The Reserve Bank of India (RBI) on Thursday extended Cash Credit Limit (CCL) for Punjab up to May, 2021, for the ongoing wheat procurement season.
The Reserve Bank of India (RBI) has extended the Cash Credit Limit (CCL) of Rs. 2953.46 crores, till the end of May, 2021. With this, the sanctioned limit of Rs. 21658.73 crore for end April 2021 has been enhanced to Rs. 24,612.19 crores upto end of May, 2021, according to an official spokesperson.
The extension for procurement of wheat, under new account no. I during Rabi Marketing Season (RMS) 2021-22, is subject to the state government ensuring that SBI would release funds. These funds get released only after Government of Punjab submits the Letter of Consent under Article 293(3) of the Constitution of India, obtained from Ministry of Finance, Government of India, and subject to outstanding balance under all the food credit accounts of State Government to be always backed by fully paid stock valued.