Cooperative banks are currently under the dual control of cooperative societies as well as RBI. Nor will they apply to primary farm credit societies or cooperative societies, the main business of which is long-term finance for agricultural development. In March, finance minister Sitharaman tabled amendments to the Banking Regulation Act, 1949 in the Lok Sabha. As the Parliament was not in session, the Banking Regulation (Amendment) Ordinance, 2020 was promulgated by the President of India," the bill said. The Banking Regulation (Amendment) Bill, 2020 seeks to replace the Banking Regulation (Amendment) Ordinance, 2020.

Source: Mint September 14, 2020 18:00 UTC