RBI Sends In Rs 2,240 Crore To AP

After numerous requests put in by CM Chandrababu Naidu, the RBI has finally released Rs 2,240 crore worth currency of various denominations into the state. The currency came into Visakhapatnam and Tirupati via special flights arranged by the State government on Thursday night.

The CM has asked bankers to dispatch Rs 240 crore to each district that were running dry and Rs 160 crore to districts that weren’t facing too much pressure. Chandrababu Naidu called the RBI Governor Urjit Patel and appraised him of the situation in AP and the hardships people here were facing due to the currency crisis. He pointed out how the problem wasn’t solved even 20 days after the demonetisation.

The consequence of that conversation was that the RBI despatched Rs 2,240 crore into the state immediately. The currency was brought in from Hyderabad by RBI officials. Rs 560 crore of the Rs 2,240 crore were dispersed to the three north coastal districts of Visakhapatnam, Vizianagaram and Srikakulam. The total amount the three regions received are yet again in Rs 2000 notes. Visakhapatnam got a total of Rs 240 crore while the rest was sent to Vizianagaram and Srikakulam.

The entire amount has been given to SBI and Andhra Bank to distribute to their allied banks. Reportedly, SBI got Rs 100 crore and Andhra Bank got Rs 140 crore and they were instructed by the RBI to share the money with government and private banks in the districts by today morning. Some amount of money will also be kept with these banks and filled into ATMs.

A few days ago, the RBI sent Rs 345 crore to north coastal Andhra. The additional Rs 560 crore received now will hopefully meet the needs of customers in these districts. While the Rs 500 notes are also now available in the districts, their availability in only a few ATMs has been causing inconvenience.