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LATEST NEWS UPDATES | Amendments in Banking Act against cooperatives: Pawar tells Modi

Amendments in Banking Act against cooperatives: Pawar tells Modi

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published Published on Jul 17, 2021   modified Modified on Jul 18, 2021

-The Hindu Business Line

Red flags about some inconsistencies and the resulting legal inefficacy of normative provisions of the Act

Former Union Agriculture Minister and NCP supremo Sharad Pawar met Prime Minister Narendra Modi here on Saturday to raise his apprehensions about the formation of Cooperation Ministry and the amendments in Banking Regulation Act.

Pawar urged Modi to ensure that the co-operative principles laid down in the Constitution should not be sacrificed at the altar of over-zealous regulations in banking sector.

He said the Banking Regulation Act has been amended to protect the interests of the depositors of co-operative banks and to strengthen the co-operative banks by increasing professionalism, but there are certain inconsistencies and the resulting legal inefficacy of normative provisions of the Act that are in conflict most specifically with the 97th Constitutional Amendment, State Co-operative Societies Acts and with the co-operative principles.

He said the newly-introduced impugned provisions of sections 4A, 4F, 4G, 4J, 4L, 4M and 4Q of the Amendment Act directly intervene into the functioning of the affairs of the co-operative banks. “Therefore I opine that the said impugned provisions are unconstitutional and ultra vires, for having been passed without legislative competence,” he said.

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The Hindu Business Line, 17 July, 2021, https://www.thehindubusinessline.com/news/national/amendments-in-banking-act-against-cooperatives-pawar-tells-modi/article35384849.ece?homepage=true


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