Employees of cooperative banks today protested in Coimbatore condemning the central government for not providing the new currency notes to the banks. They have also said that the farmers will lose faith in cooperative banks because of the non-availability of cash in this bank. There are more than 4,000 cooperative banks that are functional across Tamilnadu. In Coimbatore district alone, there are 276 cooperative banks that serve the farmers from rural areas.
On the 9th of this month the central government declared Rs. 500 and Rs. 1000 denominations currency invalid. Following this announcement the cooperative banks which are operational under the state government, are unable to withdraw cash from the national banks. The farmers are not able to transact and are also unable to obtain loans from the bank. Thus, employees of the cooperative banks protested demanding the release of money deposited by the cooperative banks in the nationalised banks at the head office of the cooperative banks in Coimbatore.
On the 9th of this month the central government declared Rs. 500 and Rs. 1000 denominations currency invalid. Following this announcement the cooperative banks which are operational under the state government, are unable to withdraw cash from the national banks. The farmers are not able to transact and are also unable to obtain loans from the bank. Thus, employees of the cooperative banks protested demanding the release of money deposited by the cooperative banks in the nationalised banks at the head office of the cooperative banks in Coimbatore.