Chief Minister N. Chandrababu Naidu has squarely blamed the bankers for the crisis that has set in following demonetisation of Rs. 500 and Rs. 1,000 currency notes. Their indifferent attitude and failure to effectively address the situation post demonetisation has led to the crisis, he said.
Addressing a review meeting here on Monday, Mr. Naidu said the bankers have failed to respond for the past 20 days though people are suffering.
In fact, the lead bankers were not even attending review meetings. And those turning up do not have sufficient information. The bankers have failed to furnish the details of small currency supply to various banks, despite repeated appeals from him.
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Lashing out at the bankers, Mr. Naidu said, “We are forced to remain helpless because of your non-cooperation. Such an attitude will not be tolerated.”
Though the banks were receiving deposits in huge quantity, the bankers were not releasing sufficient small denomination currency. The Reserve Bank of India (RBI), which is supposed to play a key role and coordinate with the banks, was not meeting the expectations.
“The failure of banks is reflecting on the government’s performance. Do not play with people’s lives and bring disrepute to the government,” he said.
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Mr. Naidu said the bankers should ensure that small currency is despatched to the rural branches as the government has to pay 40 lakh pensions. The banks should also activate Jan Dhan accounts and Rupay cards immediately.
Cash position
The bankers said that the cash position at different currency chests as on Monday stood at Rs. 1,487 crore— Rs. 1,320 crore in Rs. 2,000 denomination Rs. 95 crore in Rs 500 denomination, Rs 62 crore in Rs 100 denomination, Rs 8 crore in Rs. 20 denomination, and Rs 2.6 crore in Rs 10 denomination.
The officials explained about the mobile currency using USSD to solve the present currency crisis by encouraging mobile banking.