Exchange of notes at District Central Cooperative Banks sought

Exchange of notes at District Central Cooperative Banks sought
Highlights

Janardhan Rao, also the Central Committee member of All India Central Bank Employees Federation (AICBEF), speaking at a press meet here on Thursday said, “We strived hard for strengthening the co-operative societies, which have the history of 128 years apart from protecting the co-operative banks in the name of Swaminathan Commission. 

Khammam: Welcoming the Centre’s decision of banning currency notes of Rs 500 and Rs 1,000, Kanakam Janardhan Rao, the State General Secretary of All India Bank Employees Federation (AIBEF), demanded that government to lift restrictions on District Central Cooperative Banks (DCC) and allow exchanges of banned currency notes.

Janardhan Rao, also the Central Committee member of All India Central Bank Employees Federation (AICBEF), speaking at a press meet here on Thursday said, “We strived hard for strengthening the co-operative societies, which have the history of 128 years apart from protecting the co-operative banks in the name of Swaminathan Commission.

But because of the decision taken by the Central government, there is a possibility of total collapse of co-operative system in the country.”

Demanding the RBI to take back the decision, we have organised a meeting with the representatives of AICBEF of 18 States on November 15 in Vijayawada of Andhra Pradesh,” he said.

Rao further added that, “As many as 1.39 lakh branches of DCC banks are present spread in 6.29 lakh villages in 369 districts of 29 States across the country with Rs 2.96 crore deposits.

The banks are providing services with a daily turnover of Rs 1.59crore by sanctioning agricultural and gold loans to the people living in rural areas and helping them develop economically.

In Khammam district alone, nearly 37 branches of DCC banks are present. Under 97 societies, nearly Rs 792 crore of deposits are collected till date along with sanctioning of Rs 1,063 crore as loans,” he added.

He informed that they would stage a protest against the RBI’s decision from November 18 to 21during the lunch hours at all DCC banks across the country under the AIBEF and a massive dharna on November 22, along with a bandh on November 25.

The District president of AIBEF Praveen, Secretary Nagendar, B Prasad Rao, S Sudhakar Rao, Subba Rao, Uday Sri, Padmavathi, Nagabushanam, Prakash and Sitharama Rao were present along with others.

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