{"id":226488,"date":"2020-03-04T10:00:30","date_gmt":"2020-03-04T04:30:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=226488"},"modified":"2021-07-30T09:42:16","modified_gmt":"2021-07-30T04:12:16","slug":"in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/","title":{"rendered":"In Lok Sabha &#8212; The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector"},"content":{"rendered":"<div class=\"page\" title=\"Page 4\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: justify;\">It is decided to amend the Banking Regulation Act, 1949 by the Banking Regulation (Amendment) Bill, 2020 which was introduced in Lok Sabha on 03-03-2020.<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: justify;\">It is proposed to bring the co-operative banks on par with the developments in the banking sector through better management and proper regulation of co-operative banks with a view to ensure that the affairs of the co-operative banks are conducted in a manner that protects the interests of the depositors. It is further proposed to strengthen the co-operative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the Reserve Bank of India.<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: justify;\">(i) to amend section 3, so as to make the provisions of the said Act not applicable to\u2014<\/p>\n<p style=\"text-align: justify;\">(a) a primary agricultural credit society; or<br \/>\n(b) a co-operative society whose primary object and principal business is<\/p>\n<p style=\"text-align: justify;\">providing of long term finance for agricultural development,<\/p>\n<p style=\"text-align: justify;\">if such society does not use as part of its name, or in connection with its business, the words &#8220;bank&#8221;, &#8220;banker&#8221; or &#8220;banking&#8221; and does not act as drawee of cheques;<\/p>\n<p style=\"text-align: justify;\">(ii) to substitute clause (i) of section 56, so as to provide for the issue and regulation of paid-up share capital and securities by co-operative banks;<\/p>\n<p style=\"text-align: justify;\">(iii) to amend clause (zaa) of section 56, so as to provide that in the case of a co-operative bank registered with the Registrar of Co-operative Societies of a State, the Reserve Bank shall consult the concerned State Government before issuing order for supersession of the board of directors under section 36AAA;<\/p>\n<p style=\"text-align: justify;\">(iv) to omit certain clauses of section 56 as the other provisions of the Banking Regulation Act, 1949 would apply to co-operative banks;<\/p>\n<p style=\"text-align: justify;\">(v) to make other consequential changes in section 56.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>*Please follow the link for detailed bill:<\/strong><\/span> <a href=\"http:\/\/164.100.47.4\/BillsTexts\/LSBillTexts\/Asintroduced\/56%20_2020_LS_ENG.pdf\">The Banking Regulation (Amendment) Bill, 2020<\/a><\/p>\n<hr \/>\n<p><strong>Lok Sabha<\/strong><\/p>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: right;\"><strong>Bill No. 56 of 2020<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It is decided to amend the Banking Regulation Act, 1949 by the Banking Regulation (Amendment) Bill, 2020 which was introduced in Lok <\/p>\n","protected":false},"author":8808,"featured_media":29801,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[39843],"class_list":["post-226488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-anking-regulation-amendment-bill-2020"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In Lok Sabha -- The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In Lok Sabha -- The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector\" \/>\n<meta property=\"og:description\" content=\"It is decided to amend the Banking Regulation Act, 1949 by the Banking Regulation (Amendment) Bill, 2020 which was introduced in Lok\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-04T04:30:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-30T04:12:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/\",\"name\":\"In Lok Sabha -- The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector | SCC Times\",\"isPartOf\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg\",\"datePublished\":\"2020-03-04T04:30:30+00:00\",\"dateModified\":\"2021-07-30T04:12:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#primaryimage\",\"url\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg\",\"contentUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg\",\"width\":1920,\"height\":1280},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.scconline.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"In Lok Sabha &#8212; The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\",\"url\":\"https:\/\/www.scconline.com\/blog\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.scconline.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg\",\"contentUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"In Lok Sabha -- The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/","og_locale":"en_US","og_type":"article","og_title":"In Lok Sabha -- The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector","og_description":"It is decided to amend the Banking Regulation Act, 1949 by the Banking Regulation (Amendment) Bill, 2020 which was introduced in Lok","og_url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2020-03-04T04:30:30+00:00","article_modified_time":"2021-07-30T04:12:16+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/","url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/","name":"In Lok Sabha -- The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg","datePublished":"2020-03-04T04:30:30+00:00","dateModified":"2021-07-30T04:12:16+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg","width":1920,"height":1280},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/in-lok-sabha-the-banking-regulation-amendment-bill-2020-to-bring-co-operative-banks-on-par-with-developments-in-banking-sector\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"In Lok Sabha &#8212; The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":235819,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/15\/lok-sabha-banking-regulation-amendment-bill-2020-read-how-the-bill-will-strengthen-the-co-operative-banks\/","url_meta":{"origin":226488,"position":0},"title":"Lok Sabha | Banking Regulation (Amendment) Bill, 2020: Read how the bill will strengthen the co-operative banks [Bill Passed]","author":"Bhumika Indulia","date":"September 15, 2020","format":false,"excerpt":"The Banking Regulation (Amendment) Bill, 2020 Which Act will the said bill amend? The Banking Regulation (Amendment) Bill, 2020 will amend the Banking Regulation Act, 1949 and the Act will be called the Banking Regulation (Amendment) Act, 2020. Why were amendments needed under the Banking Regulation Act, 1949? Certain amendments\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":236574,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/01\/banking-regulation-amendment-act-2020-rbi-to-prepare-a-scheme-for-reconstruction-or-amalgamation-of-banking-company-without-necessity-of-a-moratorium-order\/","url_meta":{"origin":226488,"position":1},"title":"Banking Regulation (Amendment) Act, 2020 | Co-operative banks brought under RBI supervision","author":"Bhumika Indulia","date":"October 1, 2020","format":false,"excerpt":"Banking Regulation (Amendment) Bill, 2020 received Presidential Assent on 29-09-2020. The Banking Regulation (Amendment) Act, 2020 The Banking Regulation (Amendment) Act, 2020 will replace the Banking Regulation (Amendment) Ordinance, 2020. Certain amendments were considered necessary in the said Act to provide for better management and proper regulation of co-operative banks\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":231465,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/27\/president-promulgates-banking-regulation-amendment-ordinance-2020\/","url_meta":{"origin":226488,"position":2},"title":"President Promulgates Banking Regulation (Amendment) Ordinance, 2020","author":"Bhumika Indulia","date":"June 27, 2020","format":false,"excerpt":"In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the Banking Regulation (Amendment) Ordinance, 2020.\u00a0(Click to view the Gazette notification on the Ordinance) The Ordinance amends the Banking Regulation Act, 1949 as applicable to Cooperative Banks. The Ordinance seeks to protect the interests\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101211,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/21\/co-operative-banks-are-not-authorised-banks-to-accept-deposits-under-pradhan-mantri-garib-kalyan-deposit-scheme\/","url_meta":{"origin":226488,"position":3},"title":"Co-operative Banks are not authorised banks to accept deposits under Pradhan Mantri Garib Kalyan Deposit Scheme","author":"Saba","date":"January 21, 2017","format":false,"excerpt":"Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016\u00a0 The Government of India, in consultation with the Reserve Bank of India, had notified\u00a0Pradhan Mantri Garib Kalyan Deposit Scheme\u00a0(PMGKDS), 2016\u00a0vide Notification No. S.O. 4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":368916,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/05\/rbi-amendment-directions-to-basic-savings-bank-deposit-accounts\/","url_meta":{"origin":226488,"position":4},"title":"RBI Issues 7 Amendment Directions to Enhance Basic Savings Bank Deposit Accounts &#8211; December 2025","author":"Kriti","date":"December 5, 2025","format":false,"excerpt":"On 4-12-2025, the Reserve Bank of India issued 7 amendment directions to improve Basic Savings Bank Deposit accounts. These changes aim to enhance customer service, promote financial inclusion, and align banking services with digitalization.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Basic Savings Bank Deposit account guidelines","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":84841,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/11\/definition-of-bank-expanded\/","url_meta":{"origin":226488,"position":5},"title":"Definition of bank expanded","author":"Saba","date":"November 11, 2016","format":false,"excerpt":"S.O. 3418(E).\u2014In the notification of the Government of India, Ministry of Finance, Department of Economic Affairs, published vide number S.O. 3407 (E), dated the 8th November, 2016, in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii) \u2014 (i) in sub-paragraph (1) of paragraph 1, for \u201cbanking company\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/226488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=226488"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/226488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/29801"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=226488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=226488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=226488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}