Naidu’s Committee in Action to Address Cash Crunch

The first meeting of the sub-committee of Chief Ministers under the leadership of Chandrababu Naidu concluded a little while ago in Mumbai. The meeting was more focused on the immediate corrective measures to address the cash crisis that followed the Demonetization.

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Chandrababu Naidu explained to the committee members how he is promoting Cashless transactions in the state and asked to emulate it across the country. He also recommended canceling all the Bank charges on Digital transactions with immediate effect. But then banks have agreed only to waive Aadhar seeded Bank Transactions.

RBI informed the committee that 500 Notes will extensively come into circulation from 15th of this month and also informed that it will bring 5000 Crore into circulation every day. The committee also recommended incentives for Cashless transactions. All Banks, Businesses, and persons will be given QR codes. The committee also recommended the center to publicize banking through USSD technology which does not require the internet in mobiles.