Amendments to the Banking Regulations Act to begin bnf 1540 co-op banks under RBI Regulation

Measures

1. Administrative matters continue to be with the registrar, coperative.
2. Auditing to be done as per its norms.
3. Laid down for appointments of CEO& key positions.
4. Regulator to deal with issues like LOAN WAIVER.
5. RBI will supersede the board of any Coop bank in Financial distress.

These measures to be implemented in phased manner.

 

Transition into 

1. In the back drop of PMC CRISIS.
2. Massive irregularities detected in its LOAN ACCOUNTS.
3. To brought to strengthen the financial stability of co-op banks & boost public confidence.