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Cash crunch: urgent steps needed: AIRRBEA


Hyderabad: All India Regional Rural Bank Employees Association (AIRRBEA) on Thursday urged the Finance Ministry to take some urgent steps to overcome the acute cash crunch in banks. In a letter addressed to Finance Minister Arun Jaitely, the Association Secretary General S Venkateswar Reddy said that after serious of interactions with cross section of customers and feedback from operational level, requesting him to intervene on top priority to mitigate the suffering of customers. If the trend is not arrested urgently,loans and many schemes launched by governments would be hampered, he cautioned. It is a fact that peoples faith in banking is on steady decline since abrupt demonetisation and consequent severe hardships faced by customers due to acute shortage of cash, Reddy said the deposit growth in the banks for the last financial year has been bear minimum at below 6 per cent, mostly interest growth. Fresh growth of deposits is almost stagnated and the withdrawal rush is multiplying in the present financial year, he said in his letter.

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