Mumbai: NCP chief to meet PM over amendments in Banking Regulation Act

NCP chief Sharad Pawar will soon meet prime minister Narendra Modi, expressing concerns over the amendments to the Banking Regulation Act reiterating that it was necessary to preserve the ‘Co-operative’ character of co-operative banks having a legacy of more than 100 years.

The NCP has already taken a decision to oppose these amendments and the Maha Vikas Aghadi government has formed a committee, headed by co-operation minister and NCP legislator Balasaheb Patil, to make recommendations to further strengthen the district and urban cooperative banks.

The NCP minister told FPJ, “Pawar will meet Modi with a plea that the existence of co-operative banking sector is important and it should not be jeopardised by giving more powers to private banks.”

Pawar slammed the Centre saying that RBI’s ‘untouchable’ approach towards the co-operative banking sector was based on financial and commercial considerations. He claimed that the RBI, since 1993, has been trying to convert urban cooperative banks (UCBs) into private banks by setting up various panels and issuing circulars to implement their recommendations, but could not succeed.

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