Centre firm, no old note deposits in co-operative banks

Published: 19th November 2016 01:12 AM  |   Last Updated: 19th November 2016 07:14 AM   |  A+A-

Express News Service

NEW DELHI: Even as Opposition MPs continued to demand allowing deposit of old high denomination currencies in co-operative banks, the government remained firm on not heeding to the clamour on the ground that they are a conduit for black money, besides maintaining that India will migrate to mobile-based transactions from a cash economy in five years.

In an indication that the government is keeping a hawk’s eye on deposits in the co-operative banks, top sources revealed that high value transactions have taken place in Bengal and elsewhere. “On a single day just after the announcement of demonetisation by Prime Minister Narendra Modi, the co-operative banks in Raiganj district of West Bengal reported deposits of Rs 68 crore. In contrast, all the branches of State Bank of India reported deposits of just Rs 26 crore,” a top source revealed.

Within the Modi government, there appears to be a consensus that the inconvenience would last a few weeks, but would give a major leg up in allowing the cash economy to migrate to mobile banking. “There are almost 40 crore smart phones in use in the country.

This was not believable 15 years ago, but is now a reality. Demonetisation is an opportunity for the economy and the people to embrace mobile banking as a mode of transaction,” added the top source. Sources said the Reserve Bank of India would soon issue a notification for marriage cards-based withdrawal under which an SDM would stamp the name of the bank branch from where the facility could be availed.

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