Kolhapur: The district cooperative banks across the state are still in a state of confusion as there has been no direction from the Reserve Bank of India (RBI) over exchange of old currency notes.On June 20, the Union government took a decision to allow exchange of old denomination notes deposited with the district cooperative banks with the RBI. But, the apex bank is yet to inform the cooperatives about the next step.District banks in the state have been sitting on thousands of crores in old denomination notes. Chairman of Kolhapur District Central Cooperative (KDCC) Bank and member of Maharashtra Legislative Assembly (MLA) Hasan Mushriff said, "The Union government took a decision eight days ago and instructed the RBI to exchange old denomination deposited in district cooperative banks. But there is no movement on the side of the RBI."He added, "We wrote a letter to the RBI asking about the norms and procedure of acceptance of old notes. But there is no reply from the bank. We are incurring losses on the interest. The government has given a deadline of 30 days. If banks fail to submit their cash within the deadline, then who will responsible for the loss? Therefore, RBI must issue instruction with immediate effect."Chairman of Satara District Central Cooperative (SDCC) Bank Shivendraraje Bhosale said, "Eight days have passed but there is no direction from the apex bank on old denomination notes. We have been waiting for RBI instructions. The air is not clear on the issue. Therefore, the RBI should issue direction as early as possible."A senior KDCC official, on condition of anonymity, said, "Specified Bank Notes (SBN) have become an additional burden on the bank. We have spent thousands of rupees to keep note free from fungus attack. Therefore, RBI should direct banks on acceptance of old notes."

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