Thiruvananthapuram: With primary cooperative societies observing black day and district cooperative banks remaining shut, business activities in cooperative sector were badly affected across the state on Wednesday. Hundreds of persons linked with the cooperative sector took out protest marches in all 14 districts. Massive protest rallies were witnessed in Kannur. The protest was organised against RBI curbs on exchanging demonetised notes of Rs 500 and Rs 1000 at the district cooperative banks. The Centre has refused to intervene in the matter saying that the district cooperative banks had no mechanism to check black money.
Administrative Reforms Commission chairman V S Achuthanandan who inaugurated the protest outside RBI office here said the entire cooperative sector had come to grinding halt since past eight days following the ban on exchange of notes. He accused the BJP-led Modi Government of selectively targeting the cooperative banks to destroy the well organised cooperative sector in the country.
The veteran leader said primary credit societies catered to the poor including agricultural workers on a day to day basis. By paralysing these societies, the Centre was wreaking havoc with the lives of people. He called for massive protest against Centre’s move and urged Modi to stop the jugglery in the name of demonetisation and bring an end the woes of people.
The business in all 14 district cooperative banks (DCBs) had been adversely affected following the RBI directive. The combined deposits of the cooperative banks as on March 2016 were around Rs 60,000 crore of which majority Rs 52,813.23 crore was in the district cooperative banks. Besides, the total money given in advances by cooperative banks was around Rs 36,783.71 crore as on March 2016 including Rs 28152.02 crore made by district cooperative banks.
