Rs 500 Crore To Be Received By North Coastal Andhra

north coast
North Coast AP Receives Rs 500 crore

North Coast Andhra is going to receive Rs 500 crore today. Rs 200 crore will be given to Visakhapatnam and Rs 150 crore will be sent to Vizianagaram and Srikakulam.

Except for the SBI, almost every bank has been awaiting cash from the RBI. The RBI has given out more than Rs 2000 crore to AP yesterday evening. Thankfully, more than 90% of the currency consists of Rs 100 and Rs 50 notes.

Rs 90 crore more will be coming into the state in the form of new Rs 500 notes. However, there isn’t a confirmation if the money will be coming through to north coastal Andhra or not. Yesterday, a State Level Bankers Committee (SLBC) meeting was held with bankers, district collectors and the CM.

Visakhapatnam Andhra Bank deputy general manager B Vijaya Lakshmi confirmed that we would hopefully get Rs 200 crore today. The cash will be distributed to seven other banks too. Andhra Bank had previously asked SBI to give them a few crore for distribution till the arrival of cash from RBI.

Despite the expected arrival of the new Rs 500 notes, the notes will not be loaded into the ATMs immediately as they still have to be configured for the new notes. The SBI of Visakhapatnam has no worries about cash as it has nearly Rs 300 crore. It has many Rs 2000 notes and it helped out smaller banks like Punjab National Bank and Andhra Bank for distribution in urban areas.   

Feature Image Credit: Reuters

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