Bengal scam: Cooperative banks keep less cash than found at Arpita Mukherjee's flat

Co-operative banks keep less money in cash than what was found with Arpita Mukherjee, close aide of Bengal minister Partha Chatterjee, at her second flat. To put the amount of cash found at Mukherjee's house in perspective, Business Today reached out to executives at co-operative banks.

They explained that co-operative banks do not keep much cash since most transactions happen through digital means. They only maintain daily cash levels of Rs 10-15 lakh. 

"There is now a core banking solution. Everything (transactions) happens through RTGS and NEFT via digital modes. We generally keep daily cash levels of Rs 10-15 lakh," said a CEO of a Karnataka-based urban co-operative bank, requesting anonymity.

Another co-operative executive said that they keep larger cash balances at branches only on special occasions, for instance, a festival or if they anticipate deposit withdrawals in case of negative news about the sector. 

Cash over Rs 50 crore has been recovered from raids at Arpita Mukherjee’s residences. In the second raid, the ED found Rs 27.9 crore and Rs 4.3 crore worth of gold, weighing 5 kg. The agency officials took 10 hours to count the money. The cash was packed in bundles of 50 lakh for Rs 2,000 notes and 20 lakh for Rs 500 notes. The gold was recovered in three gold bricks of 1 kg each, six kangans of 500 gm each, a gold pen, and other jewellery. 

In the first raid, the ED found Rs 21.90 crore in cash, Rs 56 lakh in foreign currency and gold worth Rs 76 lakh, amounting to a total seizure of Rs 23.22 crore. 

In the light of the recent development, Trinamool Congress (TMC) leader Partha Chatterjee, who has been arrested in the recruitment scam, has been sacked. Chief Minister Mamata Banerjee had called for a meeting amid the growing demand to drop the minister from the party and the ministry. 

Also read: Rs 27,90,00,000, 5 kg gold: ED's treasure hunt at Arpita Mukherjee’s second flat