative Funds with operating capital up to eight billion VND (eight billion dong), the Chairman of the Board of Directors may work under a full-time or part-time system as stipulated in the Charter and operational regulations of the Credit Cooperative Fund's Board of Directors.

7. Supervisory Board

The Supervisory Board is an entity with the function of representing members to supervise and inspect all activities of the Credit Cooperative Fund in accordance with the law and the Charter of the Credit Cooperative Fund. Members and the Head of the Supervisory Board of the Credit Cooperative Fund are directly elected by the Member Assembly through secret ballot. The Supervisory Board must have at least three people, including at least one full-time supervisor; for Credit Cooperative Funds with less than one thousand members and operating capital up to five billion VND (five billion dong), the election of the Supervisory Board or only the election of one full-time supervisor without electing the Supervisory Board may be decided by the Member Assembly. The Head of the Supervisory Board may work under a full-time or part-time system as stipulated in the Charter and operational regulations of the Credit Cooperative Fund's Supervisory Board.

8. Operation Management Body

The Operation Management Body is an entity with the function of leading the implementation of business activities of the Credit Cooperative Fund. The operation management body consists of the Director, Deputy Directors; assisting the operation management body includes the Chief Accountant (or Head of Accounting Department), staff in accounting, credit, treasury, security, driving (if any) and other tasks depending on the actual operation of the Credit Cooperative Fund.

8.1. Director

The Director leads the Operation Management Body to implement the business plan and manage daily operations of the Credit Cooperative Fund in accordance with the law. When absent, the Director authorizes a Deputy Director to handle the operations of the Credit Cooperative Fund.

8.2. Deputy Director

The Deputy Director assists the Director in leading the operation management body. The Deputy Director is a member of the Credit Cooperative Fund and is appointed or dismissed by the Board of Directors upon the recommendation of the Director. The number of Deputy Directors is decided by the establishment conference or the Member Assembly of the Credit Cooperative Fund.

9. Social Insurance

9.1. The basic credit fund must enroll social insurance for all officers, employees, or workers (including the Chairman of the Board of Directors, the Head of the Supervisory Board working on a full-time basis, and dedicated supervisors) who work regularly and receive salaries at the basic credit fund. In cases where officers, employees, or workers are retirees receiving monthly social insurance benefits, the enrollment in social insurance for these individuals shall be carried out in accordance with the provisions of the Labor Code and other relevant laws.

The level of salary for mandatory social insurance contributions for each officer, employee (or worker) must be approved by the General Meeting of Members and registered with the provincial or centrally-administered municipal labor management authority where the basic credit fund's main office is located, in accordance with the provisions of the Labor Code and other relevant laws.

9.2. If the operating conditions of the basic credit fund permit and members request, the basic credit fund may contact the local social insurance agency to act as the intermediary for voluntary social insurance contributions from members. Voluntary social insurance contributions for members must be approved by the General Meeting of Members and recorded in the Charter of the basic credit fund.

10. Limitations on Increases and Decreases in Registered Capital

10.1. Each time the increase or decrease in Registered Capital is less than 10% (ten percent) compared to the most recently approved Registered Capital by the State Bank of Vietnam and under 50,000,000 VND (fifty million dong), the Board of Directors of the basic credit fund has the authority to decide. If the amount exceeds the above limits, it must be approved by the General Meeting of Members and must be approved in writing by the State Bank of Vietnam branch in the province or centrally-administered municipality where the basic credit fund's main office is located.

10.2. Annually, every six months (before July 15 and December 31), the Board of Directors must compile the results of increases and decreases in Registered Capital during the period, report to the State Bank of Vietnam branch in the province or centrally-administered municipality where the basic credit fund's main office is located, and request approval for the new Registered Capital level.

10.3. At the end of the fiscal year, the Board of Directors must compile the results of increases and decreases in Registered Capital for the year and, based on the State Bank of Vietnam's approval of the Registered Capital, report to the annual General Meeting of Members and register with the business registration authority regarding changes in Registered Capital in accordance with the law.

11. Activities of Basic Credit Funds

11.1. Fundraising

a) The basic credit fund can raise funds from organizations, individuals, and other credit institutions outside the People's Credit Fund system in the form of demand deposits, term deposits, and savings deposits;

b) The basic credit fund can borrow from the Central Credit Fund and other credit institutions outside the People's Credit Fund system;

c) In case of financial difficulties, the basic credit fund can borrow from another basic credit fund upon permission from the Governor of the State Bank of Vietnam branch in the province or centrally-administered municipality where the basic credit fund's main office is located (after the State Bank of Vietnam branch reports and obtains approval from the Governor of the State Bank of Vietnam).

11.2. Utilization of Funds

a) Credit activities:

- The basic credit fund is allowed to:

+ Provide loans to members;

+ Provide loans to poor households that are not members residing within the operational area of the basic credit fund. Loans to poor households must be based on the provisions of the Charter of Operations and the current ability to balance available capital and the financial capacity of the basic credit fund. Poor households must be evaluated according to the criteria set by the Ministry of Labor, Invalids, and Social Affairs and included in the list of poor households of the People's Committee of the commune. Procedures, formalities, and loan application documents for poor households must comply with the current lending regulations applicable to members;

+ Provide loans to customers who have deposits at the basic credit fund in the form of collateral guaranteed by deposit certificates issued by the basic credit fund itself, with the maximum loan amount plus accrued interest at maturity not exceeding the remaining balance of the deposit certificate at the time of the loan decision.

- The basic credit fund can engage in other credit activities after obtaining permission from the State Bank of Vietnam.

- The basic credit fund has the right to examine and decide on loans based on secured or unsecured guarantees by the borrower's assets, third-party guarantees, and bear responsibility for its decisions; the basic credit fund is not allowed to provide loans based on guarantees by member contribution certificates.

b) Other activities:

- The basic credit fund can open deposit accounts at the State Bank of Vietnam, the Central Credit Fund, and other credit institutions to provide payment services for members and customers upon permission from the Governor of the State Bank of Vietnam branch in the province or centrally-administered municipality where the basic credit fund's main office is located (after the State Bank of Vietnam branch reports and obtains approval from the Governor of the State Bank of Vietnam);

- The basic credit fund can purchase and invest in fixed assets directly serving business operations, following the principle that the residual value of fixed assets does not exceed 50% (fifty percent) of Tier 1 capital in the structure of the basic credit fund's own capital;

- The basic credit fund can accept mandates, act as agents, and perform other business activities in the field of monetary operations if it meets the current requirements of the State Bank of Vietnam, ensuring effective and safe operations, and must obtain permission from the Governor of the State Bank of Vietnam branch in the province or centrally-administered municipality where the basic credit fund's main office is located.

III. FOR THE CENTRAL CREDIT FUND

1. Members of the Central Credit Fund include:

1.1. Basic credit funds.

1.2. Credit institutions.

1.3. Economic organizations operating in the province or centrally-administered municipality where the Central Credit Fund's main office (including both the main office and branches) is located.

The entities specified in points 1.1, 1.2, and 1.3 above, when joining the Central Credit Fund, must appoint a legal representative, submit an application for membership, agree to the Charter, and contribute capital in accordance with the provisions of the Central Credit Fund Charter, and they can become members of the Central Credit Fund.

The Governor of the State Bank shall appoint representatives (one to two persons) to manage the government's support capital for the system of People's Credit Funds to exercise the rights and obligations of the State Bank with respect to this capital at the Central Credit Fund. These individuals shall be natural delegates attending the Member Congress and participating in the management, operation, and oversight of the Central Credit Fund in accordance with the Charter of the Central Credit Fund and relevant laws.

2. Activities

2.1. Capital Mobilization

The Central Credit Fund shall conduct capital mobilization activities in accordance with Clause 23, Article 1 of Decree No. 69/2005/ND-CP.

2.2. Capital Utilization

a) Credit activities:

- The Central Credit Fund shall provide loans to support and enhance the operational efficiency of member grassroots credit funds; lending to other entities shall be as stipulated in the Charter of the Central Credit Fund, ensuring priority in meeting reasonable borrowing needs of member grassroots credit funds. The total outstanding loans to other entities (excluding loans from entrusted capital) shall not exceed 50% (fifty percent) of the average annual operating capital of the Central Credit Fund;

- The Central Credit Fund has the right to examine, decide, and be responsible for loan decisions based on collateral provided by borrowers or third-party guarantees, or loans secured by assets formed from borrowed funds;

- The Central Credit Fund may engage in discounting, rediscounting negotiable instruments of customers and financial institutions, provide bank guarantees, and other forms of credit as prescribed by current regulations;

b) Other activities:

- The Central Credit Fund may participate in the money market organized by the State Bank, including treasury bill auctions, domestic and foreign currency interbank markets, and other negotiable instrument markets; it may engage in foreign exchange transactions upon approval in writing by the State Bank; it may act as an agent or trustee in areas related to banking operations;

- The Central Credit Fund may use its charter capital and supplementary reserve fund to invest in other organizations and individuals when approved by the Governor of the State Bank;

- The Central Credit Fund may purchase and invest in fixed assets directly serving business operations, subject to the principle that the remaining value of fixed assets does not exceed 50% (fifty percent) of Tier 1 capital within the equity structure of the Central Credit Fund.

IV. IMPLEMENTATION

This Circular takes effect fifteen days after its publication in the Official Gazette and replaces Circular No. 09/2001/TT-NHNN dated October 8, 2001, guiding the implementation of Decree No. 48/2001/NĐ-CP dated August 13, 2001, of the Government on the organization and operation of People's Credit Funds, and Decision No. 696/2003/QĐ-NHNN dated July 2, 2003, amending and supplementing certain points in Circular No. 09/2001/TT-NHNN dated October 8, 2001, guiding the implementation of Decree No. 48/2001/NĐ-CP dated August 13, 2001, of the Government on the organization and operation of People's Credit Funds.

2. By June 30, 2006, all People's Credit Funds must:

2.1. Complete the drafting and approval of the Member Congress Charter consistent with Decree No. 48/2001/NĐ-CP, Decree No. 69/2005/NĐ-CP, the provisions of this Circular, and guidance documents issued by the State Bank.

2.2. Obtain the State Bank's approval of the Charter.

2.3. Propose and obtain the State Bank's approval to amend and supplement the contents recorded in the License for Establishment and Operation (if there are changes).

3. For current commune-level civil servants and public officials participating in the Board of Directors and Supervisory Board of grassroots credit funds, measures to replace them must be implemented according to the guidelines of the Governor of the State Bank.

4. For grassroots credit funds required to have a Chairman of the Board of Directors working on a full-time basis as stipulated in Point 6.2, Clause 6, Section II of this Circular but unable to make such arrangements, these grassroots credit funds must develop urgent plans to supplement, and must comply with the legal requirements by March 31, 2008.

The Heads of Office, Department Heads of Cooperative Financial Institutions, Heads of Relevant Units under the State Bank, Governors of State Bank Branches in provinces and centrally-administered cities, Chairmen of the Board of Directors, and General Directors of the Central Credit Fund; Chairmen of the Board of Directors and Directors of Grassroots Credit Funds are responsible for implementing this Circular.

Any issues encountered during implementation should be promptly reported to the State Bank for guidance and resolution./.