Lok Sabha passes bill to bring co-operative banks under RBI supervision

Divakar Vijayasarathy, founder and managing partner at consulting firm DVS Advisors LLP, said, “Cooperative banks have been under severe criticisms with rising scams especially involving small retail depositors. State Governments and their respective regulatory Boards have not been able to keep up the monitoring mechanisms efficiently over these institutions. The Government was waiting for an opportune moment to bring them under the purview of RBI and the timing couldn’t have been better.”