cooperative bank Current Affairs - 2020

RBI’s power extension to restructure Cooperative banks through the New Banking Regulation (Amendment) Bill, 2020: Important notes

The government introduced the new Banking Regulation (Amendment) Bill, 2020, that intended to give the powers to restructure cooperative banks to the Reserve Bank of India. The power of RBI’s banking regulations will be extended to the cooperative banks after the ratification of the bill. What is Banking regulation? Banking regulation is a type of Read More…

SC places Cooperative banks under SARFAESI Act

The Supreme Court of India recently pronounced its judgement that cooperative banks shall be placed under SARFAESI Act. Highlights The Supreme court has upheld the GoI notification dated January 28, 2003 under which the cooperative societies have come under SARFAESI Act. The Apex court has also ruled that the Cooperative Banks have also come under Read More…

Finance Minister introduces bill to amend Banking Regulation Act

On March 3, 2020, Finance Minister Nirmala Sitaraman introduced bill in Parliament to amend banking regulation law to regulate cooperative banks. It aims to prevent frauds as that seen at Punjab and Maharashtra Cooperative Banks (PMC). Highlights The Banking Regulation (Amendment) Bill, 2020 intends to regulate 1,540 cooperative banks with total savings of Rs 5 Read More…

Panel to review regulations of cooperative banks

The Union Finance Minister on 10th October, 2019 announced that a high level committee will be formed to look into the regulations that govern multi state cooperative banks. RBI imposed banking restrictions on PMC bank in September. This has left 1000s of investors and account holders worried. The amended framework is to be submitted in Read More…