NABARD has asked District Central Cooperative Banks to submit details about the KYC norms of both individual account holders as well as primary cooperative agricultural societies latest by the end of December.
The Reserve Bank of India (RBI) had said DCCBs which fail to meet 7 per cent CAR could end up losing their banking licence. The 31 DCCBs in Maharashtra have seen deposits of about Rs 4,700 crore between November 10 and 14 in old currency notes.
The apex court had earlier asked NABARD to carry out 100 per cent verification of KYC norms of both customers and PACS before the money is remitted by other banks.
Recently, NABARD had written to the DCCBs, asking them to submit KYC details about the depositors and PACS by December 31. It is expected that NABARD will take up 100 per cent verification of the norms after that.
However, officials of the cooperative department said 100 per cent verification of KYC norms will take time. The 31 DCCBs in Maharashtra have deposits worth Rs 60,000 crore and as many as 21,000 PACSs are operational in the state.