The Reserve Bank of India’s branch in Hyderabad was divided after the bifurcation of united Andhra Pradesh, into Telangana and Andhra Pradesh. At the time of bifurcation, and the announcement of Amaravati as the capital of AP, the RBI said that the AP branch would be opened in Amaravati. However, after the YSRCP government announced the 3 capital plan, and due to the prevailing uncertainty over the capital of AP, the RBI hasn’t been able to set up its AP branch yet.
RBI Deputy General Manager M.K. Subhashree wrote to Amaravati Development Authority Chairman Jasti Veeranjaneyulu on the matter, clearly stating that the RBI’s AP branch wouldn’t be opened until the capital of AP is finalised. 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 and that there has not been any complaint regarding the shortage of banknotes in Andhra Pradesh during meetings of a state-level coordination committee and state-level security committee held every half year.
There have been many problems since the YSRCP government’s announcement of three capitals, and now, this is the latest addition to that. While the government took back its legislation in the matter a few months ago, it said that new legislation would be passed soon. It is now to be seen how much more damage will be caused for the state before the government arrives at a comprehensible decision.