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June 29, 2020 notified as date when Section 4 of Banking Regulation (Amendment) Ordinance, 2020, will be enforced on primary Co-operative Banks [Read Notification]

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The Ministry of Finance on Monday notified that Section 4 of Banking Regulation (Amendment) Ordinance, 2020, will be enforced from  June 29, 2020, on 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” was substituted.

“The Central Government hereby 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,” the notification said.

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