Lok Sabha passed legislation to bring co-operative banks under RBI control


There are about 1,482 urban cooperative banks and 58 multi-state cooperative banks.

new Delhi:

To protect the interests of depositors, the Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative banks under the supervision of RBI. The Banking Regulation (Amendment) Bill, 2020 replaces an ordinance that was issued on 26 June.

Responding to the debate on the bill, Finance Minister Nirmala Sitharaman said that this law is for the protection of depositors and not for reducing the powers of registrars of cooperative societies.

He said that the powers of the Registrar of Cooperative Societies have not been encroached upon, but the banking activity of the cooperatives would be regulated by the Reserve Bank of India (RBI).

Urban co-operative banks and multi-state co-operative banks will be brought under the RBI supervision process for commercial banks.

There are about 1,482 urban cooperative banks and 58 multi-state cooperative banks based on depositors of about 8.6 crore.

.

Latest news

Donald Trump congratulated PM Modi on his 70th birthday as “great leader, loyal friend”

Many joys to a great leader and loyal friend, Donald Trump tweeted (File)Washington: US President Donald Trump praised Prime Minister Narendra Modi on...

Donald Trump urges “patriotic” classes for schoolchildren

Donald Trump invoked "a pro-American curriculum that celebrates the truth." (File)Washington, United States: US President Donald Trump on Thursday urged "patriotic" teaching...

Global coronovirus cases exceeded 30 million

Brazil, the third largest country, accounts for about 15% of global affairs (file)Global coronovirus cases exceeded 30 million on Thursday, according to a...

Haryana Police arrested defense personnel for informing Pakistan

The arrested accused belong to Chandigarh (representative) of Rewari district.Chandigarh: The Haryana Police has arrested an employee of the Military Engineering Wing posted...

Related news

Donald Trump congratulated PM Modi on his 70th birthday as “great leader, loyal friend”

Many joys to a great leader and loyal friend, Donald Trump tweeted (File)Washington: US President Donald Trump praised Prime Minister Narendra Modi on...

Donald Trump urges “patriotic” classes for schoolchildren

Donald Trump invoked "a pro-American curriculum that celebrates the truth." (File)Washington, United States: US President Donald Trump on Thursday urged "patriotic" teaching...

Global coronovirus cases exceeded 30 million

Brazil, the third largest country, accounts for about 15% of global affairs (file)Global coronovirus cases exceeded 30 million on Thursday, according to a...

Haryana Police arrested defense personnel for informing Pakistan

The arrested accused belong to Chandigarh (representative) of Rewari district.Chandigarh: The Haryana Police has arrested an employee of the Military Engineering Wing posted...

LEAVE A REPLY

Please enter your comment!
Please enter your name here