Sharad Pawar raised concerns regarding the newly-formed Ministry of Cooperation, which is headed by Home Minister Amit Shah.
Nationalist Congress Party (NCP) chief Sharad Pawar on Saturday had a meeting of about 50 minutes with Prime Minister Narendra Modi during which he rasied concerns regarding the newly-formed Ministry of Cooperation, which is headed by Home Minister Amit Shah. Mr Pawar also wrote a letter to the PM in which he said that certain amendments in the Banking Regulation (BR) Act gives Reserve Bank of India (RBI) more power over cooperative banks which he termed 'unconstitutional.'
Last year, certain amendments were made in the BR Act after which cooperative banks came under supervision of the RBI. Mr Pawar said during the meeting he pointed out "certain inconsistencies" of the Act which are in conflict with the 97th Constitutional Amendment, State Co-operative Societies Act and with the Co-operative Principles, reported TOI. He also mentioned in the letter that the incorporation and regulation of the cooperative banks should be exclusively controlled by the States in place of the RBI. The meeting took place two days ahead of the Monsoon Session of Parliament.
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