Amendments introduced in RBI act over the years

  • An amendment to RBIAct, 1934, was made in May 2016, providing the statutory basis for the implementation of the flexible inflation-targeting framework. 
  • Banking Regulation (Amendment) Bill, 2020: Passed in Lok Sabha. The Bill replaces an ordinance to the same effect promulgated on June 26. The Bill proposes amendments to the Banking Regulation Act, 1949. With this new Bill, the central government aims to bring cooperative banks under the supervision of the Reserve Bank of India (RBI).