Leader of the Opposition Ramesh Chennithala has said that demonetisation has paved the way for new generation banks to loot the country, besides destroying the cooperative sector.
He was inaugurating a United Democratic Front Raj Bhavan picketing here on Wednesday. Hundreds of UDF workers lined up for the picketing. Traffic in the main thoroughfares remained choked for several hours. The protesters took out a march from the Museum junction to Raj Bhavan before the picketing.
Apart from senior leaders, presidents of district cooperative banks under the control of the UDF and employees unions allied to the front also participated.
Mr. Chennithala said attempts to destroy the cooperative banks and provide free play to the new generation banks in the name of tackling black money would not sell in the State.
The cooperative sector was the worst affected by the demonetisation of high-value notes.
Former Chief Minister Oommen Chandy accused the Central and State governments of attempts to stifle the cooperative sector.
KPCC president V.M. Sudheeran said the allegations of the Central government against the cooperative sector had proved to be false.
No black money had been recovered from the cooperative banks and other institutions. But this was not the case with nationalised banks.
The credibility of the RBI, Centre and Finance Ministry had been lost following demonetisation, he said.
