No concession for cooperative banks, says Supreme Court

Kochi: The Supreme Court on Thursday made it clear that cooperative banks can’t be given concessions with regard to the ‘remonetisation exercise.’ The court, however, observed that the cooperative banks could deposit in the RBI the invalid notes they had accepted from Nov.10 to 14. “If concessions are given to the cooperative banks at this point of time, will it not affect the government’s good intention to ban high denomination notes?” the court asked. “The cooperative banks have assets worth crores of rupees. Can’t they wait till December 31?” the court asked.