MUMBAI, Nov 16: The Reserve Bank of India (RBI) has instructed urban cooperative banks and state cooperative banks across the country to strictly comply with instruction issued with regard to exchange and deposits of demonetized currency notes. The directive has come a few days after the RBI barred District Central Cooperative Banks (DCCBs) from exchanging and accepting deposits of phased-out currency notes. RBI has issued the directive following reports that some cooperative banks were not strictly adhering to instructions issued in connection with old currency notes of Rs 500 and Rs 1000. “The RBI has advised the urban cooperative banks through its regional offices and the state cooperative banks through National Bank for Agricultural and Rural Development (NABARD) of the need to ensure strict compliance with the instructions issued with regard to exchange of specified bank notes as also deposit of such notes into the accounts of their customers,” the RBI statement said. (AGENCIES)
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