Demonetisation: RBI not to allow cooperative banks to exchange notes in Bhopal

500-notes

Bhubaneswar: Reserve Bank of India, Bhubaneswar has said new Rs 500 notes will be available in different bank counters across Odisha from Thursday and urged people to ignore rumours on circulation of fake Rs 10 coins.

The RBI said, "There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing Rs 500 and Rs 1000 bank notes (specified bank notes)".

RBI officials clearly said that as central government has prohibited co-op banks cooperative department to exchange cash and in this condition, no question to grant permission in the state arises.

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Notes of Rs 500 and 1000 were scrapped as part of a planned move to destroy the cooperative banks. However, district cooperative banks can withdraw any amount of money from other national banks. This was further complicated by the non-availability of adequate current of new Rs. 2000 and Rs. 100 denomination to meet the demand of farmers, and this had resulted in dislocation in payment of wages to agricultural labourers, Mr. Patnaik added. This restriction on DCCBs is like snatching away the rights of villagers and farmers, as most of these banks operates in villages.

"Withdrawal of the facilities of implementation of a scheme meant for all the Banks in the country will adversely affect the farmers in the peak of agricultural operations. I have also written to RBI regarding this", Sanghani said.

The cooperative banking sector caters to a wide range of urban and rural population in Kerala, as reflected in its deposit base which is about Rs52,813.23 crore, as per state level bankers committee data. We are hopeful that it will bring an improvement in the crunch situation, " General Manager, RBI, Bhubaneswar SP Mohanty said.

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