{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President Promulgates Banking Regulation (Amendment) Ordinance, 2020 | SCC 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Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"","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":231465,"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":231465,"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":231326,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/24\/cabinet-approves-an-ordinance-to-bring-urban-and-multi-state-cooperative-banks-under-the-supervision-of-rbi\/","url_meta":{"origin":231465,"position":2},"title":"Cabinet approves an ordinance to bring  Urban and Multi State Cooperative Banks under the supervision of RBI","author":"Bhumika Indulia","date":"June 24, 2020","format":false,"excerpt":"While announcing a series of Cabinet Decisions, Union Minister, Prakash Javdekar announced the approval of an ordinance to bring Urban and Cooperative Banks under the supervision of Reserve Bank of India. \u00a0 Cabinet approves an ordinance to bring 1,482 urban and 58 multi state cooperative banks under the supervision power\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":129241,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/06\/the-banking-regulation-amendment-ordinance-2017-promulgated-for-resolution-of-stressed-assets\/","url_meta":{"origin":231465,"position":3},"title":"The Banking Regulation (Amendment) Ordinance, 2017 promulgated for resolution of stressed assets","author":"Saba","date":"May 6, 2017","format":false,"excerpt":"The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency\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\/2016\/03\/rashtrapatibhawan.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/03\/rashtrapatibhawan.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/03\/rashtrapatibhawan.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/03\/rashtrapatibhawan.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/03\/rashtrapatibhawan.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226488,"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\/","url_meta":{"origin":231465,"position":4},"title":"In Lok Sabha &#8212; The Banking Regulation (Amendment) Bill, 2020; to bring co-operative banks on par with developments in banking sector","author":"Bhumika Indulia","date":"March 4, 2020","format":false,"excerpt":"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. 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\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\/2015\/12\/parliamentSM.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":355214,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/01\/provisions-of-banking-laws-amendment-act-2025-notified\/","url_meta":{"origin":231465,"position":5},"title":"Provisions of Banking Laws (Amendment) Act, 2025 notified","author":"Kriti","date":"August 1, 2025","format":false,"excerpt":"The implementation of these provisions marks a significant step towards strengthening the legal, regulatory, and governance framework of the Indian Banking Sector.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Banking Laws (Amendment) Act 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Banking-Laws-Amendment-Act-2025.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Banking-Laws-Amendment-Act-2025.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Banking-Laws-Amendment-Act-2025.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Banking-Laws-Amendment-Act-2025.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/231465","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=231465"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/231465\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=231465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=231465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=231465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}