Thiruvananthapuram: There was no reduction in deposits and advances in co-operative banks during the post-demonetisation period, Minister for Co-operation Kadakampally Surendran Friday said.
“There was no reduction in deposits and advances after the ban of Rs 500 and Rs 1,000 notes on November 7 last. The deposits stood at Rs 1.50 lakh crore,” Surendran told the press.
However, the ceiling on cash transaction to two lakh affected co-operative banks too, he added.
Both CPI-M led LDF and the opposition Congress-led UDF in the State had come out against demonetisation alleging that it would mainly badly affect the functioning of the co-operative sector in the State.
Surendran said it was decided to increase the pension amount for co-operative staff with immediate effect.
Pension amount of Rs 1,500 for staff in primary co-operative societies and Rs 2,000 in district and State co-operative banks have been hiked to Rs 3,000.
Similarly, the family pension of co-operative staff has been increased to Rs 2,000 from Rs 1,500.
The DA also hiked by two per cent from five to seven, Surendran said.