The Banking Regulatory Amendment Bill was passed in the Lok Sabha

 The Banking Regulatory Amendment Bill was passed in the Lok Sabha

New Delhi: In a landmark move, the Lok Sabha today approved the Banking Regulatory Amendment Bill 2020.  The Reserve Bank of India (RBI), the country's central bank, has been given more power since the bill was passed.  As a result, urban co-operative banks in the country will remain under the supervision of the Reserve Bank.  As a result, the government has to repeal the ordinance passed on June 27 in the last monsoon session.  The bill will be sent to the President for approval after the new bill is approved by the Lok Sabha today.  Once approved, it will become law.  The bill empowers the RBI to restructure and merge a bank without the implementation of any moratorium.  After the bill was passed, Union Finance Minister Nirmala Sitharaman said the bill would strengthen cooperative banks in the country and protect depositors' money.

 The Rajya Sabha today approved the Ayurveda Education and Research Institute Bill 2020.  This has paved the way for the establishment of a state-of-the-art Ayurvedic institution.  The institute will be renamed the Ayurveda Institute of Education and Research (ITRA).  It will be set up in Jamnagar, Gujarat.  In addition, the government will grant it the status of a nationally important institution or INI.  Now the Ayurvedic Institute on the campus of Gujarat Ayurveda University in Jamnagar will be specially built as a self-contained institution.  The bill also calls for the establishment of a number of established Ayurvedic institutions in conjunction with it.