Crediting Rythu Bandhu of ₹ 5,000 per acre in the accounts of these farmers is likely to require an amount of more than ₹ 2,000 crore. File
The state government has decided to raise market loans worth ₹ 3,000 crore through securities auction from the Reserve Bank of India (RBI).
The state government has submitted a request to boost this amount during the securities auction to be held on May 7. Accordingly, the Government has made minor modifications to the borrowing schedule in the first quarter of the current financial year. While it had announced to raise ₹ 2,000 crore each through securities auction on April 8 and 23, the government reduced the amount to ₹ 1,500 crore each in two auctions, thereby making room for borrowing ₹ 1,000 crore. The amount has been adjusted for the auction held on May 7, in which the government will raise ₹3,000 crore instead of ₹2,000 projected in the indicative borrowing calendar.
The event assumes significance in the airy of Chief Minister A. Revanth Reddy’s assurance that his government has committed to fully credit the Rythu Bandhu for Rabi season amounts in the accounts of all eligible farmers by May 8. The Government has contributed £5,777 so far. crore into the accounts of 64.75 lakh farmers from 68.99 lakh, leaving a balance of close to four lakh farmers.
Crediting Rythu Bandhu of ₹ 5,000 per acre in the accounts of these farmers is likely to require an amount of more than ₹ 2,000 crore. At the same time, the government should also credit the amounts related to social security pensions like Aasara to the accounts of eligible beneficiaries and crediting of these amounts to their accounts started on Saturday.
The government has adjusted its borrowing calendar accordingly to ensure that Rythu Bandhu does not run out of funds. According to the RBI, the results of the May 7 auction will be declared on May 7 and payments from the winning bidders will be made during banking hours on May 8 in Mumbai and at the respective regional offices of Apex Bank.
