Banking

RBI issues Rs 2,600 crore for farmer lending in Telegana

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In a bid to promote a better production of Kharif, the Reserve Bank of India (RBI) has released Rs 2,600 crore for the banking community in Telangana.

The fund was released by the central bank for lending to farmers in the ongoing Kharif season.

According to an official release, the amount is higher 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 of Telangana for the Kharif season, Arun Jaitley (Finance Minister) directed the RBI to release more funds to the banks in Telangana and advised the banking community to utilise the funds for farmers,” said RBI’s official communiqué.

“As per the directive, the RBI, on Tuesday, July 4, 2017, released Rs 2,600 crore; Rs 900 crore more than the tentative commitment of Rs 1,700 crore made as of July 1, 2017,” the release said.

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