The Rajya Sabha passed the Banking Regulation (Amendment) Bill 2020 through a voice vote on Tuesday. Union Finance Minister Nirmala Sitharaman during a discussion in the Upper House said that the amendments sought to protect the interests of depositors in co-operative banks.
“This set of amendments to the Banking Regulations (Amendments) Bill is being brought to completely protect the interests of depositors. There are only a few amendments, but they are coming in with a singular objective of protecting the depositors,” Sitharaman said.
The Union Finance Minister said that the government wants to bring in “proper management and make sure they are professionally run.”
“If at all we need to restructure any such co-operative banks then we need to be restructured without a moratorium period. By amending Section 45 we are able to give a quick recovery, quick payback, and…