President Kovind promulgates Banking Regulation (Amendment) Ordinance 2020

By -
Jun 27, 2020
 , 
2:12PM

President Kovind promulgates Banking Regulation (Amendment) Ordinance 2020

File Pic
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.
 
The Ordinance also amends Section 45 of the Banking Regulation Act to enable making of a scheme of reconstruction or amalgamation of a banking company for protecting the interest of the public, depositors and the banking system and for securing its proper management, even without making an order of moratorium, so as to avoid disruption of the financial system.
 

Popular posts from this blog

30 security personnel killed in a car bomb blast in Ghazni province in Afghanistan

By -
Image
Nov 29, 2020 ,  8:09PM 30 security personnel killed in a car bomb blast in Ghazni province in Afghanistan AIR Pics In Afghanistan, 30 Afghan security force members were killed and 24 injured in a car bomb blast in the central province of Ghazni today. Officials said, casualties could increase given the intensity and location of the blast. The blast targeted a compound of the public protection force, a wing of the Afghan security forces, local officials said. It damaged civilian residences around the compound and there could be more casualties from there, they said. No one has claimed responsibility for the attack. In another bombing targeting a top provincial official, at least one person was killed and 23 injured in the eastern province of Zabul today. Afghanistan has seen a spate of car bombings over the last few months, despite peace talks being under way between negotiation teams of the insurgent Taliban and the government in the Qatari capital Doha.
Read more

11 per cent GDP growth projected by Economic Survey 2020-21 for next financial year

By -
Image
Economic Survey 2020-21 has projected  GDP growth for the next financial year at 11 per cent. It has suggested that the growth recovery will be driven by government consumption. The Economic Survey  2020-21, tabled by the Finance Minister Nirmala Sitharaman in Lok Sabha today suggested that the net exports and government consumption have cushioned the growth from further plunge. It says that the GDP for the current financial year is estimated to contract by 7.7 per cent. It further says that the nominal GDP for the next fiscal is expected to grow at 15.4 per cent. The Economic Survey gave a detailed analysis of India's V-shaped economic recovery after the shadow effect of the corona pandemic. It says that the mega vaccination drive supports the V-shaped recovery. The survey also highlights that the Agriculture sector has remained the silver lining in the growth trajectory even during these tough times. It says that the contact based services including manufacturing and co...
Read more

Pradhan Mantri Fasal Bima Yojana completes 5 years; govt urges farming community to take advantage of scheme

By -
Image
Jan 13, 2021 ,  9:08AM Pradhan Mantri Fasal Bima Yojana completes 5 years; govt urges farming community to take advantage of scheme @pmfby The Centre has urged the farming community to take advantage of the Pradhan Mantri Fasal Bima Yojana (PMFBY), which has completed 5 years yesterday, in order to become "self-reliant farmers". In a statement, the Union agriculture ministry said claims worth 90,000 crore rupees have so far been disbursed to farmers since the launch of the scheme on 13th January 2016.   The Central Government’s flagship crop insurance scheme - the Pradhan Mantri Fasal Bima Yojana (PMFBY) has successfully completed 5 years of its operation.   The government took a historic step towards strengthening risk coverage of crops for farmers and approved the scheme on 13th January, 2016. The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers. In th...
Read more