June 24, 2021 2:36:45 am
The state government has decided to file a writ petition in the Bombay High Court challenging the amendments in the Banking Regulation Act 1949, which, it believes, have adversely impacted the functioning of cooperative banks in Maharashtra. The decision was announced by cooperation minister Balasaheb Patil late on Wednesday night.
The amendments in the Banking Regulation Act 1949 came into force on September 29, 2020.
Last week, a 13-member committee led by Patil was constituted to study and report on impact of the Banking Regulation Act amendment on cooperative banks. The committee, after thorough discussions, observed that changes in the act were detrimental for cooperative banks. At the second meeting held in the regard on Wednesday, advocate general Ashutosh Kumbhakoni, revenue minister Balasaheb Thorat, food and drug administration minister Rajendra Shingne, rural development minister Hassan Mushriff, employment and guarantee act minister Sandipan Bhumare along with senior officers were present.
Patil said, “Maharashtra Urban Cooperative Bank Federation Limited, Mumbai will file the writ petition in the court to challenge the changes in the Banking Regulation Act 1949. Since these amendments were implemented from April 1, 2021 in district cooperative banks, Maharashtra State Cooperative Bank Limited will also file the writ petition in court…These changes have undermined the rights of state government and hence the Maharashtra government will also take legal recourse.”
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.