Lok Sabha passes Bill to bring cooperative banks under RBI supervision

Presentation 209

The lok shabha passed the Banking Regulation (amendment) bill, which  will bring cooperative banks  under the supervision of RBI, this step was taken for proper management and prevent corruption in cooperative banks , like that of PMC bank case. Though the opposition pointed out that this bell will violate the norms of federal structure, cooperative banks were under dual control of RBI and states before this. There was also a suggestion to review the role of RBI. This news is related to the topic Indian economy of GS 3 and Regulatory bodies of GS 2.

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