New Indian Express reports the Kerala Urban Cooperative Banks Federation organized a sit-in and demonstration opposing the amendments made in the Banking Regulation Act, 2020,
The federation also opposed the restrictions imposed on urban cooperative banks by the Reserve Bank of India (RBI). The federation charged that all these moves were aimed at weakening the cooperative sector in Kerala.
Sources close to the federation said all these moves were undemocratic and unconstitutional given that cooperative laws were a state subject.
In the recently held AGM of UCBs’ apex body NAFCUB in Delhi, several of its state chapters resisted RBI’s growing interference and resented the new amendments in the B R Act.