State Hit By Demonetization, Seeks Banks' Support

Telangana Finance Minister Etela Rajender today said that Telangana was hit by the demonetization of the two bills badly and sought the support of banks to recover from it, and voiced his skepticism over the demonetization of the two currency bills and claimed that there were more number of cash transactions done across the nation than online or debit/credit card transactions.

Addressing an SLBC conference at the SBH Gunfoundry along with the Agriculture Minister, Rajender expressed concerns over the persistent problems being faced by the people in the wake of the demonetization of the two bills.

The decision impacted the State economy as it caused a loss of Rs. 3,000 crores. Small businesses, small markets, daily-wage labourers, farmers and small traders faced the brunt. Even though the note ban would help prevent weed out corruption and terrorism, Modi's decision had hit several sections hard,

However, the Finance Minister also said that most of the destitute and other classes would benefit from the Centre's Jan Dhan Yojana scheme.

Rajender said that since the State would a loss massive loss by the end of this year due to the ban, bankers must provide a helping hand to the 36 lakh families that lived in the State who would suffer due to the move. He said that this was possible only through timely funding and financing of welfare schemes and programs.

He urged them to support the State government in continuing Mission Kakatiya, Mission Bhagiratha, Telangana Haritha Haram, and other schemes, and reservoir projects, which would help them recover from the losses.