CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

President of India promulgated the Banking Regulation (Amendment) Ordinance, 2020 to ensure the safety of depositors across banks. Who is current President of India?

A	Venkaiah Naidu
B	Pratibha Patil
C	Pranab Mukherjee
D	Ram Nath Kovind

Explanation:

Detailed explanation-1: -The Banking Regulation (Amendment) Ordinance, 2020 was promulgated on June 26, 2020. The Ordinance seeks to amend the Banking Regulation Act, 1949, which regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks.

Detailed explanation-2: -The Bill allows the central bank to initiate a scheme for reconstruction or amalgamation of a bank without placing it under moratorium. The changes will not affect the existing powers of the state registrars of co-operative societies under state laws.

Detailed explanation-3: -The Banking Regulation Act, 1949 (BR Act, 1949) was amended by the Banking Regulation (Amendment) Act, 2020 (Act 39 of 2020) which came into force on September 29, 2020.

Detailed explanation-4: -39 of 2020) dated September 29, 2020, District Central Co-operative Banks (DCCBs) are permitted to open new place of business/install ATMs or shift the location of such offices only after obtaining prior approval of the Reserve Bank of India (RBI).

There is 1 question to complete.