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29 Feb 2024, Edition - 3152, Thursday

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Nationalised banks made to beg for money from private banks for their needs: CPI(M)

Covai Post Network


Former CPI(M) MP, PR Natarajan today slammed Prime Minister Narendra Modi, for the disorganised situation where nationalised banks were made to depend on private banks for its Rs 500 note requirements.

In a statement, Natarajan said that after the announcement of demonetisation, the entire nation was facing serious problems due to the cash crunch, which is almost paralysing the functioning of industries, trade and construction activities. Even the and traders are finding it difficult to pay salaries to workers due to a decline in their business in the last three weeks, he said.

Moreover, banks and its workers were also facing hardships, due to the non-availability of adequate funds for transactions, he said. A bank, with 58 branches in the city and doing a business of Rs 300 crore was given just Rs 30 crore and was not able to meet the requirements of customers, routinely leading to arguments between customers and bank officials, he said. Almost all the national banks are facing the similar problem and barring SBI ATMs, all other ATMs are displaying ‘no cash’ boards.

Amid this situation, the new Rs 500 notes were despatched to private banks in the city, which supply to nationalised banks only after fulfilling their requirements, making public sector banks beg for money, Natarajan alleged.

Moreover, the swiping machine as suggested by Modi was also proving to be a financial burden on common people as 2.5 per cent was deducted as service charges, which was helping the big corporates, he alleged.

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