Here is how BJP used cooperative banks to convert old notes after demonetisation
The highest cash deposit was made by the Amreli Jilla Madhyastha Sahakari Bank Ltd in Gujarat�s Saurashtra region, whose Chairman is not just a senior BJP leader in the state but also a cabinet minister.
The district cooperative banks (DCB) in Gujarat and other parts of India were flooded with a huge amount of cash deposits in the first four working days after Prime Minister Narendra Modi decided to demonetise high-value notes.
While PM Modi roared that the decision to demonetisation of Rs 500 and Rs 1000 notes was taken in order to wipe out black money from the Indian economy, right under his nose, his own party was used cooperative banks run by its own leaders to keep its money safe.
A report in Hindustan Times says that Cash deposits in 285 district cooperative banks (DCBs) across India surged sixfold in the first four working days after the demonetisation.
An analysis of classified bank transaction data revealed DCBs deposited Rs 3,051.2 crore with public sector banks between November 8 — when Rs 500 and Rs 1,000 were withdrawn — and November 14, when the Reserve Bank of India (RBI) banned the institutions from accepting cash. This is six times the Rs 496.88 crore reserves in the DCBs on November 7.
The highest cash deposit was made by the Amreli Jilla Madhyastha Sahakari Bank Ltd (AJMSBL) in Gujarat’s Saurashtra region, whose Chairman is not just a senior BJP leader in the state but also a cabinet minister.
The bank's cash deposits on 7 November were to the tune of Rs 1.3 crore but over the next four working days, the deposits surged to Rs 209.15 crore, a 200-fold jump.
In Ahmedabad District Co-operative Bank (ADC) also Rs 600 crore were deposited in the state in just three days after the demonetisation announcement. Ahmedabad and BJP national president Amit Shah sits on its board of directors, says the report in Catch News.