Lok Sabha passes Banking Regulation (Amendment) Bill

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Lok Sabha passed the Banking Regulation (Amendment) Bill, 2020 yesterday. This Bill replaces the Banking Regulation (Amendment) Ordinance which was promulgated on 26th June this year. Speaking about the Bill, Finance Minister Nirmala Sitharaman said it will help in safeguarding interest of the co-operative bank depositors’ in the country.

She said that the current pandemic has adversely affected the financial health of co-operative banks. She informed that the financial health of 277 urban co-operative banks is in a poor condition.

Allaying the apprehensions echoed by few members in the Lok Sabha regarding cooperative societies providing long term capitals for agriculture development and primary agricultural credit societies, the minister said that the bill does not include them under its ambit. Congress, CPM and TMC members opposed the bill terming it as being against the federal structure of the country.