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Promulgation of Banking Regulation Amendment Ordinance 2020

Published on June 29, 2020
Current Context: President of India, Shri Ram Nath Kovind promulgated Banking Regulation Amendment Ordinance 2020.
Promulgation of Banking Regulation Amendment Ordinance 2020
  • This step is taken to ensure safety of depositors from all banks by improving governance and oversights.
  • The ordinance will amend the Banking Regulation Act 1949 as applicable to Cooperative Banks.
  • The ordinance has extended the control and regulation power of Co-operative banks to RBI.
  • The amendments are not applicable to Primary Agricultural Credit Societies (PACS) or co-operative societies.
  • The amendment has taken place in Section 45 of the Banking Regulation Act and will thus secure proper management even without making an order of moratorium in order to avoid disruption of the finance system.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who among the following promulgated Banking Regulation Amendment Ordinance 2020?
a. Nirmala Sitharaman
b. Shaktikanta Das
c. President Ram Nath Kovind
d. Prime Minister Narendra Modi
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