Demonetisation didn’t affect deposits in co-operative banks, says Kerala Minister Kadakampally Surendran

By: | Published: August 4, 2017 4:31 PM

There was no reduction in deposits and advances in cooperative banks during the post-demonetisation period, Kerala Minister for Co-operation Kadakampally Surendran today said.

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There was no reduction in deposits and advances in cooperative banks during the post-demonetisation period, Kerala Minister for Co-operation Kadakampally Surendran today said. “There was no reduction in deposits and advances after the ban of Rs 500 and Rs 1,000 notes on November 7 last. The deposits stood at Rs 1.50 lakh crore,” Surendran told reporters here. However, the ceiling on cash transaction to Rs two lakh affected co-operative banks too, he added.Both CPI-M led LDF and the opposition Congress-led UDF in the state had come out against demonetization alleging that it would mainly badly affect the functioning of the co-operative sector in the state.

Surendran said it was decided to increase the pension amount for co-operative staff with immediate effect. Pension amount of Rs 1,500 for staff in primary co-operative societies and Rs 2,000 in the district and state co-operative banks have been hiked to Rs 3,000. Similarly, the family pension of co-operative staff has been increased to Rs 2,000 from Rs 1,500. The DA also hiked by two per cent from five to seven, Surendran said.

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