APCC President blames Central govt for cash crunch

Vijayawada: Members of the Andhra Pradesh Congress Committee (APCC) led by its President N Raghuveera Reddy took out a rally here on Saturday. A large number of workers of Congress participated in the rally. They staged a protest in front of a private bank in the city. 

They raised slogans against the BJP government. Speaking on the occasion, PCC President Raghuveera Reddy said that the then Prime Minister the late Indira Gandhi had nationalised the banks and created confidence among the public on banking system. But the present BJP-led NDA government damaged the economy and the banking system totally.

The people of country were afraid on the proposed new Financial Resolution and Deposit Insurance Bill (FRDI), he said. The people were not in a position to believe the banks, he said and added that the government polices created apprehensions among them. The Modi government wrongly introduced financial schemes, he said. He further stated that the people were withdrawing money from banks with no confidence on the system. 

The government did not realise the gravity of the problem to solve it, he said and asked the Centre as to how it could cover its set back in the name of digital currency. He said that now the people were facing difficulties due to lack of currency in the ATMs. The state government also failed to correct the situation, he said.  The Congress leader said that the people were facing financial challenges due to demonetisation and Goods Service Tax (GST).