Chore Committee Recommendations Pdf
ADVERTISEMENTS:The below mentioned article provides an overview on the Tandon committee. Terms of Reference:The important terms of reference for the Tandon Study Group were:(i) To suggest guidelines for commercial banks for the follow-up and supervision of credit from the point of view of ensuring proper end-use of funds and keeping a watch on the safety of advances and to suggest the type of operational data and other information that may be obtained by banks periodically from such borrowers and by the Reserve Bank of India from the lending banks. ADVERTISEMENTS:(iv) To suggest criteria regarding satisfactory capital structure and sound financial basis in relation to borrowings;(v) To make recommendations regarding the sources of financing the minimum working capital requirements; and(vi) To make recommendations as to whether the existing pattern of financing working capital requirements by way of cash credit/overdraft system etc., requires to be modified, if so, to suggest suitable modifications.The Study Group submitted its final report in August 1975.
Major Recommendations by the Study Group:After accepting the major recommendations made by the Study Group, the RBI advised the banks as under: I. Norms for Inventory and Receivables. ADVERTISEMENTS:From the ‘norms’ presented above, it becomes clear that there is no uniformity among banks while assessing working capital requirements, particularly in case of inventories. The prescribed ‘norms’ have been suggested by the Study Group in respect of inventories and receivables.In the opinion of the group, bank credit is to be viewed as a tool for resource allocation in the economy and bank must uniformly assess working capital requirements.Norms have been suggested for 15 major industries stated above. The Group suggested the norms in relation to (i) Raw Materials; (ii) Stock-in-process; (iii) Finished Goods; and (iv) Receivables and Bills purchased on the basis of time element, i.e., in terms of month. These norms represent the maximum level for holding inventory and receivable.
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Chore Committee Recommendations Pdf Template
ADVERTISEMENTS:The RBI advised the scheduled banks as to the implementation of these norms:(i) These norms are applicable in case of both the existing and new borrowers with immediate effect. ADVERTISEMENTS:Working Capital gap = Rs. 20 lakhs, which has to be financed from long-term sources. According to the recommendations made by Tandon Committee norms of lending bank credit, under the three methods stated above, the same will be computed as shown.From the table presented on, Illustration. 1 it is most interesting to note that each successive method reduces the amount of bank credit and increases simultaneously the amount which is to be financed from long-term sources.