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Finance ministry approves Rs 4,567 cr advance payment to Serum Institute & Bharat Biotech

Updated : April 20, 2021 02:38:33 IST

The finance ministry has approved supply credit to Serum Institute of India and Bharat Biotech to ramp up the vaccination process.

Finance Minister Nirmala Sitharaman confirmed to CNBC-TV18 that she has approved advance payment to Serum Institute and to Bharat Biotech total worth of about Rs Rs 4,567.50 crore. Out of which Rs 3,000 is for Serum Institute and Rs 1,576 crore for Bharat Biotech.

This is a supply advance given for the supply of the vaccine till July to the government. Finance ministry to process this has actually tweaked the business rules. To sanction the advance supply finance ministry waived off the condition of mandatory bank guarantee.

CNBC-TV18’s Timsy Jaipuria has more details.
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