In an unprecedented move, Kerala Chief Minister Pinarayi Vijayan and his Cabinet colleagues began a day-long sit-in before the regional office of the Reserve Bank of India (RBI) in Thiruvananthapuram to register their protest against the ‘assault’ on the cooperative banking sector in the State.
Flanked by his Cabinet members and leaders of various ruling parties, Mr. Vijayan launched a scathing attack on the Union government for its refusal to allow the cooperative banks and primary cooperative credit societies in the State to participate in the currency exchange exercise following demonetisation of high value notes.
“The cooperative banking sector in Kerala has a deposit base of Rs. 1.27 lakh crore. Such a huge deposit base would not have come about if there was corruption in the running of these institutions. They are also not havens for stashing away black money as they are subject to strong regulations. Nobody is against curbing black money, but those who have gone in for demonetisation in the name of fighting black money should think aloud whether their purpose would be served with such assault on Kerala's cooperative sector,” he said and added that the State Cabinet has decided to convene an all-party meeting on November 21 to rally all political forces in the State against the Central government's action.
The Chief Minister and Cabinet Ministers were joined by CPI(M) general secretary Sitaram Yechury, who said the CPI(M) would not end its agitation till the government made available sufficient number of Rs. 500 and Rs. 1000 notes.
The CPI(M) would also try over the coming days, in association with other political parties, to pressure the Central government to compensate the States the losses suffered on account of demonetisation. “We will have to say in this country that people are sovereign. It is the people to decide on their sovereignty. We will not allow this kind of anarchy to continue,” Mr. Yechury said.
