A meeting of the Finance Minister Etala Rajender with bankers to discuss the impact of demonetisation on common public noted that the Reserve Bank of India (RBI) had despatched Rs. 15,583.81 crore to banks in the State since the high currency notes were pulled out.
However, the Rs. 2,000 notes accounted for 94.07 per cent of the total volume of money. The shortage of money in smaller denomination was the main hurdle for smooth cash flow. Hence, the RBI was requested to send smaller currency notes, Mr. Rajender said.
The bankers informed the meeting that 46 lakh out of 70 lakh Rupay debit cards taken by people in Telangana were yet to be activated.
Though the situation in the State was far better than at the national level where only nine per cent of Rupay cards were activated, people had to be sensitised to use them.
Mr. Rajender apart, Chief Secretary K. Pradeep Chandra and Finance Secretary Sandeep Kumar Sultania were present at the meeting which also discussed steps to make the State cashless.
A release after the meeting quoted Mr. Rajender expressing displeasure over public facing hardship, standing in queues near banks, even after 28 days after the high currency notes were pulled out.
He asked the officials to monitor the situation on a daily basis.
The banks should target villagers to improve the situation. They must pump in more money in rural branches. Though a ceiling of Rs. 24,000 on withdrawals was fixed by the government, it was not given anywhere. The currency of lower denomination should be extensively supplied. The number of ATMs should be increased and more swiping machines brought into use.
