HYDERABAD: SBI, convener of the Telangana State Level Bankers Committee, on Wednesday said they have asked RBI for more cash in view of the government launching distribution of about 59 lakh cheques to farmers beneath a scheme, from Thursday.
Under the 'Rythu Bandhu' scheme for farmers, executive provides input costs by way of giving them Rs four,000 each and every for each and every acre via specifically published cheques.
The scheme will probably be launched by way of Chief Minister Ok Chandrasekhar Rao on Thursday in Karimnagar district.
Swaminathan, Chief General Manager, State Bank of India (Hyderabad Circle), said they be expecting one 3rd of the whole of Rs five,700 crore that is required now, inside of per week and the rest quantity thereafter.
The Government has allocated Rs 12,000 crore for the scheme within the budget.
Swaminathan said over 59 lakh cheques had been published by way of 8 collaborating banks led by way of the SBI and passed over to the government for distribution. Expenses for printing the cheques would be reimbursed by way of the government, he said.
"The aggregate amount is over Rs 5,700 crore. For encashment of cheques we requested government and RBI to make the cash available adequately. Telangana is already a deficit state in terms of currency. This is a very unique and one time requirement of cash within a short time frame," he said.
"They (RBI) are providing us some cash at this point of time, which is one third of the requirement for all the eight banks, this week itself," Swaminathan told PTI.
SBI on my own published about 26 lakh cheques of the whole of 59 lakh, all of which were passed over to the government, which is able to distribute them to farmers, he added.
Swaminathan said this was once a mammoth exercise on the subject of printing cheques, shifting them to Hyderabad and to the Government.
"...And they're going to be taken to villages. The executive will reimburse the cheque printing bills, the SBI reputable said.
He said there was once no constraint of cash for the scheme they usually were able handle the burden.
Under the 'Rythu Bandhu' scheme for farmers, executive provides input costs by way of giving them Rs four,000 each and every for each and every acre via specifically published cheques.
The scheme will probably be launched by way of Chief Minister Ok Chandrasekhar Rao on Thursday in Karimnagar district.
Swaminathan, Chief General Manager, State Bank of India (Hyderabad Circle), said they be expecting one 3rd of the whole of Rs five,700 crore that is required now, inside of per week and the rest quantity thereafter.
The Government has allocated Rs 12,000 crore for the scheme within the budget.
Swaminathan said over 59 lakh cheques had been published by way of 8 collaborating banks led by way of the SBI and passed over to the government for distribution. Expenses for printing the cheques would be reimbursed by way of the government, he said.
"The aggregate amount is over Rs 5,700 crore. For encashment of cheques we requested government and RBI to make the cash available adequately. Telangana is already a deficit state in terms of currency. This is a very unique and one time requirement of cash within a short time frame," he said.
"They (RBI) are providing us some cash at this point of time, which is one third of the requirement for all the eight banks, this week itself," Swaminathan told PTI.
SBI on my own published about 26 lakh cheques of the whole of 59 lakh, all of which were passed over to the government, which is able to distribute them to farmers, he added.
Swaminathan said this was once a mammoth exercise on the subject of printing cheques, shifting them to Hyderabad and to the Government.
"...And they're going to be taken to villages. The executive will reimburse the cheque printing bills, the SBI reputable said.
He said there was once no constraint of cash for the scheme they usually were able handle the burden.
Telangana banks seek more cash from RBI
![Telangana banks seek more cash from RBI]()
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May 09, 2018
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