The cooperative banks will be supervised by the Reserve Bank of India

New Delhi: The government of India introduced the Banking Regulation Act in the Lok Sabha to bring cooperative banks under the supervision of Reserve Bank of India. 

 

The Union Finance minister of India Nirmala Sitharaman introduced the bill in the Lok Sabha to replace the ordinance which was promulgated in June. 

 

Further, opposing the bill Shri Shashi Tharoor and Saugata Roy said it is accusing the Centre of encroaching on the rights of the states. While refusing the charges Sitharaman said, the state laws will not be changed and manipulated and their regulations will be followed as same.

 

She added this applies to those cooperative banks which deal with “bank, banker and banking,” adding that as many as 277 urban cooperative banks have reported losses.

 

She also mentioned moving for leave to withdraw a bill further to amend the Banking Regulation Act 1949. 

 

Read Also : Indigenous Technology Cruise Missile successfully flight-tested by DRDO