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Banking Regulation Act to be amended
Why is it in the news?
- The Parliament is likely to clear a Bill to amend Banking Regulation Act to bring multi-state co-operative banks under effective regulation of RBI.
- The bill to be introduce to address weaknesses in co-operative banking sector.
More in the news
- There are 1,540 co-operative banks with a depositor base of 86 million having total savings of about ₹5 lakh crore.
- The proposed legislation will help prevent a repeat of Punjab and Maharashtra Cooperative Bank-like crisis.
- To further bolster the confidence of customers, the government has increased deposit insurance cover by five-fold to Rs. 5 lakh to ensure security of public money in banks.
Source
The Hindu