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

How an Agra optician’s plea in Supreme Court is affecting banks

Debtors demand waiver of curiosity, ‘interest-on-interest’, whereas banks concern the case might halve its annual revenue. When enterprise evaporated at Gajendra Sharma’s...

‘There’s No There There’: What the TikTok Deal Achieved

SAN FRANCISCO — The saga of TikTok had all the things: Ominous threats of surveillance. A compelled fireplace sale. Threats of retaliation. Head-spinning...

Covid-19 Live Updates: Health Officials Tiptoe Around Trump’s Vaccine Timeline

Well being officers sidestep questions on Trump’s timeline for ‘sufficient vaccines for each American by April.’Because the nation’s coronavirus demise toll neared 200,000, prime...

Ask us on savings, investments and health insurance — Sept. 21, 2020

Q. I'm a 59-year-old retiree. I want your steerage on investing in NCDs that supply the next curiosity in contrast with FDs.A. When...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox