Friday, 4 May 2018

RBI extends cash credit limit for wheat procurement in Punjab

The Reserve Bank of India (RBI) today expanded the Cash Credit Limit (CCL) by Rs 3,054.75 crore up to May 31 for the progressing wheat acquisition season in Punjab, an authority said. The state government has officially made record installment of Rs 16,166.69 crore to ranchers till May 2.

As per an official representative, the RBI has agreed augmentation till the finish of May in the effectively endorsed farthest point of Rs 18,124.85 crore, which was approved prior for the period of April 2018.

The augmentation for acquisition of wheat amid Rabi Marketing Season (RMS) 2018 is liable to the state government guaranteeing that all its sustenance credit accounts were constantly sponsored by completely paid stock an incentive according to standards.

The representative further unveiled that following up on the orders of the main clergyman, the state obtainment offices were making brief installments to the ranchers to shield them from any bother on this check.

An aggregate installment of Rs 16,166.69 crore has just been made so far to the agriculturists, said the representative, including that the aggregate acquirement of wheat this season as of now remains at 118.56 Lakh Metric Ton (LMT). Of this, 118.08 LMT had been obtained by the state acquirement organizations till May 2, and 83.46 LMT had just been lifted from the mandis.

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