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Cabinet yesterday gave the green light for a budget of Bt110 billion to subsidise the programme and the finance ministry will guarantee the scheme by ordering four banks to finance it.

They are Krung Thai Bank and the Government Savings Bank ,which will lend about Bt40 billion each; and Siam City Bank and TMB Bank that will provide Bt15 billion each to the Bank for Agriculture and Agricultural Cooperatives to support the programme.

Bank of Thailand assistant governor Krirk Vanikkul said liquidity in the banking system would not be impacted by loans from the four commercial banks as liquidity excess was currently around Bt1trillion.

Meanwhile, rice traders have voiced concern that changes to selling procedures coming into force today could create unclean practices and lead to corruption.

The Commerce Ministry recently circulated new rice bidding regulations, saying it will not open bidding documents on the day of the auction. Previously the ministry opened the books at the time of the auction to allow bidders to see prices being offered by their rivals.

Sources from the Thai Rice Traders Association said the changed regulations had created many sceptics who wanted more transparency in bidding procedures.

"If the bidding document is not opened on the day, it will pave the way for corruption as the bidding price could be illegally changed," said the source.