Lok Sabha passes Bill to bring cooperative banks under RBI supervision


Team Udayavani, Sep 17, 2020, 11:02 AM IST

 

New Delhi: 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.

Powers of the Registrar of Cooperative Societies have not been encroached upon but banking activity of cooperatives will be regulated by the Reserve Bank of India (RBI), she said.

PromotedListen to the latest songs, only on JioSaavn.com

Urban cooperative banks and multi-state cooperative banks will be brought under the RBI’s supervision process applicable to commercial banks.

There are about 1,482 urban cooperative banks and 58 multi-state co-operative banks with a depositors base of about 8.6 crore.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Burglars decamp with cash Rs 1 crore, 300 gold sovereigns from house in Kerala

Raut demands re-election, alleges irregularities in EVMs during Maharashtra polls

Perth Test: Bumrah leads India to its biggest Test win on Australian soil

Sambhal violence: FIR against SP MP Zia-ur-Rehman Barq, SP MLA’s son

Six junior artists of Kannada film ‘Kantara’ injured in accident in Karnataka

MNS at risk of losing recognition, symbol after drawing blank in Maharashtra polls

‘Wicked’ and ‘Gladiator’ make gravity-defying theatre debuts

Related Articles More

Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Air India Express increases flight operations from northeast destinations

Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle

Myntra pilots foray into quick commerce with ‘M-Now’ in select locations of Bengaluru

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Sometimes I like to take backseat and do films where pressure is not on me: Taapsee Pannu

Puttur: Abandoning labourer’s body — three, including prime accused, arrested

RG Kar protests: SC orders SIT probe into custodial torture case, weekly reports before HC

Dr. D. Veerendra Heggade sets record for ‘Largest Single-Man Collection of Antiques’

Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.