In response to the nationwide call of Cooperative Bank Employee Union, the cooperative bank employees downed the shutters of the banks across the State on Friday, protesting against the Centre’s decision to ban deposit of notes of 500 and 1000 at cooperative banks. The protesters demanded restoration of rights of the district cooperative banks and primary cooperative society in the interest of the common people.
Union member Virendra Pal Singh said that the decision of the Centre had crippled cooperative banking system across the state. There have been 400 branches and 700 sub-branches of the cooperative banks spread across 10 districts of the state. It would spell disaster for the rural economy, Singh said.
“The rural people are at the receiving end as several state government- sponsored welfare schemes are being executed through cooperative banks. Besides, a large number of State Government employees deposit their salaries through such banks. The Centre having decided to exempt the cooperative banks from depositing the currency notes of the denominations of 500 and 1000, this would hit the banks hard as it would result in the loss of credit of cooperative banks. It smacks of the step- motherly treatment of the cooperative banks on the part of an insensitive Centre, he added.
Another protester DS Negi said that the action of the Centre has been forcing the account holders of cooperative banks to shift to other banks. “Things are really grim as the cooperative banks are funding the midday meals. The Centre must roll back the decision immediately or else it would face the wrath of the rural and other people,” he said.
KS Choubey, another member of the protesting union, warned that if the Centre refused to roll back the decision they would go for a full-blown stir in the coming days.