Central govt control over cooperative banks through RBI could be a death knell for small businesses
Автор: AJ SINGH Official
Загружено: 2025-12-27
Просмотров: 6387
The Banking Regulation (Amendment) Act, 2020 (Act No. 39 of 2020) amended the Banking Regulation Act, 1949, to strengthen the Reserve Bank of India's (RBI) regulatory and supervisory powers over cooperative banks, particularly Urban Cooperative Banks (UCBs) and multi-state cooperative banks. It was prompted by crises like the Punjab and Maharashtra Cooperative (PMC) Bank scam in 2019, aiming to protect depositors, improve governance, and ensure financial stability. Post-2020 amendments apply provisions similar to commercial banks, including qualifications for directors and CEOs, board composition, and restrictions on employment. RBI oversees audits and has powers over liquidation, winding up, aligned with commercial banks. There are rumors that some urban cooperative banks are affiliated to RSS. A 2018 news report mentioned a legal petition accusing Union Minister Nitin Gadkari of a land fraud case involving a loan from Saraswat Bank and stated that current RSS chief Mohan Bhagwat was a former shareholder in the company involved. However, RSS denies any such involvement and the complaint was filed in the district courts by the petitioners.
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