Following demonetization, District Central Cooperative (DCC) Banks in Maharashtra collected Rs 5000 crore in old notes from November 10 to 14, reports Times of India.
However, the RBI subsequently debarred the DCC banks from accepting withdrawn notes.
Meanwhile, NABARD (National Bank for Agriculture and Rural Development) is now monitoring these banks with farmers most of their accounts holders to check for any cases of “suspicious deposits” or financial mismanagement.
Maharashtra has 31 DCC banks which are controlled by local politicians and have been under scanner for financial mismanagement in the past.
DCC banks are a key institution in that they disburse farm loans. Considering their reach and cash-rich status, politicians have always vied for control of these banks; most DCC banks in Maharashtra are controlled by NCP and Congress politicians.