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New Delhi, Sep 22: Rajya Sabha on Tuesday passed Banking Regulation Amendment Bill, 2020 to bring the cooperative banks under the supervision of the Reserve Bank of India.
In the wake of deteriorating condition of cooperative banks in the country, the central government amended the Banking Regulation Act, 1949.
The Bill amends the Banking Regulation Act, 1949. The Act regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks.
The Bill replaces the Banking Regulation (Amendment) Ordinance, 2020 promulgated on June 26, 2020.
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