Chandigarh, Sep 21 (PTI) The Reserve Bank of India on Wednesday sanctioned the first instalment of the cash credit limit for Rs 36,999 crore for the month of October, for the forthcoming paddy procurement season.

The balance amount of Rs 7,500 crore for the month of November 2022 is expected to be released after the first instalment is consumed, chief minister Bhagwant Mann said, as per an official statement here.

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He said that the early sanction of the cash credit limit will ensure timely preparations for the forthcoming paddy procurement season and facilitate payments directly into the farmers accounts from October 1.

The chief minister added that the forthcoming kharif season was the first paddy procurement season of the AAP government in the state and, therefore, he had issued directions to the Department of Food, Civil Supplies and Consumer Affairs in May itself to initiate advance planning for it.

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The chief minister said that during the previous Congress government, the state had, on four occasions, failed to procure the cash credit limit before the start of the paddy procurement season. Consequently, in these four years, the farmers had to wait for weeks before they got the payment for sale of their produce.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)