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Demonetisation didn’t affect deposits in co-op banks: Kadakampally Surendran

Friday, Aug 4, 2017,17:02 IST By anju A A A

Thiruvananthapuram | There was no reduction in deposits and advances in co-operative banks during the post-demonetisation period, Kerala Minister for Co-operation Kadakampally Surendran today said.

“There was no reduction in deposits and advances after the ban of Rs 500 and Rs 1,000 notes on November 7 last. The deposits stood at Rs 1.50 lakh crore,” Surendran told reporters here.

However, the ceiling on cash transaction to Rs two lakh affected co-operative banks too, he added.

Both CPI-M led LDF and the opposition Congress-led UDF in the state had come out against demonetisation alleging that it would mainly badly affect the functioning of the co-operative sector in the state.

Surendran said it was decided to increase the pension amount for co-operative staff with immediate effect.

Pension amount of Rs 1,500 for staff in primary co-operative societies and Rs 2,000 in district and state co-operative banks have been hiked to Rs 3,000.

Similarly, the family pension of co-operative staff has been increased to Rs 2,000 from Rs 1,500.

The DA also hiked by two per cent from five to seven, Surendran said.