Andhra Pradesh Chief Minister N. Chandrababu Naidu further noted the reasons for currency shortage and demanded to evolve an action plan to solve the problem
Chandrababu Naidu
Amid a furore over a reported cash crunch, Andhra Pradesh Chief Minister N. Chandrababu Naidu said currency shortage will have a negative impact on the growth rate and society. Naidu further noted the reasons for currency shortage and demanded to evolve an action plan to solve the problem.
ADVERTISEMENT
'When banks fail to manage at the macro level, they can't do anything at micro level. Banks are virtually creating panic among the public. Currency shortage will have a negative impact on the growth rate and society,' Naidu said, while addressing a State-level Bankers' Committee (SLBC) meeting at the Grievance Hall at his residence in Undavalli.
Chief Minister Naidu also expressed concern that the people may no longer come forward to deposit their money in the banks if the customer service fails to improve. He said the bankers should cooperate in the implementation of distribution of pension in cash and several other welfare programmes.
According to media reports, the SLBC later decided to request the RBI and the Department of Financial Services of Central government to make a detailed study of the cash shortage problem and come out with a comprehensive policy frame work to resolve the issue.
Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
