New Delhi, March 24 -- Highlighting measures taken to strengthen co-operative banks in the country, Minister of State (MoS) for Finance Pankaj Chaudhary has said that amendments to the banking laws have enhanced oversight, transparency and accountability.
Among the steps taken by the government, the Minister said, are amendments in the Banking Regulation Act and Multi State Cooperative Societies (MSCS) Act, 2002.
The regulatory and supervisory framework of Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) ensures that cooperative banks function with financial transparency, Chaudhary stated in written reply to a question in Lok Sabha.
The Minister said that in order to ensure transparency and...