LS passes laws to convey cooperative banks beneath RBI

Tribune News Service

New Delhi, September 16

The Lok Sabha at present cleared the Banking Regulation (Amendment) Bill, 2020, a regulation that goals to guard the curiosity of depositors by bringing cooperative banks beneath the regulatory framework of RBI, amid demand by Opposition events that the Bill be withdrawn and despatched to the Select Committee and observations terming it an “infringement /encroachment” upon powers of states and federal construction and the cooperative motion within the nation.

Finance Minister Nirmala Sitharaman, who systematically demolished all objections raised throughout the dialogue on the Bill, nevertheless, remained non-committal to the query as to when the beleaguered depositors of the Punjab and Maharashtra Cooperative Bank, the collapse of which is precursor to the Ordinance throughout the Covid lockdown and now the laws, will obtain their deposits. The Finance Minister stated the intention of the Bill is just to make sure that depositors of cooperative banks don’t endure. No one is infringing upon the facility of states or federalism. Banking and regulation of banking is unquestionably beneath Central record. State cooperative legal guidelines are usually not being touched,” she stated.

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