Money and Banking Basics — Policy Changes

Entry	Year	Description	Impact
Banking Regulation (Amendment) Act, 2020	2020	This amendment brought cooperative banks under the direct supervision of the Reserve Bank of India, enhancing regulatory oversight. It aimed to improve governance, financial health, and management of cooperative banks, protecting depositors' interests.	Significantly strengthened the regulatory framework for cooperative banks, reducing dual control issues and aligning their supervision more closely with commercial banks, thereby enhancing financial stability across the banking sector.
Insolvency and Bankruptcy Code (Amendment) Act, 2021	2021	Introduced the Pre-packaged Insolvency Resolution Process (PIRP) for Micro, Small and Medium Enterprises (MSMEs), offering a faster and less complex resolution mechanism for stressed MSMEs.	Improved the efficiency of NPA resolution, particularly for MSMEs, by providing an alternative, debtor-in-possession framework. This helps in quicker recovery for banks and revival of viable businesses, contributing to better asset quality.
Payment and Settlement Systems (Amendment) Act, 2015	2015	Amended the 2007 Act to include provisions for the regulation of payment banks and other new payment system operators, reflecting the evolving digital payments landscape.	Enabled the RBI to effectively regulate emerging payment system entities, fostering innovation while ensuring safety and security in the rapidly expanding digital payments ecosystem, crucial for the growth of UPI and other platforms.

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