The Pune District Central Cooperative Bank has objected to RBI adding riders to the exchange of old high denomination bills. The DCCB is sore about the apex bank’s decision to accept notes deposited with the banks between November 10-14 and its refusal to accept old currency notes deposited before that, reports Indian Express.
RBI says these banks had failed to carry out 100 per cent KYC verification of their accounts. In Maharashtra, the 31 DCCBs had seen deposits of over Rs 2,000 crore with Pune DCCB recording the highest deposit of Rs 600 crore.
RBI’s refusal to accept pre-November 8 deposits has added to the troubles of the banks. In a letter addressed to RBI , the bank said 100 per cent of its lending was in the priority sector and refusal of RBI to remit deposits prior to November 8 was an injustice to the sector.