The Banking Regulation Act 1949 is a comprehensive piece of legislation aimed to govern and regulate all banking firms in India. Under this Act, the RBI can exercise control and regulate banks under supervision. Watch #TILwithThePrint to find out more. | ThePrint

Parliament on Tuesday passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI. The Banking Regulation (Amendment) Bill, 2020 was passed by a voice vote in Rajya Sabha. The bill seeks to strengthen cooperative banks by increasing their professionalism, enabling access to capital and improving governance via the RBI. Finance minister Nirmala Sitharaman said the amendments have been brought to completely protect the interest of depositors. | The T