Central observer takes stock of currency crisis

Visakhapatnam: Joint Secretary of National Disaster Management wing and Central Observer Lav Agarwal asked bankers to focus mainly on inter-district and inter-banking systems to overcome the present cash crisis following the demonitisation of high value currency notes. He held a meeting with district Collector Praveen Kumar, Lead Bank Manager L D Sharat Babu and bankers and asked them to transfer money from branches where there was no demand to branches where there was a demand using the inter-banking system.

He enquired about the status of currency flow, people’s problems, the exchange of old currency at banks and post offices and on the steps taken to overcome the problems. He also enquired about the measures taken by bankers for the farmers and people in Agency areas having no PAN cards and Jandhan bank accounts.

Collector Praveen Kumar informed that they were taking all steps to overcome the present cash crisis by keeping necessary quantity of new currency notes at all branches and added that they were mainly focusing on opening of Jan Dhan bank accounts and distribution of RuPay Cards. The bankers urged the Special Observer to see to it that sufficient stocks of smaller denomination notes were provided to the banks as they were under tremendous pressure.