Reserve Bank Of India:Cannot provide DCCBs facility of exchanging old notes
The Reserve Bank of India (RBI) has made it clear that it cannot provide to district cooperative central banks (DCCBs) the facility of exchanging old demonetised notes or depositing the old notes with them because the level of automation in them is low and their staff too were not equipped enough to detect fake currency notes.
RBI's assistant general manager Manabhanjan Misra told this to the Hyderabad High Court which was hearing petitions by farmers Boda Mangaiah and seven others who were seeking such a facility to DCCBs in order to enable them to get their Rabi loans by repaying their existing loans with old cash in the cooperative banks which are closer to them.
The bench of Acting Chief Justice Ramesh Ranganathan and Justice A Shankar Narayana earlier felt that farmers should be provided with some relief as crippling their farm activities would be detrimental to the interests of the nation and sought the response of the RBI on this particular aspect, whether or not it would allow the farmers to repay their loans with old cash.
Source:Banking Update
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