Withdraw RBI’s Supervisory Role Of Bengal Cooperative Banks: Mamata Banerjee To PM
The RBI was once to this point overseeing the banks’ capital adequacy, chance keep an eye on and lending norms
Kolkata:
West Bengal Leader Minister Mamata Banerjee on Tuesday expressed dissatisfaction over the Centre’s transfer to switch the supervisory function of state cooperative banks to the Reserve Financial institution of India, contending that it was once towards the spirit of cooperative federalism.
The RBI was once to this point overseeing the banks’ capital adequacy, chance keep an eye on and lending norms, whilst control tasks have been entrusted to the Registrar of Cooperative Societies of the state executive.
In a letter written to High Minister Narendra Modi on Monday, Ms Banerjee stated the supervisory function and control tasks which were transferred to the central financial institution must be restored with the Registrar of Cooperative Societies of West Bengal.
The executive minister stated the Centre, via an ordinance on June 26, 2020, transferred the powers of supervision of city and multi-state cooperative banks to the RBI in a “unilateral” approach.
She stated that cooperative societies is a state topic and this type of transfer will infringe upon the powers of the federal government involved.
