President Ram Nath Kovind promulgates Banking Regulation (Amendment) Ordinance 2020

President Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020 in pursuance of the commitment to ensure safety of depositors across banks.
 
The Ordinance amends the Banking Regulation Act, 1949 as applicable to Cooperative Banks. It seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with RBI in respect of other banks to Co-operative Banks.
 
The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative



laws.
 
The amendments do not apply to Primary Agricultural Credit Societies or co-operative societies whose primary object and principal business is long-term finance for agricultural development.