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New Laws/Regs

Coop banks come under Securitisation Act in India. From Business Line - India
Feb 1, 2003

After a month of the enactment of the Securitisation Act, the Government has vastly expanded the ambit of the law by bringing the co-operative credit structure within its fold.

This, in effect, would give enormous powers to the co-operative banks to deal with their problem of burgeoning non-performing assets (NPAs) thereby sending another set of defaulting borrowers of the banking system scurrying for cover. Prior to this, only commercial banks and financial institutions have been allowed to exercise recovery powers provided under the new legislation.

The co-operative sector had been lobbying hard for being included under the list of eligible institution even since the new legislation was brought into force through the promulgation of and ordinance in July 2002.

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