The co-operative sector hit worst by the choice remains attempting to pass though the Demonetization shock.
Besides the real issues of the world, efforts by corrupt politicians attempting to use the channel of co-op banks to exchange their black cash conjointly created headlines for months along. The DCCBs, that area unit largely controlled by the ruling parties across states, were abundant in news.
The states of Kerala, state and Uttar Pradesh flattop the chart as impotency and IT sleuths brought them underneath their scanner.
Media reports same prohibited notes value Rs. 57, 49, 500 were deposited into varied accounts between November eight and November fifteen, 2016 in six cooperative banks in Kerala as Kerala’s UDF MPs and MLAs hurried to metropolis to debate the problem of ending and therefore the crisis moon-faced by cooperative banks.
Unusual amounts of unexplained currency were conjointly deposited in cooperative banks across districts in West Bengal, reportable media. The number bumped into many thousand crores. The banks that meted out irregular transactions enclosed Raiganj cooperative bank, Hooghly district cooperative bank, Midnapore Vidyasagar cooperative Bank, and banks of Malda and East Midnapore together.
Until Gregorian calendar month, thirteen concerning Rs 1,000 large integer were deposited in three hundred branches of seventeen central cooperative banks. Most of the benefit these banks came in from 5,000 primary cooperative societies.
However, credit co-ops that were doing business honestly were conjointly worst hit. The CEO of the most important credit co-operative within the country Buldana Urban has created associate earnest request to Prime Minister Narendra Modi to assist arrest the plummeting confidence of individuals within the fifty thousand-credit co-operatives active within the country.
In addition, with credit co-ops quite eight to ten large integer individuals coupled to them additionally suffered a way or the opposite. Sufferers additionally enclosed concerning one large integer those who ar utilized within the sector unfold across the country.