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5K in small denominations sought
Expressing his shock over the diversion of thousands of crores of rupees in Rs 2,000 denomination notes by some vested interests, Telangana Finance Minister Eatala Rajender on Tuesday attributed it to the collusion between some bank officials and influential people.
CASH CRUNCH
Hyderabad: Expressing his shock over the diversion of thousands of crores of rupees in Rs 2,000 denomination notes by some vested interests, Telangana Finance Minister Eatala Rajender on Tuesday attributed it to the collusion between some bank officials and influential people.
Since hoarding of the new currency was causing serious problems for the people, the RBI should punish those involved in such malpractices, he said. He demanded that the RBI should pump in at least Rs 5,000 crore in small denomination notes to Telangana State to help overcome the prevailing currency problem and scarcity of small denomination notes.
Addressing a bankers' meeting attended by Union Labour Minister Bandaru Dattatreya and Home Minister Naini Narsimha Reddy as well as RBI and other officials here on Tuesday, Rajender said that Telangana State was facing acute shortage of currency in small denominations. The Finance Minister demanded that errant bank officials should be punished with an iron hand.
Rajender said that out of Rs 20,000 crore, Telangana State had so far received Rs 17,500 crore and that too comprising 96 per cent in high value notes of Rs 2,000 denomination and only 4 per cent in low denomination notes. “This has compounded the problems of the people to get small change in the open market and the agony is that the banks and ATMs are not able to cater to the needs of people lining up for hours,” he observed.
Since Telangana State was expressly in favor of cashless transactions, it was imperative for the Centre and the RBI to cooperate with the State to help it tide over the current small notes problem, he said. As part of the cashless transactions drive followed by Chief Minister, K Chandrasekhar Rao, Siddipet had turned into a cashless town and efforts were being made to ensure that the people made use of digital transactions. About 83.37 crore families had bank accounts (including active and inactive) in the State. About 30 lakh families were still to get bank accounts, he added.
