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Lalita Iyer
Lalita Iyer

HYDERABAD

AP lands financial assistance from RBI

c-naidu-investors (File) Andhra Pradesh chief minister Chandrababu Naidu

Currently every state is in a major cash crunch because of the demonetization and unable able to pay salaries. But, thanks to the initiative of the Andhra Pradesh chief minister N Chandrababu Naidu, the state government received an amount of Rs 2,420 crore in two special planes on Friday.

Naidu called RBI Governor Urjit Patel and explained the situation of the cash crisis in the state. He also showed his displeasure at the RBI for not making arrangements for salaries and the rest. Financial assistance was delivered in two special chartered planes to Visakhapatnam and Tirupati.

The cash was later disbursed by road to the other districts in the state. The salary bill of state government employees including pensioners, comes to Rs 3,000 crore a month, while public sector undertakings run up to Rs 2,000 crore and it costs a separate amount of Rs 450 crore for welfare pensions bill.

As per one report, an amount of Rs 240 crore was sent to the severely hit districts, while other districts received Rs 160 crore each. The CM himself constantly monitored the exercise till the cash reached the banks safely.

However, the banks in the state were managing the situation with only Rs 1,300 crore -- while the demand was Rs 5,000 crore. But once the RBI delivered the cash, the state government credited the social security(welfare) pensions into the accounts of beneficiaries. The situation is in Telangana is equally bad. The banks hope to receive nearly Rs 1,600 crore this week, while Hyderabad alone is yet to receive Rs 600 crore.

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Topics : #Andhra Pradesh | #RBI

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