Comments by "M Shastri" (@libshastra) on "Rs 76 lakh-cr worth depositor wealth now protected: PM Modi at bank depositor insurance programme" video.

  1. This came in response to PMC scenario. RBI could not regulate co-op banks until last years amendment to Banking Regulations act. PMC scenario would have been avoided if that loophole was closed earlier. Co-ops in Maharashtra is run and owned by NCP and Congress politicians, so this couldn't have without a strong Centre.
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  2. We do have deposit insurance. This basically closed a huge loophole. Co-operative banks avoided a lot of RBI regulations by being cooperatives. RBI until 2020 Banking Regulations amendments couldn't regulate Co-operative banks.
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