Nabard inspects Thrissur district co-operative bank

THRISSUR: Nabard officials on Monday carried out inspections at the Thrissur district cooperative bank's (TDCB) head office and its branches at the Ollur and Kunnamkulam here.
The inspections were carried out to verify whether TDCB had collected the KYC details of the customers and where there any rapid hike in the deposits in the bank after demonetisation.The officials also checked if fake currencies were used in the transactions.
According to the TDCB president Abdul Salam, the Nabard officials have informed that they did not find any violations in the bank operations.
He said TDCB had conformed to the KYC norms and there was no unusual spurt in deposits at the bank after the demonetisation.
The TDCB had a collection of Rs 171 crore in its stock in the banned denominations of Rs 500 and Rs 1,000. The amount rose to nearly Rs 400 crore when the deposits of the primary societies flowed in. The entire amount was later deposited in the SBI which is the chest of the TDCB on November 13.
The TDCB had installed 63 fake currency detecting machines in its 58 branches and two large machines at the head office. None of the currencies received was found to be fake, and this was confirmed during the machine-based checks carried out at the SBI also, Salam said.
He said the bank was planning to introduce the 'purchasecard system' to enable the customers in the primary cooperative banks to shop using those cards. The programme will be implemented after talks with the trade bodies, Salam said.