If bank is open in Muslim areas it is declared `red zone`: Asaduddin Owaisi on demonetisation

Hyderabad: All India Majlis-e-Ittehadul Muslim (AIMIM) Asaduddin Owaisi on Tuesday attacked the Narendra Modi-led government over demonetisation.

In what could stir controversy, the Lok Sabha MP claimed that adequate bank network was missing from Muslim areas.

Speaking at a meeting at Udgir in Latur district of Marathwada region on Monday, Owaisi said, “"In many Muslim areas, banks are not present in the manner they should be. The proportion of loan distribution is also less (compared to other areas).”

"ATMs are not there. This is what is happening. People in the entire country are facing problems," he said.

"ATMs in Muslim-dominated areas were not functioning. If a bank is open (in Muslim areas), it is declared 'red zone'," the MP from Hyderabad further said.

Union Finance Minister Arun Jaitley on Tuesday stressed that demonetisation move would benefit the economy and the nation in the long run.

The Finance Minister also assured that "significant amounts" of money will be injected into the banking system over the next three weeks which would ease the cash crunch.

High denomination notes, as percentage of total currency in circulation, increased from a mere 36 per cent to over 80 per cent during UPA regime, he said in oblique reference to ill-gotten money usually being hoarded in high denominations.

"There are economic costs of dealing in cash, there are social costs of dealing in cash. These are the costs which the system has to bear," he said, adding that demonetisation was a step in the direction of "less cash economy".

(With PTI/IANS inputs)