Updated By: LatestGKGS Desk
CCEA approves Special Banking Arrangement for payment to fertilizer companies
Cabinet Committee on Economic Affair (CCEA) approves implementation of Special Banking Arrangement (SBA) for payment to fertilizer companies
The Cabinet Committee on Economic Affair (CCEA) on 1st November 2017, approved the implementation of Special Banking Arrangement (SBA) of Rs 10, 000 crore for payment of outstanding claims to fertilizer companies in the year 2016-17.
The CCEA has also approved that Department of fertilizers will avail the SBI with the consensus of Department of Expenditure.
Under the SBI, a total loon of Rs 9, 969 crores for settlement of outstanding subsidy bills with SBI was raised by the government.
The loan amount along with interest liability on the part of government amounting to Rs 80. 90 crore was paid to state bank of India.
The statement of SBI added, the SBI for an amount of Rs 10, 000 crores for the year 2016-17 has already been implemented or operationalized to overcome the liquidity problems of the fertilizer companies.
