Maharashtra govt forms committee to study amendments in Banking Regulation Act

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Maharashtra Government has formed a committee to study the amendments in the Banking Regulation Act and its impact on the functioning of co-operative banks. The 13-member committee, headed by Co-operation Minister Balasaheb Patil will have senior Ministers like Balasaheb Thorat, Hasan Mushrif, Amit Deshmukh besides banking experts.

Maharashtra has about 457 urban cooperative banks that have been under the dual regulation by the State Registrar of Societies and the RBI. However, after the amendments made to The Banking Regulation Act approved by Parliament in September 2020, has brought cooperative banks under the direct supervision of the RBI.

Maharashtra being home to close to 50 per cent of all cooperative banks in the country, the State Government has aksed the committee to study if such regulation will affect the working of these banks and the banking sector on the whole and submit its report within three months.