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LATEST NEWS UPDATES | Ahmedabad District Cooperative Bank collected highest amount of banned notes among DCCBs: RTI reply

Ahmedabad District Cooperative Bank collected highest amount of banned notes among DCCBs: RTI reply

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published Published on Jun 22, 2018   modified Modified on Jun 22, 2018
-IANS

A district cooperative bank, Ahmedabad District Cooperative Bank (ADCB), netted the highest deposits among such banks of old Rs 500 and Rs 1,000 notes that were abruptly demonetised on November 8, 2016, according to RTI replies received by a Mumbai activist.

ADCB secured deposits of Rs 745.59 crore of the spiked notes -- in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016, -- five days after demonetisation -- on fears that black money would be laundered through this route.

ADCB's total deposits on March 31, 2017, were Rs 5,050 crore and its net profit for 2016-17 was Rs 14.31 crore. This is collection is from a total 122 branches and around 22 lakh account holders. All deposits though are within their legally allowed limits.

Right behind ADCB, is the Rajkot District Cooperative Bank, whose chairman Jayeshbhai Vitthalbhai Radadiya is a Cabinet Minister in Gujarat Chief Minister Vijay Rupani's government. It got deposits of old currencies worth Rs 693.19 crore.

Interestingly, Rajkot is the hub of Gujarat BJP politics -- Prime Minister Modi was first elected from there as a legislator in 2001.

Incidentally, the figures of Ahmedabad-Rajkot DCCBs are much higher than the apex Gujarat State Cooperative Bank Ltd, which got deposits of a mere Rs 1.11 crore.

"The amount of deposits made in the State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs) -- revealed under RTI for first time since demonetisation -- are astounding," said Manoranjan S. Roy, the RTI activist who made the effort to get the information.

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The Economic Times, 21 June, 2018, https://economictimes.indiatimes.com/industry/banking/finance/banking/ahmedabad-district-cooperative-bank-collected-highest-amount-of-banned-notes-among-dccbs-rti-re


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