The Kerala government has decided to approach the Supreme Court against the RBI’s decision not to permit cooperative banks to exchange demonetized currency notes, a news outlet says.
Earlier Kerala chief minister his cabinet colleagues had observed a sit-in dharna before the RBI’s office protesting the Centre’s move to “destroy” the cooperative sector in the state through demonetization.
Kerala Cooperation minister A.C .Moideen on Saturday met the presidents of the cooperative banks and other officials to discuss the issue.
Later, speaking to reporters, he said RBI’s action was ‘illegal’ and the state would approach the Supreme Court, challenging the decision not to allow cooperative banks to exchange currency notes.
He also assured depositors that their money was safe in the cooperative banks and there was no need for any anxiety over it.
The cooperative sector will make necessary arrangements for its customers to make available necessary consumer items, including food items, he said.
Kerala Cooperation minister has also criticized the central govt for not allowing cooperative banks to exchange currency notes.