Rejecting Congress' charge of irregularity in deposition of defunct Rs 500, Rs 1000 by Ahmedabad District Cooperative Bank after demonetisation on November 8, 2016, the National Bank for Agriculture and Rural Development (NABARD) has said there was no truth in reports that suggested that notes worth Rs 745.58 crore were deposited in Ahmedabad District Cooperative Bank. 

NABARD issued a statement, saying that the average deposit amount in the Ahmedabad DCCB was Rs 46,795 per account holder, which is lower than the average per depositor in 18 DCCBs of Gujarat.

Congress leaders, including party president Rahul Gandhi had demanded an explanation from the BJP over reports of the bank, where party chief Amit Shah is a director, collecting such huge amount within five days of demonetisation announcement.

In a tongue-in-cheek tweet, Congress chief Rahul Gandhi congratulated Amit Shah for being the director of a bank that won "the 1st prize in conversion of old notes to new". "Congratulations Amit Shah ji, Director, Ahmedabad District Cooperative Bank, on your bank winning 1st prize in the conversion of old notes to new race. Rs 750 crore in 5 days! "Millions of Indians whose lives were destroyed by demonetisation, salute your achievement,” he said on Twitter.

He also used the hashtag "ShahZyadaKhaGaya" along with a picture of Shah, which was also used by the Congress on its social media handles to hit out at him. 

Addressing a press conference in New Delhi, Congress spokesman Randeep Surjewala said while people suffered in queues, scamsters converted black money to white. "PM choreographed the demonetisation, leaving out window for black money hoarders to benefit. Nineteen months post 'Modi Made Disaster' of demonetisation, it is now officially clear that this entire exercise was the biggest scam in Independent India, indulged to convert its ill-gotten 'black money' into 'white'," Surjewala said.

The BJP later used the NABARD's statement to hit back at the Congress.

The Ahmedabad DCCB was one of the biggest in the country and it was not out of the ordinary for it to collect such an amount, the BJP said.