CHANDIGARH: The Reserve Bank of India (RBI) has extended the cash credit limit (CCL) for Punjab till November end, for the ongoing paddy procurement season.
The extended CCL is of Rs 5,331.79 crore, till the end of November, 2020. With this, the sanctioned limit of Rs 30,220.82 crore for October end has been enhanced to Rs 35,552.61 crore up to end of November, according to a spokesperson.
The extension for procurement of paddy, under new account during kharif marketing season (KMS) 2020-21, is subject to the state government ensuring that SBI would release funds. These funds get authorised only after Punjab submits the letter of consent under Article 293(3) of the Constitution, obtained from the Union ministry of finance and subject to outstanding under all the food credit accounts to be always backed by fully paid stock valued. tnn



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