Ahmedabad: A recent RTI application revealed how Ahmedabad District Cooperative (ADC) Bank had received deposits of Rs 750 crore in old, scrapped notes in the first five days of demonetisation. But it does raise several serious questions. While the rule said that one person could exchange only Rs 4,500 in old notes in a day, he/she could have exchanged only Rs 22,500 worth of scrapped notes for new ones in the first five days of demonetisation, before the government decided to ban cooperative banks from accepting deposits in old notes. Which means, for Rs 750 crores to be exchanged, 3,33,333 customers must have visited the bank in the five days. ADC Bank has 190 branches with 5 lakh account holders.

Let’s believe that the figure 3,33,333 consisted of customers and non-customers alike, the time is taken to exchange their notes doesn’t quite add up. It takes minimum two minutes for each customer to get their old notes exchanged.  Which means, the banks might have spent 6,66,666 minutes, i.e. 11,111 hours at a stretch to exchanges demonetised currency worth Rs 750 crores. Let that sink in….

Only if the bank remains open for 24 hours for 462 days (Keeping in mind there are Sundays and other bank holidays), it could have been possible for a sum this huge to get changed. But the government of India banned cooperative banks from accepting old notes on the fifth day after demonetisation. Let’s believe that maybe the bank has the blessings of the government to do this herculean task. It was not awarded the ‘best bank of India’ for no reason at all. But ADC is not the only bank. But there is Rajkot District Cooperation Banks and 11 such banks that did similar unbelievable tasks of exchanging old currency notes, which is far from believable for common men.

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