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Banking Regulation (Amendment) Ordinance, 2020 promulgated 


In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the Banking Regulation (Amendment) Ordinance, 2020, informed a release. 


The Ordinance amends the Banking Regulation Act, 1949 as applicable to cooperative banks. It seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with RBI in respect of other banks to cooperative banks as well as for sound banking regulation, and by ensuring professionalism and enabling their access to capital. The amendments do not affect the existing powers of the State Registrars of Cooperative Societies under state cooperative laws. The amendments do not apply to Primary Agricultural Credit Societies (PACS) or cooperative societies whose primary object and principal business is long-term finance for agricultural development, and which do not use the word “bank” or “banker” or “banking” and do not act as drawees of cheques.


The Ordinance also amends Section 45 of the Banking Regulation Act, to enable making of a scheme of reconstruction or amalgamation of a banking company for protecting the interest of the public, depositors and the banking system, and for securing its proper management, even without making an order of moratorium, so as to avoid disruption of the financial system, the release added.

 

Source: Exim News Service: New Delhi, June 29

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