In the wake of demonetization the cooperative banking sector is facing problems in recovery of loans and deposits from its shareholders and Uttrakhand is no exception.
After the announcement, Dr K S Rana Chairman of Dehradun District Cooperative Bank had an emergency meeting with chairmen of all 10 DCCBs of the Uttrakhand region in Dehradun.
Talking to this correspondent soon after the meeting, Rana said “We condemn the decision taken by Reserve Bank of India against the interest of farmers. The meeting lasted about 3 hours where chairmen of different DCCBs aired their views before the committee.
Chairmen of other DCCB banks drafted a proposal and presented before the RBI Chief General Manager in the state. The RBI official assured us that he would talk to the RBI Governor” he said.
Chief Minister Harish Rawat has also written a letter to PM Narendra Modi urging him to withdraw the decision which is affecting the over 100 years old cooperative movement, said Rana who is also the chairman of Zilla Sahakari Bank Chairman Sangthan, Uttarakhand.
Rana said now ” we have decided to move the High Court against RBI’s decision not to permit cooperative banks to participate in exchange of demonetized currency notes.”