RBI okays 1st tranche of credit for paddy procurement in Punjab : The Tribune India

RBI okays 1st tranche of credit for paddy procurement in Punjab

RBI okays 1st tranche of credit for paddy procurement in Punjab

The CM says government will purchase every single grain of paddy.

Tribune News Service

Chandigarh, September 21

The Reserve Bank of India (RBI) today sanctioned the first instalment of the cash credit limit of Rs 36,999 crore for October for the coming paddy procurement season. The balance amount of Rs 7,500 crore for November is expected to be released after the first instalment is used.

Farmers will get timely payments

  • The CM said early sanction of cash credit limit would ensure timely preparations for paddy procurement
  • It would facilitate payments directly into farmers’ accounts for their produce from October 1

The Chief Minister said the early sanction of the cash credit limit would ensure timely preparations for the paddy procurement season and facilitate payments directly into farmers’ accounts from October 1 itself, he said.

He said the coming kharif season was the first paddy procurement season of the AAP government and, therefore, he had issued directions to the Department of Food, Civil Supplies and Consumer Affairs in May itself to initiate advance planning for it. As a result, the government, with the use of latest IT technologies, had revamped government policies related to milling, transport, labour and purchase of stock articles in an effort to make the process transparent, he said.

The CM said the government was committed to purchasing every single grain of paddy.

#Reserve Bank of India RBI

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