Bank with Amit Shah as director collected highest amount of banned notes among DCCBs
Mumbai, June 21: A district cooperative bank, with Bharatiya Janata Party (BJP) President Amit Shah as director, netted the highest deposits among such banks of old ₹500 and ₹1,000 notes that were demonetised on November 8, 2016, according to RTI replies received by a Mumbai activist.
The Ahmedabad District Cooperative Bank (ADCB) secured deposits of ₹745.59 crore of the banned notes—in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the demonetised currency notes from the public after November 14, 2016—five days after demonetisation—on fears that black money would be laundered through this route.
According to the bank's website, Shah continues to be a director with the bank and has been in that position for several years. He was also the bank's chairman in 2000. ADCB's total deposits on March 31, 2017, were ₹5,050 crore and its net profit for 2016-17 was ₹14.31 crore.
Right behind ADCB, is the Rajkot District Cooperative Bank, whose chairman Jayeshbhai Vitthalbhai Radadiya is a cabinet minister in Gujarat Chief Minister Vijay Rupani's government. It got deposits of old currencies worth ₹693.19 crore.
Interestingly, Rajkot is the hub of Gujarat BJP politics—Prime Minister Modi was first elected from there as a legislator in 2001.
Incidentally, the figures of Ahmedabad-Rajkot DCCBs are much higher than the apex Gujarat State Cooperative Bank Ltd, which got deposits of a mere ₹1.11 crore.
"The amount of deposits made in the State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs)—revealed under RTI for first time since demonetisation—are astounding," Manoranjan S. Roy, the RTI activist who made the effort to get the information, told IANS.
The RTI information was given by the Chief General Manager and Appellate Authority, S Saravanavel, of the National Bank for Agriculture & Rural Development (NABARD).
It has also come to light, through the RTI queries, that only seven public sector banks (PSBs), 32 SCBs, 370 DCCBs, and a little over three-dozen post offices across India collected ₹7.91 lakh crore—more than half (52%) of the total amount of old currencies of ₹15.28 lakh crore deposited with the RBI.
The break-up of ₹7.91 lakh crore mentioned in the RTI replies shows that the value of spiked notes deposited with the RBI by the seven PSBs was ₹7.57 lakh crore, the 32 SCBs gave in ₹6,407 crore and the 370 DCCBs brought in ₹22,271 crore. Old notes deposited by 39 post offices were worth ₹4,408 crore.
Information from all the SCBs and DCCBs across India were received through the replies. The seven PSBs account for around 29,000 branches—out of the over 92,500 branches of the 21 PSBs in India—according to data published by the RBI. The 14 other PSBs declined to gave information on one ground or the other. There are around 155,000 post offices in the country.
Fifteen months after demonetisation, the government had announced that ₹15.28 lakh crore—or 99% of the cancelled notes worth ₹15.44 lakh crore—were returned to the RBI treasury.
Roy said it was a serious matter if only a few banks and their branches and a handful post offices, apart from SCBs and DCCBs, accounted for over half the old currency notes. "At this rate, serious questions arise about the actual collection of spiked notes through the remaining 14 mega-PSBs, besides rural-urban banks, private banks (like ICICI, HDFC and others), local cooperatives, Jankalyan Banks and credit cooperatives and other entities with banking licenses, the figures of which are not made available under RTI," he said.
The SCBs were allowed to exchange or take deposits of banned notes till December 30, 2016—for a little over seven weeks, in contrast to district cooperative banks which were allowed only five days of transactions.
The prime minister during his demonetisation speech had said that ₹500 and ₹1,000 notes could be deposited in bank or post office accounts from November 10 till close of banking hours on December 30, 2016, without any limit. "Thus you will have 50 days to deposit your notes and there is no need for panic," he had said.
After an uproar, mostly from BJP allies, the government also opened a small window in mid-2017, during the presidential elections, allowing the 32 SCBs and 370 DCCBs—largely owned, managed or controlled by politicians of various parties—to deposit their stocks of the spiked notes with the RBI. The move was strongly criticised by the Congress and other major Opposition parties.
Among the SCBs, the Maharashtra State Cooperative Bank topped the list of depositors with ₹1,128 crore from 55 branches and the smallest share of ₹5.94 crore came from just five branches of Jharkhand State Cooperative Bank, according to the replies.
The poorest of all the cooperative banks in the country is Banki Central Cooperative Bank Ltd in Odisha, which admitted to receiving zero deposits of the spiked currency.
Of the total 21 PSBs, State Bank of India, Bank of Baroda, Bank of Maharashtra, Central Bank of India, Dena Bank, Indian Overseas Bank, Punjab & Sindh Bank, Vijaya Bank, Andhra Bank, Syndicate Bank, UCO Bank, United Bank of India, Oriental Bank of Commerce, and IDBI Bank (14 banks)—with over 63,500 branches amongst them—did not give any information on deposits.
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Ex-Maharashtra home minister Anil Deshmukh seriously hurt in stone pelting on his car
Nagpur, Nov 18: Former Maharashtra Home Minister and NCP (SP) leader Anil Deshmukh was seriously injured after stones were hurled at his car in Nagpur district on Monday night, police said.
The incident occurred around 8 pm when Deshmukh was returning to Katol after attending a meeting in Narkhed village.
Some unidentified persons threw stones at Deshmukh's car near Belphata on the Jalalkheda Road near Katol. Deshmukh, who sustained injuries during the attack, was immediately rushed to the Katol Civil Hospital, police said.
Nagpur Rural Superintendent of Police, Harssh Poddar, confirmed the incident. He said senior officers were rushed to the spot.
"An investigation has begun. Police are trying to identify those responsible for the attack," he said.
The incident occurred on the last day of campaigning for the November 20 Maharashtra assembly elections.
Deshmukh's son Salil Deshmukh is contesting from the Katol assembly constituency on the NCP (Sharadchandra Pawar) ticket against BJP's Charansingh Thakur.
नागपुर के पास काटोल में NCP शरद पवार गुट के नेता अनिल देशमुख पर हुआ हमला#AnilDeshmukh | Anil Deshmukh | #Maharashtra pic.twitter.com/Fg16WRa66u
— News24 (@news24tvchannel) November 18, 2024
#BREAKING 🚨 | Former Home Minister Anil Deshmukh was injured in a stone-pelting attack on Katol-Jalalkheda Road after a rally. His vehicle was damaged, and he received emergency treatment.#AnilDeshmukh #AttackonAnilDeshmukh #Katoljalalkhedaroad #attack pic.twitter.com/5WxQrMxGU0
— Lokmat Times Nagpur (@LokmatTimes_ngp) November 18, 2024
