50 Days After Note Ban, Cooperative Banks Still Cash Strapped

After speaking to farmers and co-op society office bearers, we concluded that the govt hasn’t done enough.

(Photo: The Quint)

In his rally speeches, Prime Minister Narendra Modi may show concern for farmers but that has not helped the farmers in anyway. The cooperative banks and societies which form the backbone of agriculture in our country, are terribly affected due to cash crunch after demonetisation.

Just after the six days of demonetisation, cooperative banks were banned from accepting the old notes of Rs 500 and Rs 1,000. This decision badly disturbed the sowing of the rabi crop.

The Quint spoke to farmers, bank officials and cooperative society office bearers and came to the conclusion that the government may have announced several policies but their implementation remains a major concern.

For example, the government claimed to distribute twenty one thousand rupees to cooperative banks through NABARD. But banks say that the money didn’t reach them timely.

We didn’t get any money even 10-15 days after the announcement of demonetisation. We never faced such cash crunch in past. Due to the efforts of higher officers and the headquarters, we got some money. We wanted to give money to the farmers and customers but if was very difficult.

Ashok Tiwari, Manager, Gaziyabad District Cooperative Bank, Mamura

Video Editor: Mohd Irshad Alam