NCP leader Sharad Pawar recently raised in the Upper House of Parliament the issue of about Rs 8000 crore piling up with 371 district central cooperative banks after the RBI had barred currency chests from accepting them, reports Press Trust of India.
The NCP stalwart urged the government for allowing the old currency lying with district central cooperative banks (DCCBs) to be deposited with currency chests. The huge quantity of demonetised currency lying unused is restricting the ability of DCCBs to lend agricultural credit, he said.
After the demonetization on 8 November, 2016 the government had barred DCCBs from accepting deposits of the junked currency or exchange them for new ones.
Again on 14 November, 2016, DCCBs were restrained from accepting or exchanging the old notes. “Thus the DCCBs received deposits of specified bank notes (old currency) from 10 November, 2016 to 13 November, 2016.
Between this period, throughout India, 371 DCCBs received deposits worth Rs 44,000 crore. But 31 DCCBs based in the state of Maharashtra, secured Rs 4,600 crore as deposits.
“Subsequently, the DCCBs have accumulated SBNs and are advised to retain them, till further instructions from the RBI. As a result, by 17 November, 2016, DCCBs in India were still holding SBNs of more than Rs 8,000 crore and cooperative banks in Maharashtra are holding Rs 2,772 crore,” Pawar said.