 "Union Finance Minister Nirmala Sitharaman")
A Bill to provide more powers to the Reserve Bank of India (RBI) for regulating co-operative banks was introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday.
The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of Punjab and Maharashtra Co-operative Bank scam, seeks to strengthen co-operative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI.
Introducing the bill, Sitharaman said it is the “need of the hour” to avoid a PMC Bank-like crisis. Noting that the happenings at the PMC Bank had “unfortunately” put
The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of Punjab and Maharashtra Co-operative Bank scam, seeks to strengthen co-operative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI.
Introducing the bill, Sitharaman said it is the “need of the hour” to avoid a PMC Bank-like crisis. Noting that the happenings at the PMC Bank had “unfortunately” put
