E-Paper
Arhtiyas across Punjab to boycott banks delaying CCL
Arhtiyas (commission agents) across the state have decided to boycott the banks which are “intentionally delaying” release of cash credit limit (CCL) for payment of minimum support price (MSP) to farmers.
Arhtiyas (commission agents) across the state have decided to boycott the banks which are “intentionally delaying” release of cash credit limit (CCL) for payment of minimum support price (MSP) to farmers.
In a meeting of the commission agents’ union held on Wednesday, it was decided that the commission agents would withdraw all their deposits, encash fixed deposits, return their limits and even close their savings and current accounts in case the CCL is not released within two days.
Commission agents’ union president Ravinder Singh Cheema said Rs 2,000 crore were awaited from three main private sector banks --- HDFC, Axis and ICICI.
“If these banks are reluctant to release the CCL and support farmers, it doesn’t make sense for us to continue our ties with these banks,” Cheema said.
Punjab has sought Rs 20,000 crore in form of cash credit limit, and the Reserve Bank of India has asked the consortium of about 60 banks to make arrangement for the said amount. A major portion of the CCL, to the tune of Rs 13,500 crore, has arrived but to complete the wheat procurement operations, state procurement agencies still need about Rs 4,000 crore.
