The Reserve Bank of India (RBI) today extended the Cash Credit Limit (CCL) by Rs 3,054.75 crore up to May 31 for the ongoing wheat procurement season in Punjab, an official said.
The state government has already made record payment of Rs 16,166.69 crore to farmers till May 2.
According to an official spokesperson, the RBI has accorded extension till the end of May in the already sanctioned limit of Rs 18,124.85 crore, which was authorised earlier for the month of April 2018. The extension for procurement of wheat during Rabi Marketing Season (RMS) 2018 is subject to the state government ensuring that all its food credit accounts were always backed by fully paid stock value as per norms.
The spokesperson further disclosed that acting on the directives of the chief minister, the state procurement agencies were making prompt payments to the farmers to protect them from any inconvenience on this count. A total payment of Rs 16,166.69 crore has already been made so far to the farmers, said the spokesperson, adding that the total procurement of wheat this season currently stands at 118.56 Lakh Metric Tonne (LMT). Of this, 118.08 LMT had been purchased by the state procurement agencies till May 2, and 83.46 LMT had already been lifted from the mandis.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.