LS passes legislation to bring cooperative banks under RBI’s supervision




In a bid to guard the curiosity of depositors, the Lok Sabha on Wednesday handed an modification to the Banking Regulation Act to carry cooperative banks below the supervision of the RBI.

The Banking Regulation (Modification) Invoice, 2020 replaces an ordinance that was promulgated on June 26.





Replying to the controversy on the invoice, Finance Minister Nirmala Sitharaman mentioned this laws is for depositors’ security and never for undermining powers of the Registrar of Cooperative Societies.

Powers of the Registrar of Cooperative Societies haven’t been encroached upon however banking exercise of cooperatives can be regulated by the Reserve Financial institution of India (RBI), she mentioned.

City cooperative banks and multi-state cooperative banks can be introduced below the RBI’s supervision course of relevant to business banks.

There are about 1,482 city cooperative banks and 58 multi-state co-operative banks with a depositors base of about eight.6 crore.(Solely the headline and movie of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

Recent Articles

TotalAV antivirus

Antivirus applications are a vital part of the computer, specifically if you use the Internet on a regular basis. The software is normally...

truTV’s “Hack My personal Life” Profits For Time 3

The truTV show "Hack My Life" premiered in January 2015 and has since been popular on the network. ...

Thirteen Greatest Anonymous Chat Websites In 2021

This site focuses particularly on people who're on the plus aspect in terms of measurement. The success rate on an everyday platform may be...

The Best Hookup Sites And Sex Apps

This hookup site is a basic in the world of casual sex, and it’s been around longer than you realize. Founded by Andrew Conru...

Video Chat Relationship Site

You can even share media information such as images, movies, voice notes, and set the “expiry” time, after which the media files would turn...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox