PTI reports several opposition parties opposed the Banking Regulation (Amendment) Bill in parliament saying it will not only affect the democratic polity of the country but also the cooperative banking sector in a big way.
The bill, already passed by Lok Sabha seeks to bring cooperative banks under the supervision of the Reserve Bank of India (RBI).
Taking part in the debate in the house, Congress leader Manish Tewari said ”Finance Minister Nirmala Sitharaman’s attempt at segregating primary agricultural credit society, long term credit society and district cooperative banks is going to create ‘utter mayhem’ in the agricultural economy, if not anarchy, because of the symbiotic linkages between these bodies”.
