Andhra Pradesh Chief Minister N Chandrababu Naidu today was nominated by the Central government to head the sub-committee of Chief Ministers of the five States constituted to study the implications of the demonetization of the two high value currency notes.
Union Finance Minister Arun Jaitley telephoned the AP Chief Minister and informed him about his nomination to head the sub-committee, which would study various the effects of the note ban and how it affected various layers of the society. The sub-committee, after an indepth study of the situation and also after holding meetings with banking institutions, is expected to submit its report to the Centre for taking necessary steps to mitigate the problem.
Later in the day, Naidu conducted a meeting with banking officials in the State and sought to know the root cause for institutions failing to mitigate hardships of the people for want of hard cash for their daily needs.
It is learnt that Naidu was irked at the lackadaisical attitude of bankers in taking corrective measures to persuade the RBI to enhance cash supply.
He was aghast that while deposits with banks were in astronomical figures, the disbursements were very minimal.