As the coronavirus situation in India remains alarming, the Rajya Sabha is ready to discuss the steps taken by the Center to curb the epidemic and the spread of the deadly virus. Vardhan had on Monday told Parliament that the decision to impose a nationwide lockout had prevented 14-29 lakh Kovid-19 cases and 37,000-78,000 deaths in India. The number of infections in the country has crossed 5 million with 91,136 new cases, the report said on Tuesday.
Meanwhile, in the Lok Sabha, Finance Minister Nirmala Sitharaman will pass the Banking Regulation (Amendment) Bill, 2020 to pass it. The bill seeks to protect the interests of depositors by bringing cooperative banks under the regulatory framework of the Reserve Bank of India (RBI).
With the amendments, the RBI will be able to manage the accumulation plan of a bank without any hindrance. Previously, if a bank was placed under suspension, it would not only limit the limited payments by depositors, but also disrupt a bank’s lending.
Cooperative banks will be allowed to raise money through public issue and private placement, equity or preferred shares as well as unsecured debentures, with the consent of the central bank. At present, access to capital is limited for cooperative banks.
In March, Finance Minister Nirmala Sitharaman introduced amendments to the Banking Regulation Act, 1949 in the Lok Sabha. However, due to the spread of Kovid-19, Parliament could not approve the changes. An ordinance was then issued on 26 June.