Demonetised Notes deposited/ exchanged in Ahmedabad DCCB
Mumbai | June 2018
Certain media reports have referred to details given by NABARD regarding demonetised note deposits in Ahmedabad District Central Cooperative Bank (DCCB). In this context the following is clarified: 
Based on the interim directions of the Hon'ble Supreme Court of India, and Government of India (GOI) Notification dated 17 Dec 2016, the RBI got done the verification of KYC compliance in the accounts into which the demonetised notes were deposited during the period November 10-14, 2016, including Ahmedabad DCCB.  NABARD conducted verification in DCCBs including Ahmedabad DCCB.
As per GOI Notification dated 10th Nov 2016, all the DCCBs were allowed to accept the demonetised notes from their customers during the demonetisation. A large number of customers of Ahmedabad DCCB thronged its branches for exchange / deposit of demonetised notes, which is quite in proportion to the size and number of accounts in the bank.  Of the total 16 lakh accounts with the DCCB, deposits/ exchanges were made only by 1.60 lakh customers  i.e. 9.37% of the total deposit accounts. Of these less then Rs. 2.5 lakh were deposited in 98.66 % of the accounts in which deposits/ exchanges were made.  Of the total accounts with the bank, it was only in 0.09% accounts where above Rs. 2.5 lakh were deposited. The average deposit amount in Ahmedabad DCCB was Rs. 46,795 which was lower than average per depositor in 18 DCCBs of Gujarat.   During this intervening period 1.60 lakh customers of the bank deposited/ exchanged demonetised notes aggregating to Rs.746 crore which was only about 15 % of total deposits of the bank. 
Incidentally, demonetised notes presented in the DCCBs of Maharashtra were higher than those deposited in Gujarat, followed by DCCBs in Kerala.
NABARD conducted 100 % verification in Ahmedabad DCCB which revealed that the bank had complied with all the KYC Guidelines of the RBI while accepting the demonetised notes. As per the verification report of NABARD, required under the extant guidelines, the bank had also submitted the required Cash Transaction Reports (CTRs) and STRs to FlU-India wherever required. The average amount of demonetised notes deposited by the customers of the bank has been lower than that of other banks.
Based on the satisfactory verification of demonetised notes held by concerned DCCBs across India, including Ahmedabad and Rajkot, RBI accepted the demonetised notes held by these DCCBs. The RBI gave necessary credit in the accounts of DCCBs concerned.
The Cooperative Credit Structure has been vibrant in Western, Southern and Northern India, serving large number of small depositors and farmers. 
Ahmedabad DCCB, with total business levels of over Rs.9,000 crore, is one of the top ten DCCBs of the country, recently awarded for the best performance by the Federation of the Cooperative Banks. The bank has a total of 194 branches, the highest among all the DCCBs of Gujarat. Its deposit base of Rs 5,330 crore is also the highest among all the banks of Gujarat, with nearly 16 lakh deposit accounts.
The farmer friendly bank has adopted technology to the core to enhance ease of doing banking to farmers. It is among the first few DCCBs of the country to offer modern mobile banking facility to its customers, besides limited internet banking facility. Ahmedabad DCCB is among the few banks which have issued Rupay Kisan Cards (1.63 lakh) to all its borrowing farmer members. The bank has robust and tested CBS systems to provide anywhere banking facility. It also has highest number of ATMs [59] among the DCCBs of the Gujarat, besides 200 micro ATMs. These initiatives have enabled the bank to win the Best bank awards from NABARD for Technology Adoption and Financial Inclusion for the year 2015-16 and 2016-17.
While doing such major outreach initiatives, the bank has consistently maintained high profitability and zero Net NPA, which enables it to win 'A' class Audit rating for last consecutive five years. The strong financial health of the bank has enabled it to pay highest permissible dividend of 15 % to the shareholders for last three years.