VIJAYAWADA: Former minister Vadde Sobhanadreeswara Rao on Monday asked the Centre not to discriminate the co-operative banking sector in the demonetisation drive and suggested bringing in rules that govern the commercial banks as far as the availability of the money was concerned.
Speaking to the media persons, he said the co-operative banking sector was the worst-hit as the availability of money made was less. “Co-operative banking sector is the backbone of the rural India and the Banking Regulation Act that govern the commerical banks is applicable to it. Now that the khariff season has ended, the farmers have no money to give to the farm hands. To raise the second crop they have no money to buy seed, pesticides and fertilizers,” he said.
He blamed the Centre for its ham-handed executing of demonetisation exercise and felt that more number of Rs. 500 and Rs. 100 notes must have been available to the public. “Releasing Rs. 2,000 is a big mistake. No one is giving change for Rs. 2,000 and for the past 12 days people across India are suffering. The badly hit are those in the lower section of the society,” he said.
He felt corruption cannot be stopped even after the initiative. “It is an open secret that in all public works and projects, kickbacks up to 5 and 7 per cent were being paid.” Citing an example at Amaravati, he said while per acre at the capital city was around Rs. 4 crore, the government was doling out land for the corporate sector for a paltry Rs. 50 lakh.
