Kolhapur District Central Cooperative submits Know Your Customer details to NABARD
KOLHAPUR: The Kolhapur District Central Cooperative (KDCC) bank has submitted the Know Your Customer (KYC) compliances to National Bank for Agricultural and Rural Development (NABARD) on Wednesday, containing detailed information of customers who deposited cash in Rs 500 and Rs 1,000 currency notes between November 8 and 13, 2016.
The district cooperatives are under the scanner of Reserve Bank of India (RBI) since the announcement of demonetisation. The RBI, earlier, had rejected to accept the old tender owing to some suspicious activities.
Even the Supreme Court instructed the RBI to accept cash after the KYC compliances. Following the instructions from the apex court, the district cooperative submitted records of its customers after demonetisation.
Giving details, KDCC CEO Pratapsingh Chavan said, "We have submitted photo copies of PAN (Permanent Account Number) card, ADHAR card, and other identity proof of our customers. Even the name, account number and date of deposition of ceased legal tender have been submitted. Information of accounts of village level development societies have also been summited to the rural development bank. We have sent information of as many as 1.5 lakhs accounts."
He added, "Around 95% of our banking activities stopped after the demonetisation move. The bank is sitting on hard cash of Rs 304 crore in older tender. We are suffering losses to the tune of Rs 15 lakh every day. The cumulative loss of our bank is around Rs 8.7 crore after the decision. Our daily need of cash is around Rs 25 crore but the cash supply has gone down drastically."
Payment of milk and cane farmers along with crop loans for the Rabi season is stuck as the bank is struggling for cash.