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Why ATMs In Andhra Have No Money?

Why ATMs In Andhra Have No Money?

For the last few months, ATM centres across the country have gone dry due to severe cash crunch. Even the banks have thrown up their hands saying the crisis was mainly due to large scale withdrawal of cash by the panicky customers.

The situation in Andhra Pradesh, too, is no different. Despite repeated letters written by the state government to the Reserve Bank of India and the Union finance ministry, the situation has not improved much. Since this is a nation-wide problem, the RBI is taking corrective measures.

But, the YSR Congress party has a different reasoning for cash crisis in ATMs and banks.

“The main reason for the ATMs in the state going dry is the large scale siphoning of ill-gotten money by Telugu Desam Party president and chief minister N Chandrababu Naidu, who hoarded the same for the next elections,” alleged YSRC MP V Vijay Sai Reddy.

He argued that within hours of the Centre releasing cash to the state, Naidu diverted the same to the schemes and programmes that benefitted his party leaders and MLAs. The money in turn went into the pockets of the TDP leaders, who preserved the same to be spent in the next elections.

“RBI does not have adequate number of Rs 2000 and Rs 500 currency notes. The reason is that all these notes have gone into the kitty of Naidu. He and his party leaders will take out the same during the next elections,” Sai Reddy alleged.

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