AMN /
Finance Minister Arun Jaitley has asked banks to make available funds to farmers for rabi season through cooperative banks and said that the the required funds will be provided to the farmers by Cooperative banks through associated banks.
Mr Jaitley told this to reporters after holding a high level meeting with RBI, NABARD, public sectors banks and secretaries in the finance Ministry in New Delhi yesterday. The Finance Minister discussed the shortage of funds being faced by farmers during the current Rabi sowing season.
The Centre has taken more steps to ease the cash flow for farmers after demonetisation of old 500 and 1000 rupee notes.
Farmers can now purchase seeds with old 500 rupee notes.
This comes on the back of permitting farmers to withdraw up to 25,000 rupees per week from their KYC compliant accounts.
In relief for aam aadmi and traders, Govt has decided to provide 60 days more for repayment of housing, car, farm and other loans worth up to 1 crore rupees.
If they were payable between 1st November and 31st December and any default during this period won’t be recognised as one.
Overdraft and cash credit account holders can now withdraw up to 50,000 rupees per week.
Govt has already allowed exchange of recalled notes till november 24th at the petrol pumps, railway booking counters, airlines counters , government hospitals among many other places.
The effect are already visible in many areas as the queues outside ATMs and banks are growing shorter.