{"id":231465,"date":"2020-06-27T10:41:54","date_gmt":"2020-06-27T05:11:54","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=231465"},"modified":"2020-06-27T10:46:08","modified_gmt":"2020-06-27T05:16:08","slug":"president-promulgates-banking-regulation-amendment-ordinance-2020","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/27\/president-promulgates-banking-regulation-amendment-ordinance-2020\/","title":{"rendered":"President Promulgates Banking Regulation (Amendment) Ordinance, 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the <strong>Banking Regulation (Amendment) Ordinance, 2020<\/strong>.\u00a0<a href=\"https:\/\/pibcms.nic.in\/WriteReadData\/userfiles\/PIB%20Delhi\/cooperative%20bank%20(2).pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><em>(<\/em><\/strong><strong><em>Click to view the Gazette notification on the Ordinance<\/em><\/strong><strong><em>)<\/em><\/strong><\/a><\/p>\n<p style=\"text-align: justify;\">The Ordinance amends the Banking Regulation Act, 1949 as applicable to Cooperative Banks. The Ordinance 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 as well for sound banking regulation, and by ensuring professionalism and enabling their access to capital. 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 (PACS) or co-operative societies whose primary object and principal business is long-term finance for agricultural development, and which do not use the word \u201cbank\u201d or \u201cbanker\u201d or \u201cbanking\u201d and do not act as drawees of cheques.<\/p>\n<p style=\"text-align: justify;\">The Ordinance also amends\u00a0Section 45 of the Banking Regulation Act, to enable making of a scheme of reconstruction or amalgamation of a banking company for protecting\u00a0the 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.<\/p>\n<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 27-06-2020]<\/strong><\/p>\n<p><strong>[Source: PIB]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the Banking Regulation (Amendment) Ordinance, 2020.\u00a0(Click <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[30940,40066,42188,9631,42189,13531,39912],"class_list":["post-231465","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-amalgamation","tag-banking-company","tag-banking-regulation-amendment-ordinance-2020","tag-banks","tag-depositors","tag-president","tag-scheme-of-reconstruction"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>President Promulgates Banking Regulation (Amendment) Ordinance, 2020 | 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\/06\/27\/president-promulgates-banking-regulation-amendment-ordinance-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Promulgates Banking Regulation (Amendment) Ordinance, 2020\" \/>\n<meta property=\"og:description\" content=\"In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the Banking Regulation (Amendment) Ordinance, 2020.\u00a0(Click\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/27\/president-promulgates-banking-regulation-amendment-ordinance-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta 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