News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
No violation of any law in bringing cooperative banks under supervisory control
PrintThe Reserve Bank of India has said that there is no violation of any law of the nation in bringing the cooperative banks under its supervisory control.
In an affidavit filed in the Madras High Court today, the RBI has said, the recent legislation enacted in Parliament is aimed at regulating banking.
It further said that the law is aimed at safeguarding the interests of the depositors and the public.
It said, the laws governing the cooperatives vary from state to state and therefore, the banking activities being done by them require a national law.
It further said, the RBI is empowered to regulate any banking activity including those by the cooperative bodies.
It pointed out that 430 urban cooperative banks in the country have lost their banking licenses due to very poor financial positions.
Earlier, two cooperative banks in Tamil Nadu filed the petitions against the Central Government ordinance bringing them under the RBI control. The ordinance has since been replaced by a law.
In an affidavit filed in the Madras High Court today, the RBI has said, the recent legislation enacted in Parliament is aimed at regulating banking.
It further said that the law is aimed at safeguarding the interests of the depositors and the public.
It said, the laws governing the cooperatives vary from state to state and therefore, the banking activities being done by them require a national law.
It further said, the RBI is empowered to regulate any banking activity including those by the cooperative bodies.
It pointed out that 430 urban cooperative banks in the country have lost their banking licenses due to very poor financial positions.
Earlier, two cooperative banks in Tamil Nadu filed the petitions against the Central Government ordinance bringing them under the RBI control. The ordinance has since been replaced by a law.
Category : RBI | Comments : 0 | Hits : 313
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments