No action against PSU banks’ defaulters but all for DCCBs!

Like several cooperators connected to co-op banks Hasan Mushrif, Chairman of Kolhapur DCCB is a harassed man today after the letter of RBI asking District Central Cooperative Banks (DCCBs) of Maharashtra to destroy old currency notes landed at his desk.

The bank has about Rs 25 crore in old currency notes. Talking to Indian Cooperative Mushrif said “Nationalized Banks, Private Banks are swindling crores of rupees but neither the Government nor the Reserve Bank of India are anything against them. They are only targeting the cooperative sector. We are having about Rs 25 crore in our coffers in old currency notes and hoping that the RBI will listen to our arguments. All our efforts to solve this problem have been to no avail and adding salt to our injury the RBI’s letter has hit our office”, he added.

While quoting examples of Diamond Merchant Nirav Modi and Kingfisher Owner Vijay Mallya who have cynically defrauded banks but no action has been taken against them. But we are being harassed even though we are doing good work in the interest of farmers, said Mushrif.

The letter issued by RBI recently to District Central Cooperative Banks (DCCBs) of Maharashtra asking them to destroy old currency notes and keep written records of their losses has created panic among these banks having old currency notes in their coffers.

Cooperators connected with DCCBs are strongly opposing the RBI move and planning to knock on the door of Supreme Court soon. As per an estimate, eight cooperative banks including Pune, Sangli, Wardha, Nagpur, Ahmednagar, Amravarti, Kolhapur and Nashik District Cooperative Banks will suffer a loss of over Rs 101 crore due to demonetization.

Talking to Indian Cooperative Ramesh Thorat, Chairman, Pune DCCB said “At the time of demonetization we were allowed to accept old currency notes for four days but suddenly RBI barred us from exchanging demonetized currency notes. We had over Rs 149 crore notes out of which notes amounting to Rs 127 core were exchanged but notes worth Rs. 22 crore are lying with us”.

He said who will bear the burden of this enormous loss of Rs 22 crore, Several inquiries were conducted by Income Tax, Enforcement Directorate and CBI in banks but no loopholes were found then why the government is adopting stiff attitude, he said.

“Recently I had met the Maharashtra Cooperative Commissioner in Pune and apprised him of the matter. We will soon file a stay petition in the Supreme Court”, he said.

Pune District Cooperative Bank has a business mix of Rs 14 crore and has more than 250 branches across Pune. The bank is controlled by the NCP leaders and senior NCP leader Ajit Pawar is on the board of the bank.

Sitaram Giykar, Chairman, Ahmednagar DCCB said “We are having 288 branches across Ahmednagar District of Maharashtra and during the demonetization farmers and depositors had deposited over Rs 162 crore in the bank in old currency notes; out of which 11 crores is lying still in our coffers. If RBI will not exchange this currency notes bank is sure to suffer huge losses.”

We are planning to knock the door of Supreme Court in this connection, he emphasized.

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