New banking bill gives RBI powers to restructure co-operative banks




The brand new Banking Regulation (Modification) Invoice, 2020, launched by the federal government on the primary day of the Parliament’s Monsoon Session, gives the Reserve Financial institution of India (RBI) powers to restructure cooperative banks.

The Invoice was launched by Finance Minister Nirmala Sitharaman who earlier withdrew the invoice launched in March earlier than Covid-19 disruptions set in.





“Now what we’re bringing, after withdrawing that Invoice which got here within the type of ordinance, is actually what the Invoice of March 2020 had, along with a number of issues added in similar to giving the Reserve Financial institution an opportunity to have the ability to restructure any distressed cooperative banks simply in case they’re in extreme misery,” she stated whereas replying to member’s query on the invoice’s withdrawal after which its re-introduction.

The federal government had launched a Banking Regulation (Modification) Invoice on March three and subsequently an ordinance was promulgated as a result of it was not handed. The federal government’s rationale for the Ordinance was that there was stress in a number of cooperative banks which will have gotten enhanced in the course of the interval of lockdown.

“On account of it, it was felt that until we clear the Invoice, there shouldn’t be a state of affairs the place most of the cooperative banks would undergo and, subsequently we introduced in an ordinance with important options of the Invoice which was tabled within the Home in March,” Sitharaman stated.

–IANS

sn/vd(Solely the headline and movie of this report might have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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