Thousands of cooperative bank deposit collectors are on the warpath following the Centre’s decision to demonetise the high- denomination currency notes from November 9.
They say that the declaration that Rs.500 and Rs.1,000 notes were no longer legal tender had almost robbed them of their livelihood. “Our jobs have come to a standstill and our future is uncertain,” Dinesh Perumanna, general secretary, Cooperative Banks Deposit Collectors Association (CBDCA), said.
Nearly 25,000 people are employed in this segment of collecting deposits on a daily or periodical basis from shops, households and institutions. The daily collection is Rs.49 crore to Rs.50 crore in the State. “However, the commission an agent gets is only Rs.10 to Rs.20 for every Rs.1,000 collected. Now, the majority are on the verge of poverty,” he said.
Following the demonetisation, the Centre had restricted even the District Cooperative Banks, which functioned under the Banking Regulation Act, from exchanging the invalid notes.
The situation at the primary cooperative banks and cooperative societies is even worse where they are disallowed to swap the Rs.500 and Rs.1,000 currency notes collected before the declaration of the demonetisation. “We also want the State government to provide interim relief for collection agents till the financial condition normalises,” Mr. Perumanna said.
The State conference of the CBDCA, which will be held in Kozhikode on November 26 and 27, will chalk out agitation plans against the Centre. Protest would be held in front of the RBI office as well, he said.
Nearly 25,000 people are collecting deposits on a daily or periodical basis from shops, households
and institutions
