Replying to the debate on the bill, Finance Minister Nirmala Sitharaman said this legislation is for depositors' safety and not for undermining powers of the Registrar of Cooperative Societies.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/lok-sabha-passes-legislation-to-bring-cooperative-banks-under-rbis-supervision/articleshow/78150932.cms
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