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Here's all you need to know about the Banking Regulation Amendment Bill

Union Finance Minister Nirmala Sitharaman on September 14 withdrew an earlier version of the bill, which was tabled in March before the COVID-19 pandemic.

September 16, 2020 / 09:12 PM IST

Union Finance Minister Nirmala Sitharaman on September 14 introduced the Banking Regulation (Amendment) Bill, 2020 in the Lok Sabha.

The Lok Sabha is expected to take up the bill for consideration and passing on September 15.

The bill proposes amendments to the Banking Regulation Act, 1949, and will replace the the Banking Regulation (Amendment) Ordinance, 2020.

The bill aims to bring co-operative banks under the supervision of the Reserve Bank of India (RBI). The bill will also permit the RBI to initiate a scheme for reconstruction or amalgamation of a stressed lender without imposing a moratorium.