Steel ministry allocates Rs 500 cr to RINL
SBI is tasked with monitoring the disbursement process and ensuring that the payments are made only for the specified purposes.
The Ministry of Steel sanctioned Rs.500 crore to Rashtriya Ispat Nigam Limited (RINL) with strict instructions regarding the utilization of these funds.
It instructed the RINL management that the sanctioned amount is to be used exclusively for statutory payments, including Goods and Services Tax (GST), other statutory dues that RINL is obligated to pay, such as employee provident fund contributions, vendor payments or government levies.
The Ministry specified that both the RINL management and State Bank of India (SBI), which is responsible for processing the payments.
Read Also : REC Limited disburses Rs 90,955 crore loan in H1 FY25; Green loans up by 92.68% to Rs 11,297 croreSBI is tasked with monitoring the disbursement process and ensuring that the payments are made only for the specified purposes.
In case there is any misallocation of funds, SBI has been instructed to halt further payments immediately. This ensures that there is tight control over how the funds are utilized.
Read Also : MRPL Awarded for Corporate Environment ExcellenceNews Must Read
- MRPL Awarded for Corporate Environment Excellence
- S. Jaishankar to Attend SCO Summit in Pakistan, first Visit by an Indian Foreign Minister
- GAIL and AM Green sign MoU for jointly developing renewable energy up to 2.5 GW
- Garden Reach Shipbuilders receives LoA from Government of West Bengal
- Bank of Baroda Q2 business update: Domestic deposits up by 7%, global business expands 10.23%
- NTPC Unchahar Head of Project Conquers Everest Base Camp
- PM Narendra Modi inaugurates GAIL’s CBG Plant in Ranchi
- SBI to add 600 branches in its network during FY25: Chairman C S Setty
- Power Grid signs SHA with RVPN to form JV in Rajasthan
- NHPC CMD highlights critical importance of dams in India's water management