The All India Cooperative Bank Employees’ Federation, affiliated to the All India Bank Employees Association (AIBEA), will organise protest programmes against the Reserve Bank (RBI)’s directives to the District Cooperative Central Banks (DCCBs) on exchange of Rs. 500 and Rs. 1,000 notes.
Addressing a press conference here on Tuesday, federation national general secretary P. Balakrishnan said the RBI had instructed that the DCCBs were not allowed to accept the specified bank notes as deposits from the customers and were also not authorised to exchange the withdrawn notes.
‘Contrary to norms’
The RBI directions were not in agreement with the Ministry of Finance clarification that all banking companies defined under the Banking Regulation Act shall implement the scheme.
The DCCBs were licnesed banks and treated on a par with commercial banks so far as the banking business was concerned. The RBI would have to review its decision, he said.
Mr. Balakrishnan said the federation members would organise a protest in front of the cooperative banks on November 18. Dharnas would be organised on November 22 and a one-day strike would be observed on November 25 to protest the decision. In case the government doesn’t respond to the request, the federation and the AIBEA would announce the next course of action, he said.
Federation president Ch. Madhava Rao, vice-presidents A.V. Konda Reddy and Rampal Singh, adviser N. Ranga Babu and others spoke.
