Reserve Bank of India Clears Over Rs 21,000 cr Towards CCL for Procurement of Wheat in Punjab

The Reserve Bank of India (RBI) has cleared Rs 21,658.73 crore towards Cash Credit Limit up to the end of April-2021 for wheat procurement during the ensuing Rabi marketing season in Punjab.

With this, the bulk of the Cash Credit Limit sought by Punjab government for the procurement of 105.60 lakh tonnes of wheat for this season has been released by Central Bank, according to an official statement.

The amount given by the RBI will help the state government to make timely payment to the farmers against procurement of food grains in the current season which will start from April 10 and come to a end on May 31, officials said. 

The central government has announced the MSP [minimum support price] for wheat at Rs 1975 per quintal for this season which is more than Rs 50 as compared to last year [Rs 1925 per quintal].

In the meantime, Chief Minister Amarinder Singh, who heads the Food and Civil Supplies Department to ensure that farmers do not face any problem during the procurement of their crops, especially the COVID -19 pandemic

After the UP and Haryana government, Punjab has made this decision in favour of farmers. UP government announced to procure the wheat crops till the stock lasts. Haryana government made the arrangements of direct payment transfer in farmers account within three days.