The Bharatiya Janata Party's campaign targeting the cooperative banks in Kerala would hit people hard, the Congress-led United Democratic Front said on Monday.
Baseless things were being said about the thousands of cooperative banks, Leader of Opposition Ramesh Chennithala told the media.
"The cooperative banks are for the ordinary people in our state and they do not have any sort of black money..." he said.
"What are these people (BJP) saying -- that there is Rs 30,000 crore worth of black money in these banks? This is nothing but nonsense," said Chennithala.
The party held a high-level meeting to assess the hardships being faced by the people in Kerala following the demonetisation of Rs 500 and Rs 1,000 currency notes.
Former Chief Minister Oommen Chandy said the total deposits in the cooperative banks were around Rs 1.50 lakh crore and all such banking institutions function according to the RBI directives.
"These institutions are subjected to numerous audits. Whatever is being said about them today is nonsense. It has got political motive to it," Chandy said.
"We will stand together with the ruling LDF (Left Democratic Front) to support the cooperative sector," he added.
Following the demonetisation announced on November 8 by Prime Minister Narendra Modi, the BJP here has been demanding a proper check into all the cooperative banks.
Kerala Cooperation Minister A.C. Moideen said those who were targeting the cooperative sector have ulterior motives.
"They should desist from coming out with a smear campaign against this sector and if they do not stop, then it's clear they have vested interest meant to finish the sector," said Moideen.