The Reserve Bank of India (RBI) has banned the deposit or exchange of “illegal tenders” in cooperative banks across the country to curb the growing trend of depositing high denomination currency notes between November 10 and 13.
Sources at West Bengal’s State Level Bankers’ Committee (SLBC), however, said the decision had come a tad too late and several crores of rupees have already been deposited into cooperative banks.
“The rush at Bengal’s district-level cooperative banks to deposit high denomination notes has been alarming. Reports reveal that at the cooperative banks of Nadia, especially in areas bordering with Bangladesh, several deposits, of Rs 49,000 each, were made because submitting PAN cards is not mandatory for depositing any amount below Rs 50,000. It clearly indicates that black money holders have been using savings accounts of other people at the cooperative banks to convert their money,” said a senior bank official and member of SLBC.