Mamata urges PM Modi to withdraw RBI s supervisory role of West Bengal cooperative banks
| Tuesday | 30th June, 2020
Kolkata: West Bengal Chief Minister Mamata Banerjee on Tuesday expressed dissatisfaction over the Centre's move to transfer the supervisory role of state cooperative banks to the Reserve Bank of India, contending that it was against the spirit of cooperative federalism.
The RBI was thus far overseeing the banks' capital adequacy, risk control and lending norms, while management responsibilities were entrusted to the Registrar of Cooperative Societies of the state government.
In a letter written to Prime Minister Narendra Modi on Monday, Banerjee said the supervisory role and management responsibilities that have been transferred to the central bank should be restored with the Registrar of Cooperative Societies of West Bengal.
The chief minister said the Centre, through an ordinance on June 26, 2020, transferred the powers of supervision of urban and multi-state cooperative banks to the RBI in a "unilateral" manner.
She said that cooperative societies is a state subject and such a move will infringe upon the powers of the government concerned.
Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.
Stay updated with all the Kolkata Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.