RBI to set up office in Andhra Pradesh after capital is finalised

Reserve Bank of India
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Reserve Bank of India

Highlights

  • Deputy general manager of the bank informs Amaravati Development Authority chairman in a letter that the issue related to opening of RBI office in the state can be pursued only after the state govt finalises the location for its capital city
  • In response to issue of currency chests for storage of cash raised by ADA chairman in his letter, the RBI official says there are 104 currency chests in the state

Vijayawada: The Reserve Bank of India (RBI) has said that it will pursue the matter relating to setting up its office in Andhra Pradesh only after the state government finalises the location for state capital.

The RBI conveyed this in response to the request for establishing an office in Andhra Pradesh following division of the combined RBI office in Hyderabad in the wake of bifurcation of undivided Andhra Pradesh to create Telangana state.

RBI deputy general manager M K Subhashree wrote to Amaravati Development Authority Chairman Jasti Veeranjaneyulu that the matter related to opening of RBI office at the newly-formed Andhra Pradesh state can be pursued only after the state government finalises the location for its capital city.

The RBI official conveyed this in response to a letter by ADA chairman seeking immediate steps to set up the RBI office.

Referring to ADA chairman's grievance about currency chests for storage of cash, the RBI official informed that there are 104 currency chests in the state. The deputy general manager wrote that there has not been any complaint regarding shortage of bank notes in Andhra Pradesh during meetings of state level coordination committee and state level security committee held every half year.

Uncertainty over capital is continuing ever since the YSRCP government decided to have three state capitals, reversing the decision by previous TDP government to develop Amaravati as the state capital.

The YSRCP government plans to develop Visakhapatnam as administrative capital, Kurnool as judicial capital and Amaravati as legislative capital.

However, farmers of Amaravati who had surrendered their lands for the development of state capital are strongly opposing the move.

The Y S Jagan Mohan Reddy-led government recently decided to take back the legislations passed to create three capitals, but announced that it would bring a comprehensive legislation. (IANS)

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