The matter of cooperative banks is to come up today in the apex court after it was decided last week that for the systematic hearing to proceed, categorization of more than a dozen petitions filed in the Supreme Court is needed to be achieved.
On Friday appearing for one of the petitioners Senior Advocate Kapil Sibal said that it would be done by Monday. The apex court then fixed Monday (December 5) as the next date of hearing.
Earlier, acknowledging the miseries of rural folks in the wake of demonetization who mostly depend on co-operative banks for their needs, the Court however wanted the govt to intervene and ease the crisis. It asked if something could be done on the problems faced by cooperative banks.
The Bench is headed by the Chief Justice of India T S Thakur and included Justice D Y Chandrachud. The petitioners were represented, among other by two high-profile lawyers Kapil Sibal and P Chidambaram.
The lawyers for the petitioners had argued that there is no rational behind leaving co-op banks high and dry in the entire process leading to massive stress among the people of rural areas.
Appearing for the govt Attorney General Mukul Rohtagi had assured the bench that the govt is well-aware of people’s trouble but since co-op banks are not technologically equipped like their commercial cousins they have been kept aside of the process. Rohtagi said co-op banks cannot detect fake notes and would defeat the very purpose of demonetization.
Rohatgi had also requested the bench to make any of the High Courts as nodal point to hear cases pertaining to co-op banks as it is not possible for the govt to fight the same issue from one state to other.
Meanwhile, there is report in the media that Nabard is going to give a report to the Supreme Court, favouring District Cooperative banks in the case related to demonetization. In its report Nabarad said district most cooperative banks followed KYC norms. These banks have faced no action for not following KYC norms barring a few,” reports Kumudinionline, a news outlet.
