Monday 16 January 2017

RBI has no data on scams in cooperative banks post demonetisation: RTI

​Reserve Bank of India (RBI) does not seem to have any data to justify its conclusion of widespread irregularities & scams in exchange of currency notes across State & District Cooperative Banks of the country following demonisation. It's revels in a query filed by RTI Activist Anil Galgali to RBI.

Narendra Modi led BJP Government had overturned its decision to allow note exchange & handling of new currency in Cooperative Banks, within six days of demonitisation, based on 'unsubstantiated' accusation of money laundering in these banks. A decision that hit millions of farmers and rural population, whose only access to formalised banking continues to be through these banks having network in the most remote part of the country. 

Seeking facts on the actual ground reality of these accusations, RTI activist Anil Galgali had sought data on irregularities & scams detected in these cooperative Banks across India, between 8th and 14th October 2016, The day RBI revoked its decision allowing exchange of Rs 500 & Rs 1000 notes in Cooperative Banks. Anil Galgali asked RBI to supply him the data on irregularities, scams & corruption detected in Cooperative Banks, With details of branch, State and the action taken in each case. Public Information Officer of RBI, A.G. Ray specifically replied that information sought on District & Apex State Cooperative Banks is not available with him (Read RBI). While Data on Urban cooperative Banks may be obtained from other department, Ray said.

Anil Galgali has questioned the original presumptions & accusations hurled on cooperative banks of underhand dealings in exchange of currency notes in these Banks. While RBI does not seem to have data of single such case anywhere in India. Was such an important decision having direct impact on lives of billions of people and the future of one of the most intricately networked financial institution, forming backbone of India's rural economy, taken on basis of mere heresay? asked Galgali.

1 comment:

  1. Sir would you please share a scanned copy of the reply (after hiding your personal information) you received from RBI. It was not seen anywhere.

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