RBI will release farm loans money to State Banks: Dattatreya

Union Labour Minister Bandaru Dattatreya said that the Reserve Bank of India would release around Rs. 1700 crores on Monday towards farm loans to the state banks.

Speaking to media persons here on Sunday, Dattatreya informed that the RBI officials responded positively on the complaints about tardy progress in Kharif farm loans.

Dattatreya said that a total of nearly Rs.23, 000 crores are to be disbursed for the state farmers. As an immediate measure, Rs. 1700 crores will be released on Monday. The old districts of Karimanagar, Nalgonda, Warangal, Adilabad, Nizamabad, Mahabubnagar, Khammam and Rangareddy will get Rs. 130 Crores each towards the farm loans. Hyderabad and Medak will be getting Rs. 200 crores each, he said. "If there is more need of funds for the state, I will work for that," said Dattatreya.

The 2% service charge on banking transactions issue will be taken with Union Finance Minister Arun Jaitley on Monday. The tax issues on Textiles, readymade clothes and beedi industry in GST will also be discussed with Finance Minister, he said.   

Dattatreya also said that the centre and state governments should work in coordination for the success of the GST. With the roll out of GST, the GDP growth rate will get boost and inflation will come down, he said. In the initial stage, there will be some problems due GST, but in the long run it will benefit the poor and general public, he said.