An RTI enquiry by a Mumbai activist has revealed stunning facts about the deposit of banned currency notes during demonitisation in a bank which has BJP President Amit Shah as a Director.
The Ahmedabad District Cooperative Bank (ADCB) netted the highest deposits among such banks of old Rs 500 and Rs 1,000 notes at the time of Demonitisation in November 2016.
The bank secured deposits of Rs 745.59 crore of the spiked notes -- in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016, -- five days after demonetisation -- on fears that black money would be laundered.
The bank's website has shown Shah continues to be a director of the ADCB for several years. He was also the bank's chairman in 2000. ADCB's total deposits on March 31, 2017, were Rs 5,050 crore and its net profit for 2016-17 was Rs 14.31 crore.