GUNTUR: Finance Minister Yanamala Ramakrishnudu has said that the second meeting of Finance Ministers from Southern States will be held in Vijayawada on May 7 to discuss the Terms of Reference (ToR) of the 15th Finance Commission.
Inaugurating the Guntur Urban Cooperative Bank’s new building at Brodiepet in Guntur Sunday, Ramakrishnudu said that apart from ToR of the 15th Finance Commission, the Finance Ministers would discuss the rights of the States and various other issues.
He said the economic growth of the country had came down to 6 percent from 8 percent after demonetisation. Faulty implementation of demonetisation brought down the growth and destabilised the economy.
Improper implementation of the Goods and Services Tax (GST) also brought about a decline in revenue collection. He said the Union government should take proper measures to cleanse the banking system to control defaults, thereby safeguarding the interests of the depositors.
He said the AP government had taken steps for better administration in the finance sector to ensure all-round development of the State.
The Centre should give powers and freedom to States for taking decisions to improve their financial position, he added.
He appreciated the Guntur Urban Cooperative Bank for mobilisation of deposits amounting to Rs 350 crore and asked the bank officials to maintain transparency and accountability apart from providing quality services to its customers.
Guntur (West) MLA M Venugopala Reddy and president of the bank B Srinivas Yadav were present.
Later in the evening, Kerala Finance Minister Thomas Isaac called on Ramakrishnudu in Vijayawada. He was in the city to discuss the agenda of the meeting of the Southern States’ Finance Ministers.