{"id":235819,"date":"2020-09-15T16:22:18","date_gmt":"2020-09-15T10:52:18","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=235819"},"modified":"2020-09-17T09:30:55","modified_gmt":"2020-09-17T04:00:55","slug":"lok-sabha-banking-regulation-amendment-bill-2020-read-how-the-bill-will-strengthen-the-co-operative-banks","status":"publish","type":"post","link":"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\/","title":{"rendered":"Lok Sabha | Banking Regulation (Amendment) Bill, 2020: Read how the bill will strengthen the co-operative banks [Bill Passed]"},"content":{"rendered":"<h3 style=\"text-align: center;\"><a href=\"http:\/\/164.100.47.4\/BillsTexts\/LSBillTexts\/Asintroduced\/114_2020_LS_Eng.pdf\"><span style=\"color: #003300;\">The Banking Regulation (Amendment) Bill, 2020<\/span><\/a><\/h3>\n<p><span style=\"color: #993300;\">Which Act will the said bill amend?<\/span><\/p>\n<p style=\"text-align: justify;\">The Banking Regulation (Amendment) Bill, 2020 will amend the Banking Regulation Act, 1949 and the Act will be called <strong>the Banking Regulation (Amendment) Act, 2020.<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\">Why were amendments needed under the Banking Regulation Act, 1949?<\/span><\/p>\n<p style=\"text-align: justify;\">Certain amendments were considered necessary in the said Act to provide for better management and proper regulation of co-operative banks and to ensure that the affairs of the co-operative banks are conducted in a manner that protects the interests of the depositors, by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the Reserve Bank of India.<\/p>\n<p style=\"text-align: justify;\">Further amendments were proposed to be made in Section 45 of the Act to enable the Reserve Bank of India to make a scheme to protect the interests of the public, the banking system, depositors or to secure the banking company&#8217;s proper management, without first making an order of moratorium so as to avoid disruptions in the financial system<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\">How did COVID-19 impact the economic situation?<\/span><\/p>\n<p style=\"text-align: justify;\">As the economic situation arising from the COVID-19 pandemic had increased the stress in both co-operative banks and banking companies, there was an immediate need for legislation in this regard.<\/p>\n<p style=\"text-align: justify;\"><strong>As Parliament was not in session, the Banking Regulation (Amendment) Ordinance, 2020 was promulgated by the President of India on the 26th day of June, 2020 under clause (1) of Article 123 of the Constitution.<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\">Salient Features of the Bill:<\/span><\/p>\n<p style=\"text-align: justify;\">(i) substitution of Section 3 to provide that the Act shall not apply to\u2014 (a) a primary agricultural credit society; or (b) a co-operative society whose primary object and principal business is providing of long term finance for agricultural development 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) Amendment of Section 45 to address the potential disruptions in the financial system by providing for the Reserve Bank of India to prepare a scheme for the reconstruction or amalgamation of the banking company without the necessity of first making an order of moratorium;<\/p>\n<p style=\"text-align: justify;\">(iii) Amendment of Section 56 to provide that notwithstanding anything contained in any other law for the time being in force, the provisions of the Act shall apply to co-operative societies, subject to the modifications specified therein<\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">Read the detailed bill, here:<\/span> <a href=\"http:\/\/164.100.47.4\/BillsTexts\/LSBillTexts\/Asintroduced\/114_2020_LS_Eng.pdf\">BILL<\/a><\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #008000;\">The Banking Regulation (Amendment) Bill, 2020 was passed in Lok Sabha on 16-09-2020.<\/span><\/h3>\n<hr \/>\n<p><strong>Lok Sabha<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Banking Regulation (Amendment) Bill, 2020 Which Act will the said bill amend? The Banking Regulation (Amendment) Bill, 2020 will amend the <\/p>\n","protected":false},"author":8808,"featured_media":108571,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[43471,17001,9631,43472,42189,40732,43473,31223],"class_list":["post-235819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-banking-regulation-amendment-bill","tag-banking-regulation-amendment-ordinance","tag-banks","tag-co-operative-banks","tag-depositors","tag-economic-situation","tag-financial-system","tag-lok-sabha"],"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>Lok Sabha | Banking Regulation (Amendment) Bill, 2020: Read how the bill will strengthen the co-operative banks [Bill Passed] | 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\/09\/15\/lok-sabha-banking-regulation-amendment-bill-2020-read-how-the-bill-will-strengthen-the-co-operative-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lok Sabha | Banking Regulation (Amendment) Bill, 2020: Read how the bill will strengthen the co-operative banks [Bill Passed]\" \/>\n<meta property=\"og:description\" content=\"The Banking Regulation (Amendment) Bill, 2020 Which Act will the said bill amend? 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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":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":235819,"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":235819,"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":355214,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/01\/provisions-of-banking-laws-amendment-act-2025-notified\/","url_meta":{"origin":235819,"position":3},"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":[]},{"id":226833,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/11\/lok-sabha-passes-mineral-laws-amendment-bill-2020\/","url_meta":{"origin":235819,"position":4},"title":"Lok Sabha passes &#8212; Mineral Laws (Amendment) Bill, 2020","author":"Bhumika Indulia","date":"March 11, 2020","format":false,"excerpt":"Mineral Laws (Amendment) Bill, 2020 passed by Lok Sabha on 06-03-2020. It is a bill to amend the Mines and Minerals (Development and Regulation) Act, 1957 and to amend the Coal Mines (Special Provisions) Act, 2015. The Mineral Laws (Amendment) Bill, 2020 which seeks to replace the Mineral Laws (Amendment)\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":246795,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/13\/budget-session-18-bills-passed-by-parliament\/","url_meta":{"origin":235819,"position":5},"title":"Budget Session | 18 Bills passed by Parliament","author":"Bhumika Indulia","date":"April 13, 2021","format":false,"excerpt":"The Budget Session, 2021 of Parliament, which commenced on January 29, 2021, has been adjourned on March 25, 2021. During this Session a total of 20 Bills (17 in Lok Sabha and 03 in Rajya Sabha) were introduced. 18 Bills were passed by Lok Sabha and 19 Bills were passed\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":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/235819","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=235819"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/235819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/108571"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=235819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=235819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=235819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}