The CPI(M) and the CPI have opposed the move of the govt. Since co-operative is a state subject, consultation with states should have taken place, said a release from these left parties.
The Union Cabinet meeting held on Wednesday decided to bring all UCBs under the Reserve Bank of India through an ordinance, announced by Union Information and Broadcasting Minister Prakash Javadekar during a virtual press meet.
The Union government will bring in an ordinance to put cooperative banks under the RBI supervision. The Union government has decided to bring 1,540 UCBs under the supervisory powers of the Reserve Bank of India.
Contrary to public opinion, co-operators connected with the sector are happy with the development.
