FM directs RBI to release more funds to Telangana farmers
Consequent to the meeting of Union Labour Minister Bandaru Dattatraya with Union Finance Minister Arun Jaitley on the subject of availability of cash to the farmers in the banks of Telangana for Kharif Season,
Hyderabad: Consequent to the meeting of Union Labour Minister Bandaru Dattatraya with Union Finance Minister Arun Jaitley on the subject of availability of cash to the farmers in the banks of Telangana for Kharif Season, Arun Jaitley directed Reserve Bank of India to release more funds to Telangana and advised the banking community to utilise the funds for farmers.
As per the directive, RBI on Tuesday released Rs.2,600/- Crores i.e. Rs.900 Crores more than the tentative commitment of Rs.1,700 Crores as of 1st July, 2017. Thus each erstwhile districts in Telangana ie. Adilabad, Nizamabad, Rangar Reddy, Warangal, Karim Nagar, Khammam, Nalgonda and Mahaboobnagar would get Rs.150 - 200 Crores i.e. Rs. 50 Crores more than the original commitment. Also, Medak and Hyderabad would get Rs.300 Crore i.e. Rs. 100 Crores more. Therefore each Bank Branch in the districts would get Rs.30 - 50 Crores more cash for distribution to the farmers through local banks.
Further, Telangana State Cooperative Bank, A.P. Grameena Vikas Bank (for Telangana), Telangana Grameena Bank, State Bank of India during State level Bankers Committee (SLBC) meeting at Hyderabad on 20th June, 2017 though requisitioned Rs.400 Crores, Rs.800 Crores, Rs.200 Crores and Rs.2,200 Crores respectively thus could get more funds as per the directive received from Sri Arun Jaitley to RBI for exclusive distribution of cash to farmers. Now, with the development, the Banks would get more cash than requisitioned with RBI.
Bandaru Dattatraya requested the Bank Branches in Telangana to distribute the cash received thus to farmers to tide over the cash crunch crisis particularly in remote and rural areas. He also thanked Arun Jaitley for timely intervention made and hoped for the better cash availability to farmers in this peak agricultural period.