Telugu Rythu plea to RBI

The Telugu Rythu Sangham has urged the Union Government to treat Cooporative Banks on a par with public sector banks and permit them to accept demonetised currency notes till December-end.

Telugu Rythu Sangham State president Chalasani Anjaneyulu in a press release said the District Cooperative Central Banks had deposits to the tune of Rs. 7,240 crore and had given advances to members to the tune of Rs. 8,720 crore. APCOB had a customer base of 10.40 lakh farmers. Most of the members were poor and would be put to tremendous inconvenience, he said.

Mr. Anjaneyulu told

The Hindu that he had spoke to Union Minister Sujana Chowdary who, in turn, spoke to the Deputy Governor of Reserve Bank. The Union Minister told Mr. Anjeneyulu to tell farmers not to panic and that cooperative bwould also be allowed to accept the banned currencies till the year end.