Banking Regulation Amendment Bill, 2020 Introduced in Parliament

The Bill will bring cooperative banks under the umbrella of RBI and would not affect state cooperative laws.
Sheena

Updated: Sep 16, 2020 02:59:49 pm

Banking Regulation Amendment Bill, 2020 Introduced in Parliament

16 September 2020 Current Affairs:The new Banking Regulation (Amendment) Bill, 2020, is tabled on the first day of the Parliament's Monsoon Session. The Bill was introduced by Finance Minister Nirmala Sitharaman ans was withdrawn in March 2020, before the Covid-19 pandemic. Teh amendment comes as the 277 urban cooperative banks have reported losses during the  COvid-19 pandemic.

Provisions of the Bill:
♦ The Bill will provide the Reserve Bank of India (RBI) powers to restructure cooperative banks. 
♦ The Bill will bring cooperative banks under the umbrella of RBI and would not affect state cooperative laws.
♦ As per the bill, with prior recommendation of RBI, the co-operative banks will be able to raise the money by public issues and private placements of equity, the preference shares and through unsecured debentures.
♦ The bill recommended to empower RBI for amalgamation of banks in order to remove the cap for the withdrawals by depositors and to smoothen the process of lending operation of the bank.
♦ In general, the Bill proposes to strengthen the co-operative banks by enabling access to capital, increasing professionalism, improving governance and ensuring sound banking through RBI.
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