The Hindustan Times reports several district cooperative banks in Maharashtra have failed to shed crores trapped in nullified notes even after 5 years of demonetization due to RBI’s refusal to accept them.
The banks are awaiting the order of the Supreme Court in the matter. The aggrieved banks are Pune district cooperative bank, Kolhapur, Nashik, Ahmednagar, Sangli, Nagpur and two other district central cooperative banks.
The banks had argued before the court that at the beginning of demonetisation cooperative banks were permitted to accept deposits in scrapped currency notes however the same was stopped a week later.