India's Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI) Governor Shaktikanta Das arrive to attend the RBI's central board meeting in New Delhi, India July 8, this year. -Reuters
The India government is considering amending laws to curb malpractices at co-operative banks in Asia's third-largest economy, following allegations of fraud in Punjab and Maharashtra Co-operative Bank (PMC), Finance Minister Nirmala Sitharaman said on Thursday.
The government has asked its economic affairs and banking division to study the activities of multi-state cooperative banks such as the PMC, Sitharaman said.
She also plans to meet the Reserve Bank of India (RBI) Governor Shaktikanta Das later in the day to discuss a faster resolution plan for the PMC.
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