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RBI to set up office in Andhra after clarity over state capital

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RBI to set up office in Andhra after clarity over state capital

The Reserve Bank of India (RBI) has said that it will pursue the matter relating to setting up its office in Andhra Pradesh only after the state government finalises the location for state capital.

The RBI conveyed this in response to the request for establishing an office in Andhra Pradesh following division of the combined RBI office in Hyderabad in the wake of bifurcation of undivided Andhra Pradesh to create Telangana state.

RBI Deputy General Manager M.K. Subhashree wrote to Amaravati Development Authority Chairman Jasti Veeranjaneyulu that the matter related to opening of RBI office at the newly formed Andhra Pradesh state can be pursued only after the state government finalises the location for its capital city.

The RBI official conveyed this in response to a letter by ADA Chairman seeking immediate steps to set up the RBI office.

Referring to ADA Chairman’s grievance about currency chests for storage of cash, the RBI official informed that there are 104 currency chests in the state. The deputy general manager wrote that there has not been any complaint regarding shortage of bank notes in Andhra Pradesh during meetings of state level coordination committee and state level security committee held every half year.

Uncertainty over Andhra Pradesh capital is continuing ever since the YSR Congress government decided to have three state capitals, reversing the decision by previous TDP government to develop Amaravati as the state capital.

The YSRCP government plans to develop Visakhapatnam as administrative capital, Kurnool as judicial capital and Amaravati as legislative capital. However, farmers of Amaravati who had surrendered their lands for the development of state capital are strongly opposing the move.

The Y.S. Jagan Mohan Reddy-led government recently decided to take back the legislations passed to create three capitals, but announced that it would bring a comprehensive legislation.

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RBI’s shocking report on Telangana debt

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RBI’s shocking report on Telangana debt

The Reserve Bank of India (RBI)’s recent report on state finances revealed shocking facts about Telangana fiscal condition. The report stated that the debt of Telangana State has increased to 22.2 per cent of its Gross State Domestic Product (GSDP) in the financial year 2017-18 as against 12.7 per cent in previous fiscal 2016-17. It also added that, Andhra Pradesh’s debt has come down from 36.4 per cent of GSDP in 2016-17 to 27.3 per cent in 2017-18.

RBI released the report with title ‘State finances: A study of Budgets’. RBI focused on the states fiscal condition. The report pointed out that TS state is undergoing fiscal stress due to several factors, including loan waivers, and higher borrowings. Even though Telangana state leadership says that it is the richest state in the country, as per report, it’s debt burden is increasing year after year. RBI also reported that even though Andhra Pradesh faced a financial crisis after bifurcation, gradually the state has been able to reduce the debt ratio in GSDP from 36.4% to 27.3%.

RBI report also noted that, in Tamil Nadu, in 2016-17 the ratio was 21.6 per cent and in 2018-19 it was 23.2 per cent. Similarly Kerala had a debt ratio in 2016-17 of 31.1 per cent and in 2018-19 it was 32.4 per cent. As everybody knows, increase of the debt ratio in GSDP shows indicates inefficient fiscal management. So, RBI report definitely indicates that Telangana’s fiscal management is not going in right direction.

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RBI Launches Rs 200 Note, Promises to Ramp up Supply

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RBI Launches Rs 200 Note, Promises to Ramp up Supply

The Reserve Bank on Friday launched the bright yellow 200 notes and said it will shortly ramp up the supply of the new currency note across the country.

Long queues of people were witnessed at RBI offices to get the new Rs 200 currency note that has been introduced for the first time by the central bank. The RBI has launched the Rs 200 note with an aim to make it easier for the common man to transact in lower denomination currencies.

These notes are available only through “select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually”, the RBI said in a release.

The production of these notes is being “ramped up by the currency printing presses, and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity”, the release said.

Following the demonetisation of Rs 1,000 and Rs 500 notes last November, the central bank had introduced Rs 2,000 notes and new Rs 500 notes.

As per the new policy on theme-based currency notes, the Rs 200 bill bears motif of Sanchi Stupa to depict India’s cultural heritage. The base colour of the note is bright yellow.

The RBI had said that Rs 200 note will provide the “missing link” and ensure optimal mix of currency
Denominations. Prior to the introduction on the new notes, India has currency denominations of Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2000.

As such, in the lower end of the denomination series, Rs 200 has been the missing link. The RBI had recently introduced Rs 50 note with a new look and additional security features.

Earlier this month, Finance Minister Arun Jaitley had said that the government is not considering banning Rs 2,000 notes.

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