Telangana Chief Minister K Chandrasekhar Rao warned banks of civil and criminal action if they honour cheques and instructions issued by unauthorized officials. The issue is regarding the transfer of funds from institutions which were part of United AP.
Recently, About Rs 609 crore Telangana's share has been transferred to AP Banks without the consent of T-Government. Hence, A meeting of bankers has been arranged by TRS Government on Friday to issue a warning.
Telangana Government opined Banks have been violating the provisions of AP State Reorganisation Act, 2014. It opined diversion of funds from unauthorized institutions are illegal and strict action would be taken if the banks continue to do the same mistake. Chief Secretary Rajiv Sharma asked banks to prepare their staff to follow the provisions of the act and apply it whenever it is required.
Recently, About Rs 609 crore Telangana's share has been transferred to AP Banks without the consent of T-Government. Hence, A meeting of bankers has been arranged by TRS Government on Friday to issue a warning.
Telangana Government opined Banks have been violating the provisions of AP State Reorganisation Act, 2014. It opined diversion of funds from unauthorized institutions are illegal and strict action would be taken if the banks continue to do the same mistake. Chief Secretary Rajiv Sharma asked banks to prepare their staff to follow the provisions of the act and apply it whenever it is required.