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Coimbatore
Demonetisation cripples primary cooperative societies, members protest
November 17, 2016
Continuing their protest after demonetisation crippled operations at the various societies; members of the Tamil Nadu State Primary Cooperative Bank All Members Society staged a demonstration seeking funds near the south taluk office in the city today.
Staging the demonstration, the more than 100 members raised slogans against the initiative that have curbed collection of loan amounts, in spite of the willingness of members to pay.
K Shanmugha Sundaram, district head of the society, claimed that since the societies lacked enough Rs 100 and new notes, they were unable to dispense the amount from the savings account of the members on request.
“We are not able to return the pawned jewellery because of the confusions in transactions; all the societies have come to a standstill now,” he alleged.
The members demanded that the government immediately provided them with enough funds to re-run the transactions in the 4,654 primary cooperative societies in Tamil Nadu. They had earlier staged a similar demonstration in various places on Monday.
