The government had introduced a Banking Regulation (Amendment) Bill on March 3 and subsequently an ordinance was promulgated because it was not passed. The government's rationale for the Ordinance was that there was stress in several cooperative banks that may have got enhanced during the period of lockdown.
"As a result of it, it was felt that till we clear the Bill, there should not be a situation where many of the cooperative banks would suffer and, therefore we brought in an ordinance with essential features of the Bill which was tabled in the House in March," Sitharaman said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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