The current Modi government of India introduced the Banking Regulation Amendment Bill providing for the protection of the interests of small depositors in the Lok Sabha on Tuesday. In this bill, there is a provision to bring all cooperative banks under the ambit of RBI. Passing this bill will reduce the chances of a scam like PMC Bank and RBI will be monitored on every activity of cooperative banks.

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Finance Minister Nirmala Sitharaman, while presenting the bill amidst the noise of the opposition, tried to get it passed in the Lok Sabha. Although the uproar, the opposition started opposing the bill. Regarding the bill, Sitharaman said, "Unfortunate events related to PMC Bank came up in Maharashtra where small and medium investors had to face problems." This bill is a demand of time so that such a situation can be avoided in future.

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In his statement, he said that PM Narendra Modi ensured to overcome the woes of investors and it was decided to increase their withdrawal limit from one lakh to five lakh rupees. He said that this force is proposed to bring an equal level of development in the banking sector through safeguarding the interests of depositors in cooperative banks, better management of banks and proper regulation. In this, it is proposed to strengthen cooperative banks by promoting professionalism through RBI, enabling access to capital, improving and streamlining the banking system.

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