Pawar meets PM Modi, red flags change in law to regulate cooperative banks
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Last Updated: Jul 18, 2021, 06:59 AM IST
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Synopsis
The NCP chief said that “the terms incorporation, regulation, and winding up of cooperative societies were preserved as state subjects under Entry 32 list of II of the VII schedule of the Constitution of India”.
Agencies
NCP chief Sharad Pawar, who held an hour-long meeting with Prime Minister Narendra Modi on Saturday, raised serious questions on the constitutional validity of Banking Regulation Act amendments, especially on encroaching into a state subject and violating directive principles of state policy.
Pawar’s concerns with granting greater authority to Reserve Bank of India to regulate the cooperative sector are in line with growing opposition discomfort on the issue, especially after the creation of a ministry of cooperation under home minister Amit Shah in the just-concluded Cabinet expansion.
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