Exchange or deposit of old currency not allowed at Cooperative Banks : RBI

Posted on:16 Nov 2016 09:35:14
Exchange or deposit of old currency not allowed at Cooperative Banks : RBI
16 November 2016 Current Affairs: The Reserve Bank of India today said that no exchange or deposit facility old denomination Rs 500 and Rs 1000 notes will be allowed at District Central Cooperative Banks. However the RBI clarified that DCCBs can allow existing customers to withdraw upto Rs 24,000 per week. 

The Reserve Bank has also advised all banks to permit withdrawal of cash by DCCBs from their accounts based on their need. The regulator also clarified that the cash withdrawal limit of Rs 24,000 per week was not applicable to withdrawal of cash by a DCCB from its account with any other bank. 

The government on November 12 had said that it was looking into sudden 'popping up' of money into zero-balance Jan Dhan accounts, after an unprecedented Rs 3 lakh crore of cash flooded the banking system within four days of demonetisation of high value currency. 

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