While everyone in the country is feared by the Corona Virus, the economic crisis of the Yes Bank is creating shivers in AP Chief Minister Jagan Mohan Reddy’s spine. It is all because Jagan Mohan Reddy’s government started to pay the salaries of the APSRTC employees personally from January 2020 instead of the regular O.D method adopted by them.
The APSRTC, in the trance of heavy interests tied up with Yes Bank and the Jagan’s government, deposited 120crore rupees in Febrauary as the salary for APSRTC employees for the January month. They also summed up another 80crores as the collective amount of the daily collections and took 40 crores from the employees’ fund and transferred it to the PF account of the same bank.
Eventually, 240 crore rupees were deposited in the Yes Bank at the end of the March first week and when the APSRTC officials went to withdraw their amount in the branches of Yes Bank, they can permit the withdrawal to 50,000 Rupees. The officers went clueless and they are blaming the Jagan’s government for the introduction of the new policy so that they can’t pay their employees the salaries on time.
Let’s see how Jagan deals with this tough situation.