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RBI releases Rs 2,600 crore for banks in Telangana

RBI releases Rs 2,600 crore for banks in Telangana

Hyderabad: The RBI today released Rs 2,600 crore for the banking community in Telangana for lending to farmers in the ongoing kharif season.

The amount was released following a directive from Finance Minister Arun Jaitley.

According to an official release, the amount was more than the earlier commitment of Rs 1,700 crore made by the Centre to the state.

“…On the subject of availability of cash to the farmers in the banks of Telangana for the kharif season, Shri Arun Jaitley (Finance Minister) directed the 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, the RBI, on Tuesday 4th July, 2017, released Rs 2,600 crore – ie Rs 900 crore more than the tentative commitment of Rs 1,700 crore made as of 1st July, 2017,” the release said.

With this, each erstwhile district of Telangana – Adilabad, Nizamabad, Ranga Reddy, Warangal, Karimnagar, Khammam, Nalgonda and Mahaboobnagar – would get Rs 150-200 crore, Rs 50 crore more than the original commitment, it said.

Union Minister for Labour and Employment Bandaru Dattatraya requested the banks in Telangana to distribute the cash to farmers to tide over the currency crunch, particularly in remote and rural areas, the release further said.

–PTI