The Lok Sabha on Wednesday passed an amendment bill to the Banking Regulation Act to Bring Cooperative Banks under the supervision of Reserve Bank of India (RBI). The Finance Minister Nirmala Sitharaman, while replying to the debate on the Banking Regulation (Amendment) Bill, 2020 said that, “the legislation is for the safety of depositors and not for undermining powers of the Registrar of Cooperative Societies”. The bill replaces an ordinance that was issued on June 26.
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