Lok Sabha Passes Legislation To Bring Cooperative Banks Under RBI Control

Lok Sabha Passes Legislation To Bring Cooperative Banks Under RBI Control

There are about 1,482 urban cooperative banks and 58 multi-state co-operative banks. In a bid to protect the interest of depositors, the Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI. The Banking Regulation (Amendment) Bill, 2020 replaces an ordinance that was issued on June 26. Replying to the debate on the bill, Finance Minister Nirmala Sitharaman said this legislation is for depositors' safety and not for undermining powers of the Registrar of Cooperative Societies.

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NDTV.com

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