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Andhra Pradesh CM claims cash crunch will affect the growth rate negatively

VIJAYAWADA: N. Chandrababu Naidu, Andhra Pradesh CM on Thursday said the recent currency shortage will have a negative impact on the growth rate and society.

While addressing a State Level Bankers Committee (SLBC) meeting at the Grievance hall at his residence in Undavalli, the Andhra Cm said that “When banks fail to manage at the macro level, they can’t do anything at a micro level. Banks are virtually creating panic among the public. Currency shortage will have a negative impact on the growth rate and society.”

Chandrababu Naidu also raised his concern that the people may no longer come forward to deposit their money in the banks if the customer service fails to improve.

Bankers should cooperate in the implementation of distribution of pension in cash and several other welfare programmes, added Naidu.

Later Naidu also noted the reasons for latest currency shortage and demanded to evolve an action plan to solve the problem.

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