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Nothing unusal, says Bank; 1.6 lakh deposited Rs 746-cr banned notes, says NABARD
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SME Times News Bureau | 23 Jun, 2018
The National Bank for Agriculture & Rural Development (NABARD) on
Friday attributed the country's highest deposits of Rs 745.59 crore in
banned currencies at the Ahmedabad District Cooperative Bank (ADCB) to
the latter's massive size and performance.
After a political
storm over the IANS report on RTI revelations about ADCB, in which
Bharatiya Janata Party (BJP) President Amit Shah is a director, the
NABARD came out in strong defence of the Ahmedabad-based bank.
"NABARD
conducted 100 per cent verification in ADCB which revealed that the
bank had complied with all the KYC guidelines of the RBI while accepting
the demonetised notes," it said in a statement here.
"During the
period when the banks were permitted to accept deposits, 1.6 lakh
customers of the bank deposite/exchanged the demonetised notes
aggregating to Rs 746 crore, which was only about 15 percent of the
total deposits of the bank," NABARD said.
Confirming the figure
of deposits of the banned Rs 500 and Rs 1,000 currency notes worth Rs
745.59 crore, NABARD said the ADCB has 16 lakh accounts spread across
194 branches, making it Gujarat's biggest DCCB.
It said of the 16 lakhs accounts, barely 1.6 lakh customers or 9.37 percent exchanged or deposited the old notes.
Of these less than Rs 2.5 lakhs were deposited in 98.66 percent of the accounts in which deposits/ exchanges were made.
NABARD
also said of the total number of accounts with ADCB, only 0.09 percent
comprised accounts with deposits of more than Rs 2.5 lakh.
"The average deposit amount in ADCB was Rs 46,795, which was lower than average per depositor in 18 DCCBs of Gujarat," it added.
In contrast, the NABARD said that the DCCBs in Maharashtra and Kerala had deposits that were higher than the DCCBs in Gujarat.
Our
Gujarat Correspondent, Darshan Desai adds: ADC Bank chairman Ajay Patel
says there was "nothing unusual" about the bank receiving as much as Rs
746 crore deposits in the first five days of demonetisation announced
by Prime Minister Narendra Modi on November 2016.
Asked how could
the bank staff managed to handle so much money in just five days when
making deposits after demonetisation required a detailed procedure,
Patel told IANS, "We have 194 branches across Gujarat, not just one."
"So
it is no big deal. And for any other clarification about the deposits
in our bank, the NABARD has issued a detailed press release. You can
refer that," he added, speaking in Gujarati.
The NABARD
statatement lauded the ADCB, saying the bank had total business levels
of over Rs 9,000-crore, is one of the top 10 DCCBs in the country, and
was recently awarded for best performance by the Federatoin of
Cooperative Banks, and its deposit base of Rs 5,330-crore is the highest
among all the Gujarat banks.
Moreover, calling it a "farmer
friendly bank", it said the bank has adopted technology to the core to
enhance ease of doing banking to farmers, is among the first few DCCBs
in India to offer modern mobile banking and limited Internet banking
facilities to its customers.
IANS on Thursday highlighted how the
ADCB became the most sought-after bank for deposits of the Rs 500 and
Rs 1,000 currencies which were abruptly demonetised by Prime Minister
Narendra Modi on November 8, 2016.
The issue created a
controversy with several opposition parties, including Congress
President Rahul Gandhi and the CPI-M targeting the BJP on the issue.
Mumbai
Youth Congress President Ganesh Yadav has announced a protest on
Saturday to demand a CBI probe against Shah on all the charges against
him, suspension of the Rajkot DCCB Chairman Jayesh V. Radadiya who is a
cabinet minister in Chief Minister Vijay Rupani's government, and
stringent action against both the banks and its officials.
Earlier
in the day, the AICC issued a hard hitting statement detailing the
other DCCBs in Gujarat which are controlled by the ruling BJP.
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