Exchange old notes lying with DCC banks: Raote

The Shiv Sena today demanded that the old currency notes to the tune of Rs 2,771 crore lying with the district central cooperative (DCC) banks should be exchanged by the Reserve Bank.
Transport Minister Diwakar Raote, while speaking to reporters here, said that Sena will raise the issue of fragile economic condition of the DCC banks after the notes recall exercise in November last year with Chief Minister Devendra Fadnavis during the cabinet meeting next week.
Raote said farmers at the local level would not be able to raise money for sowing and other family activities until the cooperative banks get their old notes exchanged.

"Of the 32 district central cooperative banks across the state about 14 have almost become bankrupt and others may also face difficulties in future," Raote said.
"If the government does not exchange old currency worth Rs 2,771 crore, banks will not survive leaving farmers in a lurch as these banks are the backbone of the rural economy," he added.
"Farmers have deposited their money in district cooperative banks to pay their loan amount or in the form of fixed deposits. However, RBI has not exchanged old currency with new notes affecting rural economy severely," Raote said.
Raote said that he met Revenue Minister Chandrakant Patil in this regard and will also meet chief minister Fadnavis.

"We will also raise the issue in the cabinet meeting next week. The CM should intervene in this issue and should urge the RBI to accept old currency," added the Sena minister.