Institutions that collected demonetised notes (Rs 500 and Rs 1,000) during November and December past year but did not deposit them with the Reserve Bank of India (RBI) have been given a 30-day breather by the finance ministry.
Through a notification issued in the government gazette on Tuesday, the ministry allowed DCCBs to exchange any old junked notes with RBI in the next one month, which were collected between November 10 and November 14 a year ago.
The relaxation is in view of the fact that almost six months after demonetisation, DCBs, especially in Mahrashtra, are stuck with hundreds of crores of cash in old currency, since the RBI is refusing to accept these.
Nafscob President and a confirmed BJP man Dileepbhai Sanghanai was full of praise "On behalf of the apex body of District Cooperative Banks and State Cooperative Banks NAFSCOB, I thank the govt for this decision".
Today's notification said that banks and post offices will have to give reasons for not depositing the withdrawn notes with the specified time period "subject to the satisfaction of the RBI".
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Initial estimates say that around Rs 5,771 crore are lying with 32 coop banks in Maharashtra. The deposit-credit ratio at 80% is much higher than the state's largest nationalised bank, State Bank of Travancore. It had also asked the banks not to accept the junked currency notes as deposits.
Along with the cooperative banks, the government has given one more chance to commercial banks and post offices also to deposit the old notes collected till December 31, 2016 with RBI. However no exchange facility against the specified bank notes Rs 500 and Rs 1,000 or deposit of such notes should be entertained by the DCCBs.
"On several occasion in my speech I have mentioned the issue of old currency note which is badly affecting the structure of the coop banking sector and affecting the balance sheet simultaneously", Sukhdev said.
As per the last official count released by RBI on 13 December, banks had garnered Rs.12.44 lakh crore in banned notes till 10 December.