Ahmedabad: After the ADC Bank deposits revelation got covered by major news outlets, national and regional both, the CEO of ADC Bank issued a circular to all the branch managers of the bank which stated that the allegations against the bank regarding the large deposits during demonetisation are baseless and the managers and employees of the bank must inform the customers about the truth. The circular had the NABARD press release attached with it too.

At the end of the circular was a note by the CEO that said that the contents of this letter and the attachment (the NABARD press release) is strictly for the understanding and knowledge of the managers and the customers and it should not be published or copies circulated in general.

When Prime Minister Narendra Modi had announced the demonetization of Rs 500 and Rs 1000 Indian currency notes, it sent the common men and women scurrying to the banks and stand in serpentine queues to get their old notes exchanged/deposited. But our ministers and leaders got large sums of their wealth in old currency notes exchanged without breaking a sweat, thanks to the cooperatives banks in the country that assisted them for the same. Within 5 days of demonetization, branches of the Ahmedabad District Cooperative Bank (ADCB) and Rajkot District Cooperative Bank (RDCB) received deposits of Rs 750 crores and Rs 693 crores respectively. This information was obtained through an RTI application filed by a Mumbai-based activist and was responded to by the NABARD (National Bank for Agriculture and Rural Development).

What makes us wonder is that if everything in ADC Banks was done according to the rule, then why is the CEO of the bank not ready to share the NABARD press release and the circular with all.

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