Madhya Pradesh: Low on cash, District Cooperative Bank puts limit on withdrawal

Madhya Pradesh: Low on cash, District Cooperative Bank puts limit on withdrawal

These days farmers are queuing up at the District Cooperative Bank since early morning.

FP News ServiceUpdated: Sunday, May 17, 2020, 10:20 PM IST
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Amid lockdown due to Covid-19, it seems like there is no end to farmers’ woes. They are made to wait for their turn not just at the uparjan kendras (procurement centres), but also have to stand for hours together in queues at the bank to withdraw cash at Rajendra Chowk branch of District Cooperative Bank.

These days farmers are queuing up at the District Cooperative Bank since early morning. However, as the bank was low on cash, it denied the withdrawals of more than Rs 10,000. Soon a ruckus ensued as the irked farmers wanted to know whether or not their money is safe with the bank. Police reached the scene and tried to control the chaos.

Out of over 18,000 account holders of the bank, only 1,000 have ATM cards. On receiving messages about transfer of funds into their account farmers are reaching the bank branch to withdraw cash.

However, according to sources the branch did not receive cash from the bank, due to which it is unable to give money to the depositors. According to the customers the bank is also failing to make the customers practice social distancing. Station incharge SR Ahirwar said that they have explained the situation to the farmers.

Branch manager Manoj Jain said that the bank is distributing about Rs 1 crore on a daily basis. Farmers wishing to withdraw over Rs 10,000 were told to come again the next day to collect rest of the cash. Jain also assured that the limit will be lifted once the bank gets enough cash.

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