06 February, 2020
4 Min Read
Syllabus subtopic: Government Policies and Interventions for Development in various sectors and Issues arising out of their Design and Implementation.
Prelims and Mains focus: about the amendments proposed and their significance; about cooperative banks; about the act
News: The Union cabinet has approved changes to the Banking Regulation Act to strengthen oversight of cooperative banks.
Aim of the amendment
The proposed amendment is aimed at protecting the interests of 86 million depositors who have put money totalling around Rs.5 trillion in 1,540 cooperative banks in the country.
What are the amendments proposed?
About the Act:
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