Banking Regulation (Amendment) Bill, 2020
- On 22nd September, the Rajya Sabha passed the Banking Regulation Amendment Bill, 2020 to bring the cooperative banks under the supervision of the Reserve Bank of India.
- The Bill will replace the Banking Regulation (Amendment) Ordinance, 2020 brought in June, 2020.
Need of the Bill
- Co-operative banks are exempted from several provisions of the Banking Regulation Act, 1949.
- Urban cooperative banks reported nearly 1,000 cases of fraud in recent years.
- Further, the move was felt necessary in the wake of the recent Punjab & Maharashtra Cooperative (PMC) Bank crisis.
Key Changes
- It allows the central bank to initiate a scheme for reconstruction ....
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