{"id":236574,"date":"2020-10-01T14:08:34","date_gmt":"2020-10-01T08:38:34","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=236574"},"modified":"2021-07-30T09:28:44","modified_gmt":"2021-07-30T03:58:44","slug":"banking-regulation-amendment-act-2020-rbi-to-prepare-a-scheme-for-reconstruction-or-amalgamation-of-banking-company-without-necessity-of-a-moratorium-order","status":"publish","type":"post","link":"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\/","title":{"rendered":"Banking Regulation (Amendment) Act, 2020 | Co-operative banks brought under RBI supervision"},"content":{"rendered":"<p><span style=\"color: #000000;\"><strong>Banking Regulation (Amendment) Bill, 2020 received Presidential Assent on 29-09-2020.<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">The Banking Regulation (Amendment) Act, 2020<\/span><\/p>\n<p style=\"text-align: justify;\">The Banking Regulation (Amendment) Act, 2020 will replace the Banking Regulation (Amendment) Ordinance, 2020.<\/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<h4 style=\"text-align: justify;\"><span style=\"color: #ff0000;\">Following are the features:<\/span><\/h4>\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: #000000;\">Read the Act, here:<\/span> <a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2020\/222114.pdf\"><span style=\"color: #0000ff;\">Banking Regulation (Amendment) Act, 2020<\/span><\/a><\/p>\n<hr \/>\n<p><strong>Ministry of Law and Justice<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banking Regulation (Amendment) Bill, 2020 received Presidential Assent on 29-09-2020. The Banking Regulation (Amendment) Act, 2020 The Banking Regulation (Amendment) Act, 2020 <\/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":[43655,43472,43473,29785,41976,43656,2611],"class_list":["post-236574","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-banking-regulation","tag-co-operative-banks","tag-financial-system","tag-law","tag-legislation","tag-moratorium-order","tag-RBI"],"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>Banking Regulation (Amendment) Act, 2020 | Co-operative banks brought under RBI supervision | 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\/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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Regulation (Amendment) Act, 2020 | Co-operative banks brought under RBI supervision\" \/>\n<meta property=\"og:description\" content=\"Banking Regulation (Amendment) Bill, 2020 received Presidential Assent on 29-09-2020. 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(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":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":236574,"position":1},"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":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":236574,"position":2},"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":223919,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/07\/rbi-grants-in-principle-approval-to-shivalik-mercantile-co-operative-bank-ltd-for-transition-into-a-small-finance-bank\/","url_meta":{"origin":236574,"position":3},"title":"RBI grants \u201cIn-principle\u201d Approval to Shivalik Mercantile Co-operative Bank Ltd. for transition into a Small Finance Bank","author":"Bhumika Indulia","date":"January 7, 2020","format":false,"excerpt":"The Reserve Bank of India (RBI) has granted \u201cin-principle\u201d approval to Shivalik Mercantile Co-operative Bank Limited (the applicant) for transition into a Small Finance Bank (SFB) under the \u201cScheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank\u201d (the Scheme) issued on September 27, 2018. Shivalik Mercantile\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":236776,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/05\/monsoon-session-of-parliament-heres-a-quick-recap-of-all-the-bills-that-received-presidential-assent\/","url_meta":{"origin":236574,"position":4},"title":"Monsoon Session of Parliament | Here&#8217;s a quick recap of all the bills that received Presidential Assent","author":"Bhumika Indulia","date":"October 5, 2020","format":false,"excerpt":"Here's the list of all the Bills that received Presidential Assent for the Monsson Session of 2020: Act Presidential Assent The Banking Regulation (Amendment) Act, 2020 20-09-2020 The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 29-09-2020 The Industrial Relations Code, 2020 28-09-2020 The Occupational Safety,\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\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270406,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/20\/rbi-issues-revised-regulatory-framework-for-urban-co-operative-banks-ucbs\/","url_meta":{"origin":236574,"position":5},"title":"RBI issues revised regulatory framework for Urban Co-operative Banks (UCBs)","author":"Bhumika Indulia","date":"July 20, 2022","format":false,"excerpt":"On 15-02-2021, the Reserve Bank of India had constituted the Expert Committee on Urban Co-operative Banks ('the Committee') to examine the issues in urban co-operative banking sector, provide a medium term road map, suggest measures for faster resolution of UCBs and recommend suitable regulatory\/ supervisory changes for strengthening the sector\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\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236574","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=236574"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236574\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=236574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=236574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=236574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}