Page 22 - Banking Finance August 2017

CO-OPERATIVE BANK NEWS

CO-OPERATIVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

10 state cooperative Reserve Bank refuses to accept Rs. 200 crore old notes

banks under Income Tax deposit of Maharashtra Cooperative banks'
After the extra time allowed by RBI expired, the 31 district central cooperative
scanner for Rs 467 crore
banks (DCCBs) in Maharashtra were still left
old note deposits with around old notes valued Rs.200 crore.
Ten district central cooperative banks RBI said that the cooperative banks col-
lected these notes after they were
(DCCBs),
demonetised on November 8 last year. The
which had
exchanged Cooperative banks are planning to move
court against the RBI's decision.
Rs 467 crore
demonetised On June 22nd, the finance ministry issued a
notes with notification, allowing DCCBs to deposit demonetised notes of Rs. 500 and Rs.
the Na- 1000 with the RBI in next four weeks. The DCCBs had Rs. 2,771.86 crore in banned
notes before the issue of notification.
tional Bank for Agriculture and Rural
Development, and a Tamil Nadu- Cooperative banks in Pune and Nashik are left with Rs 22.25 crore and Rs 23
based cooperative bank, has been crore in scrapped notes, while Kolhapur has Rs 25.27 crore, Ahmednagar
pulledup by Income Tax department (Rs11.68crore), Nagpur (Rs 5.02crore) and Sangali (Rs14.72 crore).
for irregularities in exchange of old Chhattisgarh government decides to merge all DCCBs
demonetised notes. It has been re-
ported that many villagers account into single state co-op bank
were used to deposit old Rs 500 and The Chhattisgarh government has decided to merge all district cooperative cen-
Rs 1,000 denominations. tral banks (DCCBs) of the state into a single State Coop-
erative Bank, with a aim to serve the farmers with bet-
"We were aware of many village
ter banking facilities, officials said.
headmen using farmers' bank ac-
counts to deposit old notes. Before Chief Minister Raman Singh in a cabinet meeting gave
approval for merger. According to Mr Singh the merger
getting down to action, we waited
of all branches of DCCBs will be one of the major financial
for the cooperative banks to ex-
reforms in the state. Cooperative banks play a significant
change the old notes.Our officials
role in paddy procurement and disbursements of short term agricultural loans
have now started checking the ac-
to farmers and in view of this, in-principle decision was taken to transform it
counts of the 10 DCCBs," a senior I-T
into a mega State Cooperative Bank (Apex bank) to ensure better banking ser-
official told.
vices to farmers, the CM said.
22 | 2017 | AUGUST | BANKING FINANCE

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