 "RBI, reserve bank of india")
The Reserve Bank of India (RBI) is set to get more auditory and supervisory powers over urban and multi-state co-operative banks, with the Union Cabinet approving the Banking Regulation Amendment Bill, 2020, on Wednesday.
“Like commercial banks, multi-state and urban co-operative banks will be brought under the regulations of the RBI. These changes will be only for the banking side and administrative rights will continue to remain with the registrars,” said Information and Broadcasting Minister Prakash Javadekar.
The Union Cabinet was chaired by Prime Minister Narendra Modi.
Javadekar added that the audit of such co-operative banks will be according to RBI regulations and
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