1. Demonetisation: Gujarat DCCBs calls for “united fight” against RBI

Demonetisation: Gujarat DCCBs calls for “united fight” against RBI

District Central Co-operative Banks (DCCBs) of Gujarat today called for a "united fight" against the RBI for not allowing them to carry out exchange or deposit of defunct notes or withdrawal of cash by customers and hit out at the central bank for its "discriminatory" move.

By: | Ahmedabad | Published: November 23, 2016 2:01 AM
Rs 1000, Rs 1000 note, black money After the meeting, Gujarat State Co-operative Bank Chairman Ajay Patel said the board wants the NAF-SCOB to meet the RBI and discuss difficulties being faced by the account holders of these banks and come up with a solution.

District Central Co-operative Banks (DCCBs) of Gujarat today called for a “united fight” against the RBI for not allowing them to carry out exchange or deposit of defunct notes or withdrawal of cash by customers and hit out at the central bank for its “discriminatory” move.

“Board members of the Gujarat State Co-operative Bank, which has 18 DCCBs associated with it, today met to discuss the problems faced by account holders of these banks,” said BJP leader Dilip Sanghani, who is Chairman of National Federation of State Cooperative Banks (NAF-SCOB).

“Over one crore account holders of these banks in the state are facing problem because of the RBI’s move, majority of them being farmers and rural populace. During the meeting, the board members called for a united fight against the RBI’s decision,” Sanghani told PTI.

After the meeting, Gujarat State Co-operative Bank Chairman Ajay Patel said the board wants the NAF-SCOB to meet the RBI and discuss difficulties being faced by the account holders of these banks and come up with a solution.

“We want the NAF-SCOB to convey our concerns to the RBI and discuss problems being faced by our account holders, most of whom are farmers, farm labourers and rural populace. The RBI should come out with a solution as soon as possible, before the December 30 deadline (of accepting scrapped notes by banks),” Patel said.

A board member said the RBI’s “discriminatory approach” should be investigated.

“DCCBs operate under RBI rules and guideline, like any other banks, and it is a matter of investigation as to why they were asked not to exchange or withdraw currency notes. We want to know why the Government is silent on this discriminatory approach of RBI,” said Nanu Vaghani, a board member and Chairman of Bhavnagar District Co-operative Bank.

Post-demonetisation, the apex bank has barred DCCBs from accepting defunct notes and also withdrawal of valid currencies unlike their private and public sector counterparts. The move has triggered protests by farmers in different pockets in the State.

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