Non-cooperation with Cooperative banks?

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While the NDA has maintained its rose-tinted glasses for the con-man, the common man is getting the suspicious “kaala chashma” look #demonetization.  What will the farmers and the rural poor of the country do, amidst the government’s decision to stop Rs. 500 and Rs. 1000 currency? Lakhs of farmers will default on their loans due to lack of currency availability.

In Karnataka, there are 21 DCC banks with 708 branch. These banks have 45.91 lakh deposit accounts and 21.73 lakh loan accounts along with advances to the tune of Rs. 20,256.44 crore. The cooperative banks have been debarred from accepting or exchanging Rs. 500 and Rs. 1000 denominations!

Despite leaders like Siddaramaiah and H D Deve Gowda appealing to Prime Minister Narendra Modi to allow district central cooperative (DCC) banks to accept demonetized notes, no response has come forth.

 

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