NEW DELHI: Finance minister Nirmala Sitharaman on Monday introduced Banking Regulation (Amendment) Bill, 2020 in the Lok Sabha. Nor will the changes 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 Nirmala Sitharaman tabled in the Lok Sabha the amendments to the Banking Regulation Act, 1949. As 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 14:37 UTC