Discover and read the best of Twitter Threads about #CabinetApproval

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1482 #UrbanCooperativeBanks&58 multi State Co-op Banks,to come under #RBI control now💪

#PMCBank crisis was partly due to multi-tier regulation,as seen below

Direct Supervision by RBI is a bold move-@narendramodi govt buries yet another jaded,#NehruvianRelic that fed corruption
Cooperative banks came partially under RBI in 1966 but faced problem of multiple regulation

Registrar of Cooperative Societies(RCS)is in control of management elections& administrative issues

Today's #CabinetApproval to bring #CooperativeBanks under #RBI is,therefore historic💪
Despite changes in 1966,in spirit,most #CooperativeBanks, operated as per Cooperative SocietiesAct,1955

#BankNationalisation in 1969,by #IndiraGandhi,compounded the banking-bureaucracy-politico,nexus

It took a @narendramodi,to finally rid #CooperativeBanks,from greedy #Babudom
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