AP banks start weekly biz with cash reserve of Rs 1487.6-cr

Banks in Andhra Pradesh today started their weekly business with a cash reserve of Rs 1487.6 crore in various denominations.
Of the total, Rs 2,000 notes were in the bulk at Rs 1,320 crore, followed by new Rs 500 notes at Rs 95 crore, the bankers told a review meeting chaired by Chief Minister N Chandrababu Naidu.
Notes of other denominations include Rs 100 (Rs 62 crore), Rs 20 (Rs 8 crore) and Rs 10 (Rs 2.6 crore), according to the bankers.
The Chief Minister asked the bankers to write a letter to the RBI seeking release of another Rs 1,000 crore to the state with more notes of Rs 500 and Rs 100.

Special Chief Secretary (Finance) Ajeya Kallam said there would not be any problem in paying salaries to government staff as the amounts would be credited online.
However, a sum of Rs 400 crore in smaller denominations would be required towards distribution of social security pensions to various sections of the society by December 1.
Hence, the RBI should release currency notes to the state on an emergency basis to meet this requirement, he added.