Sena MPs meet PM; urge him to allow DCCBs to exchange scrapped

Shiv Sena MPs today called on Prime Minister Narendra Modi and urged him that co-operative banks, district central co-operative banks (DCCBs) and credit co-operative societies be allowed to exchange the demonetised notes.
Thirteen Sena MPs met Modi in the national capital and submitted a memorandum to him stating that the decision to bar co-operative banks, DCCBs from exchanging and accepting demonetised notes has put rural populace and farmers in a tight spot.
"Rural and urban co-operative banks and credit societies are not eligible to exchange old currency notes and issue new notes. They have also been barred from taking old currency as deposits or payment against existing loans," the memorandum said.

"For a large section of our population, who do not have accounts in the nationalised banks, this move has put them in a precarious situation. This directive has brought to a grinding halt the daily activities of farmers and rural citizens, who have deposited all their earnings in these co-operative financial institutions.
"We urge you to make judicious use of this close-knit network of co-operative urban banks and co-operative credit societies by allowing them to be a part of the demonetisation drive," the Sena MPs said in the memorandum.
It further stated that allowing the DCC banks, co-operative banks and credit co-operative societies to accept loan instalments in the form of old currency notes would give a big relief to the rural population.

"Hence, we humbly request you to make necessary changes in the policy by allowing co-operative banks and credit co-operative societies to handle transactions of exchanging old currency notes in lieu of new legal tender," it added.