Demonetisation didn’t affect deposits in co-op banks, says Kerala Minister

There was no reduction in deposits and advances in co-operative banks during the post-demonetisation period, Kerala Minister for Co-operation Kadakampally Surendran today said.

“There was no reduction in deposits and advances after the ban of ₹500 and ₹1,000 notes on November 7 last. The deposits stood at ₹1.50 lakh crore,” Mr. Surendran told the press.

However, the ceiling on cash transaction to ₹two lakh affected co-operative banks too, he added.

Both CPI-M led LDF and the opposition Congress-led UDF in the State had come out against demonetisation alleging that it would mainly badly affect the functioning of the co-operative sector in the State.

Mr. Surendran said it was decided to increase the pension amount for co-operative staff with immediate effect.

Pension amount of ₹1,500 for staff in primary co-operative societies and ₹2,000 in district and State co-operative banks have been hiked to ₹3,000.

Similarly, the family pension of co-operative staff has been increased to ₹2,000 from ₹1,500.

The DA also hiked by two per cent from five to seven, Mr. Surendran said.