Villagers can withdraw from Rajkot District Cooperative bank from Thursday

Rajkot: A day after farmers and cooperative leader Vithal Radadiya and BJP MP from Porbandar, threatened to launch protest if ban on District Central Cooperative Banks (DCBs) from accepting or exchanging demonetised notes is not lifted, Rajkot District Cooperative Bank Ltd (RDC), on received Rs 9 crore from SBI on Wednesday afternoon.
Radadiya is chairman of Rajkot District Cooperative Bank and had raised voice against RBI’s decision to bar DCCBs and termed it as arbitrary.
“We have received Rs 9 crore in small currency and we have sent it to our 186 branches in 15 talukas of Rajkot and Morbi districts. Account holders can withdraw stipulated amount from branches from Thursday,” said M P Sojitra, deputy general manager, RDC Bank.
Sources said that district cooperative banks will not exchange cash money or accept deposits but it will only disburse cash to its account holders. RDC Bank has two members with seven lakh accounts.
The Reserve Bank of India (RBI) has barred DCCBs in Gujarat from accepting or exchanging defunct currency notes from people. The central bank on Sunday emailed a circular to all the 18 Gujarat-based DCCBs, asking them not to accept and exchange the demonetised Rs 500 and Rs 1,000 notes.