KPCC Vice-President M M Hassan said, the party has not discussed to have joint agitation with CPI-M on the issue.
"UDF will take a decision on the matter during its meeting to be held here tomorrow," he said.
Opposition leader in the assembly Ramesh Chennithala and few other Front leaders had expressed readiness for a joint agitation against the Centre on the issue.
Meanwhile, Janata Dal (U), a constituent of UDF, said the party welcomes a joint initiative of both ruling LDF and UDF Opposition to address the currency crisis and to protect the cooperatives.
Varughese George, national General Secretary of JD(U) said in a statement that, in Parliament the Congress, the Left and Janata Dal (U) have taken strong position, highlighting people's difficulty in the aftermath of demonetisation.
"In the state also, this can be reflected by joint action including all-party delegation and discussing related issues in the special session of legislature," said Varughese.
The LDF and UDF had alleged that the Centre backed by BJP in the state was trying to "destroy" cooperative sector under the cover of demonetisation process.
CPI(M) also alleged that RSS was spreading 'lies' that deposits in cooperatives in the state were not safe with an objective to trigger panic among depositors.
It was to force the public to withdraw money from cooperative banks and invest it in private banks, Balakrishnan said, adding that the cooperatives in the state have a total deposit of Rs 1.27 lakh crore.