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Cabinet approves amendment to bring cooperative banks under RBI


Cabinet approves amendment to bring cooperative banks under RBI


The Union Cabinet has approved amendments to the Banking Regulation Act to empower the Reserve Bank of India to regulate co-operative banks as the govt was looking to tighten scrutiny around co-operative banks after the collapse of PMC Bank.

Under the new proposals, the co-operative banks will be required to seek RBI nod before the appointment of CEO.

The banks will also carry out audits as per RBI guidelines.

Source: Business Today

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