The Banking Regulation (Amendment) Act, 2020

The Banking Regulation (Amendment) Act, 2020 received Presidential assent on 29th September, 2020. It amends the Banking Regulation Act, 1949. The act replaces the Banking Regulation (Amendment) Ordinance, 2020 promulgated on June 26, 2020.

Key Features

• It extends the applicability of the Banking Regulation Act over the Primary cooperative banks (other than a Primary Agriculture Cooperative Society), Central co-operative bank, state co-operative banks.
• It allows RBI to initiate a scheme for reconstruction or amalgamation of banks without imposing a moratorium.
• A co-operative bank may issue equity, preference, or special shares. It may also issue unsecured debentures or bonds or similar securities with ....