NEW DELHI: The Government on Monday introduced a bill in the Lok Sabha to amend the Banking Regulation Act to bring cooperative banks under the supervision of the Reserve Bank of India (RBI) in order to protect the interests of depositors.
Finance Minister Nirmala Sitharaman introduced the Banking Regulation (Amendment) Bill, which will replace an ordinance that was promulgated in June amid the coronavirus pandemic.
Opposition members, including Shashi Tharoor of the Congress and Saugata Roy of the Trinamool Congress, opposed the bill, accusing the Centre of encroaching on the rights of states. (AGENCIES)
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