The Ministry of Finance on 29th June 2020 has notified that Section 4 of Banking Regulation (Amendment) Ordinance, 2020, will be enforced from June 29, 2020, on primary co-operative banks.
The Banking Regulation (Amendment) Ordinance, 2020 was promulgated on June 26, 2020. The Ordinance seeks to amend the Banking Regulation Act, 1949, which was to come to effect immediately, except Section 4, which shall come into force when the central government may notify.
The ordinance regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks.
Therefore through this notification, the government appoints the 29th day of June 2020 as the date on which the provisions of section 4 of the said Ordinance shall come into force for primary co-operative banks.
Section 4 of Banking Regulation (Amendment) Ordinance, 2020 sought to amend section 56 of the Banking Regulation Act, 1949. In the opening portion, for the words “The provisions of this Act, as in force for the time being, the words “Notwithstanding anything contained in any other law for the time being in force, the provisions of this Act” were substituted.
Click here to read the notification.
